Things you need to know when buying your first home.
Being practical
Remember to look at all aspects of the property. It is about balancing the pros and cons as no property will ever be perfect.
Consider who your neighbours are going to be, parking availability, any repairs or renovations needed, future development planned for the surrounding area, proximity to amenities like shops and transport, noise pollution from traffic and the overall street appeal.
Choosing the right area to buy in is important and not just from a capital growth point of view. Where you live becomes a big part of your life and essentially forms the lifestyle you live. Consider the distance you are prepared to travel to work every day? Are there adequate amenities for your needs and your family? Find out where the nearest hospitals, schools, and shopping centres are all located. These things all have an impact on your everyday life and happiness.
Be prepared to act quickly, especially once you have found the property you want. Whether it is the first property you spot or you’ve been looking every weekend for a year, if it feels right, is in your price range and you’ve done the necessary checks then go for it before someone else beats you to it.
If you are interested in a property, keep up communication with the agent. Make sure they know you are interested so you don’t miss out to another buyer who was more proactive. Give yourself every chance of buying it.
Try not to let your emotions get in the way, which is sometimes easier said than done. If you feel you have become too emotionally attached to a property, ask a friend or family member to view the property with you and give you an objective opinion.
Know when to compromise, when to stand your ground and when to walk away. Waiting for the perfect property to come along could take forever, settling for less than perfect now could mean moving up the property ladder a whole lot quicker.
Do your homework
If you are looking to get a loan , speak to the Bank and complete your requirements , then check with them so you know exactly how much you can spend before you even begin your search
You may have fallen in love with a property but be sure to do your research before getting too attached or making an offer.
Understand the market you want to buy in , chat to your Agent and people in the area to get a feel on pricing , general character of the year etc.
Understand the practicalities of buying a home and the sales process prior to making an offer , chat to your Negotiator and get a full rundown of what is ahead so that you are comfortable with the process before it begins.
Create a list of all the properties to keep track of what you’ve looked at, the features of each property and the asking price so you can compare the pros and cons of each property and what you may need to compromise on.
Protect yourself
We highly recommend getting an independent inspection done if you are concerned about termites , a structural problem , divining for water etc.
For apartment buyers, check to see if there are any monthly payments required , if the association have a special levy in place for a special project.
Never sign anything you do not understand. It is best to have your solicitor or conveyancer review the contract before you sign an offer to purchase or exchange.
What to look for in a property
When you're thinking of buying, your requirements will vary depending on your personal circumstances and on the sort of property you wish to buy. You may be looking for a family home, an investment property or something to downsize in.
Consider the following checklist:
Before you decide on anything do you have your loan approved?
Will you enjoy living in the neighborhood?
Is the house sound? If you have any doubts at all, hire a specialist to check
Is it in an area likely to hold resale value or benefit from capital growth?
Are there any long-term costs or issues such as body corporate fees, jointly owned driveways?
What type of Title is the property? Ask your solicitor to advise on the Title
Does the entire house, including alterations, have the required Council permits?
Is it built for the climate? Is it insulated? Will it be warm in winter, cool in summer?
Have you asked your local council about planning issues like the possibility of any big developments planned or construction of new roads nearby?
If big changes are needed to make the property comfortable, then it's a good idea to know the costs before you make an offer.
Is the house and land suitable for your stage in life - are there too many stairs, is the garden too steep?
Then think about the detail:
Does the house have enough bedrooms?
Are you happy with the garden - or its potential?
Will you have good access to the facilities you need such as schools, doctor, medical centres and shops?
Are there enough bathrooms?
Is there enough garage space? Is the garage accessible from inside the house?
Will you have problems with traffic or noise?
Is the kitchen serviceable?
Is it safe for your family, eg children, the elderly or disabled?
Is it suitable for pets?
Are you happy with the building's security?
Check under the house - is it dry?
Is the block well drained?