When it comes to Home buying, we always get confused on “Where to begin?”, “What and what not to consider?”
These are some common questions that pop into every mind planning to buy a home. Well, it’s absolutely fine and you don’t need to panic. We are gonna walk through every detail you need to consider to buy a home.
Be it an investment property, or owner occupied home, you need to review and observe various factors. Let’s discuss them one by one.
LOCATION: People often prefer to live close to their workplace. Beside this, there are other things to keep in mind, while searching the right location:
- Size and facility: Features such as extra bathrooms, garages, ducted air con with multiple zones, swimming pools, and outdoor entertaining areas should also be considered.
- Surroundings and Environment: Be assured that you won’t be bothered with the noise created by nearby commercial works, schools, busy roads, railway lines or flight paths if any.
- Outlook and features: Observe the area, if it is close to public transports, shops, schools and restaurants. Make sure about availability of any parks within walking distance, Costals, rivers or bushland views which can make your stay peaceful and positive.
- Parking access: Make sure, whether off street parking is available, because this could be crucial in an inner city area.
- However, it’s also important to consider the insurance implications of unique features.
- Local Knowledge: Remember, it is the key. Be familiar with the area you decided to buy and make sure you are buying a property that locals like
- Privacy: Make sure, the surroundings won’t be interfering in your privacy. Sometimes, the house may look flawless, but might be compromised by overlooking the backyard
CONDITION OF THE PROPERTY/ PROPERTY INSPECTION: These are some major inspections, you must never miss:
- Always check the walls for cracks or any signs of structural damage, as it would cost you forever to repair the damages.
- Check the property for any signs of water leaks, damp or mole. Make sure the plumbing and pipes are fitted well. Look over every tap and drain.
- Closely observe if there is any termite damage and pest troubles, as this could annoy you for lifetime
- Look for the room layout and orientation. Rooms with good daylight most of the day and solar gain would be preferable.The temperature and facing of the house decides the comfort you will experience.
- Examine the roof and downpipes. Make sure you don’t end up with muddy puddles and flooding around your house, with the dripping rain water.
SUBURB VALUE AND CAPITAL GROWTH:
- Bluechip VS Volatile suburb: There are mostly two types of suburb.
One is the Blue-chip location/suburb, where you can always buy a quality property, which has ongoing and strong demand almost throughout the season. So it doesn’t matter “when” you buy it. Be it a one bedroom unit or an architecturally designed eye-catching home, the property can be a blue chip property, if it is situated in the right location.
The other one is the Volatile suburb, which has sudden and unpredictable short term price movements. You need to research more on which time is best to buy and sell these kinds of property to avoid drastic pick and drop in price. If you are an Investor, make sure to consider the options of buying and flipping – i.e the renovation options, for growth opportunities.
- The value of some suburbs also depends on the reputation values . Due to factors such as unemployment and crime rates, some suburbs might have low demand, making it a less favourable option for people.
- Interest rate is also one of the factors. The Reserve Bank changes the monetary policy which affects the value of property. It has a huge impact on property affordability. Less affordability results in less competition and ultimately leads price to drop, and vice versa
We have tried to summarize almost every factor and conditions to look after before buying a property. Stay tuned for more updates on home buying and investments. If you have any queries or suggestions, feel free to reach us.
