Top 5 things to look out for when buying your first home
Buying your first home is a great experience if managed intelligently. It can be the best thing you ever do and we want to help you do that, since home ownership can have long term ramifications. There are a lot of considerations, but we have compiled five that will get you started.
Before taking out a loan there’s one thing you should do, get your finances in order. We abide by this methodology as an ethical bank as it would do you more harm than good if we give you a home loan before you’re ready. Once that’s done it’s important to realistically understand your financial capacity and budget for a house accordingly. You’ll have a hard time starting a new chapter in life if you’re not sure you can afford it.
It isn’t just the deposit and mortgage payments you need to consider when you own a home. You also have to contend with running costs such as utilities, maintenance, insurance and general upkeep. Houses are always more expensive than you think, so planning ahead makes everything easier.
Before selecting the house you want it’s important to focus on location planning. The environment your home is situated in can have a great impact on the kind of lifestyle you will have and is of great influence to property value. The future value of your property will be highly affected by the location it holds.
Experiencing the area at different times of day may present you with different views. For example nightlife areas might seem very quiet and peaceful during the day, but turn noisy when the sun goes down. Look out for construction areas, busy shops, playgrounds or communal areas and other establishments which might cause disturbance.
Proximity to family, workplace, schools and other amenities can also be a significant consideration. Factoring in both present and future needs related to commute can be a god indicator of which location might be the most ideal for your house.
When it comes to purchasing already built property a surveyor will analyse the condition of the property. We also recommend reviewing the property yourself for visible structure elements such as large cracks, broken roof tiles, leaks, signs of damp areas, rot or mold.
While we all want to put our own stamp on the homes we buy, we don’t want to spend thousands repairing serious faults with the property. When you select a property which you just might buy it’s important to check for structure integrity.
Thinking long-term when house hunting will give you foresight into a property purchase that can be an investment. In addition to value evaluation you might also want to consider a house and location which can support future expansion. Forecasting various possible scenarios can be a good recipe for future investment and sustainable property ownership.
Some key considerations would be the house’s ability to be built further, renovate or landscape.
- Chat with Neighbours
Noone can give you better insight into living in a particular neighbourhood than the neighbours themselves. It might be a good idea to have a chat with immediate neighbours to ask any burning questions you might have about living in the area. You might also get some useful tips on close amenities, neighbour communities and other relevant factors.
If you’re thinking of buying your first home get in touch with us. We’re here to help!