Are you thinking of buying a property? If so, it’s important to consider a variety of factors before making your decision. This blog post will outline some of the most important things to think about before purchasing real estate. Whether you’re a first-time homebuyer or you’ve purchased homes in the past, it’s always helpful to be well-informed!
Work Out What’s Within Your Budget
One of the first and most important things to consider before you buy residential property is your budget. How much can you realistically afford to spend on a home? Work out what your monthly mortgage payments would be and make sure that you’re comfortable with them. But it’s also just as important to consider the other costs associated with purchasing a home like:
- Stamp Duty
- Legal and Conveyancing Fees
- Inspection Costs
- Loan Application Fee
Then there’s the ongoing costs like insurance and council and water rates that will depend on how much the property is worth. So, it’s important to do your research and have a realistic idea of just how much a particular property will likely cost you all up, before you go signing off on anything.
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Get Pre-Approval
If you’re planning on taking out a loan to finance your home purchase, it’s a good idea to get pre-approval. This means that you’ll know exactly how much money you have to spend on a property before you start looking. It also gives you an advantage when it comes time to making an offer on a home. The vendor will know that you’re a serious buyer with the finances to back up your offer.
Research The Area
Of course, you’ll want to make sure that you’re happy with the location of any property before you commit to buying it. Explore the local area, talk to local residents and a range of real estate agents, and do some sleuthing online to see what people have to say about the neighborhood. Is it predominantly a family suburb? Young working couple? Retirees? This is something you’ll want to know before you buy, to make sure that it’s the right fit for you and your lifestyle.
You should also make it your business to check how proximate the property is to amenities like parks, shopping centers, supermarkets, schools and transport.
Check For Zoning Changes
When you’re looking at properties, it’s also important to be aware of any zoning changes that might be happening in the area. These changes can have a big impact on things like:
- The type of development that can happen in the area
- The density of development
- The height limits
These changes can affect the value of your property, so it’s important to stay up-to-date on any zoning changes that might be happening.
Have a Thorough Property Inspection
Attending an open house inspection is the first time you’re going to get a feel for the property. It may be the case that you absolutely love what you see. But you also need to do your due diligence and have a closer, more objective look at just how well the property is fairing when it comes to structure and hygiene.
Pay close attention to things like:
- Dampness
- Mold spots on the ceiling
- Peeling paint
- Cracks in the walls
- The functionality of taps, toilets, windows and doors
And if everything seems on the up and up, and you want to take things to the next level, you should eventually get home inspection services to conduct a professional assessment.
The Bottom Line
There are a lot of things to think about when it comes time to purchase property. But if you’re well-informed and take your time, you’ll be more likely to make a decision that you’re happy with in the long run!
