Buying your first home is a great moment in life. No more dealing with landlords, hiding your pet in the shed or wondering if you’re going to get your bond back. Taking the plunge can be daunting for the first-time buyer, so here are a few fast tips for making your dream home transition smooth.
Location, location, location
When looking for a home I believe it’s important not to get too caught up with the Joneses. Avoid paying too much for what could turn out to be an inconvenient location in terms of your lifestyle. Think about what you’d like to get out of your new address. Do you enjoy a quiet regional lifestyle or to be close to work, transport and your favourite city location. Is your chosen location safe for children and are there good schools in the area? Does the home suit your lifestyle? Are you the beach, shopping or cultural type? You’ll be living in your new home for sometime (unless your planning on reselling), so make sure the location is right. At the end of the day, if you want to live there, so will someone else!
What other costs will you cop apart from the purchase price
There are plenty of ways to save once you’ve bought a home. Look for a house that has money-saving features built-in. Good insulation and double-glazed windows can save big dollars on heating and cooling as the years go on. Alarm systems, lock-up garages (and, yes, choosing a good neighbourhood) will lower insurance premiums. A pool might be nice, but it may not be worth the maintenance if you are only using it part of the year and especially if you live near the beach!
Make sure the house is in good working order or make sure you have enough in your kitty to repair or renovate the home.
1. Here are a few more questions you might ask:
2. Have repairs to the house been done to a high standard?
3. Is the premise structurally sound?
4. Were there permits submitted for extensions done?
5. Are there hidden dangers like lead paint or asbestos?
6. Are their white ants in the home?
A little money spent on a civil engineer is well worth your time. He or she will inspect and report on the condition of the property before make this big ticket item purchase. Buyers agents, like Templeton Property in Brisbane, are invaluable in offering expert buyers agent advocacy services. You can check out their website here.
Talking to potential neighbours is also a great way to suss out the location itself to reveal both problems and positives in the area. Don’t be afraid to knock on a few doors (literally) to get some first-hand knowledge of what is happening on the street.
Return on investment
While you may not be thinking of selling yet, it is still a good idea to research what the property might be worth down the track. People’s circumstances frequently change without warning, so keep this big picture stuff in mind. Fluid plans are always the best kind. Other factors to consider are future council plans and developments in the area. While a new shopping centre nearby might increase the value of your property, a coalmine may not, for example.
Do you have any tips for purchasing your first home? Be sure to add them in comments below