5 things people forget to consider when buying a house

Buying a home can be one of the most exciting, stressful, overwhelming and important moments of someone’s life.  There is often so much involved, people get caught up in the process and lose focus of the important things.  If you’re interested in the buying a home, whether now or in the future, to live in or for investment, make sure you give careful consideration to the following things:

Hidden Costs

When looking for a home, people tend to focus on the price of the house and the amount they can borrow.  Many buyers forget to factor in the additional costs that come up when purchasing a property.  These might include things like:

  • stamp duty
  • agent fees
  • lawyer fees
  • lenders mortgage insurance
  • building and pest inspections

The list could go on!

It is also equally as important to consider the costs that come with owning the home you’re wanting to purchase.  Mortgage repayments are only one aspect.  Things like:

  • Council Rates
  • Utility bills
  • Body corporate fees
  • Insurance
  • Maintenance
  • Renovations etc.

can add up quickly so make sure you take everything into consideration when planning your finances.

What is the neighbourhood like? 

While most people think this is something to do after you move, talking to the neighbours of a property you want to purchase is a great way to get a feel of the area.  You can find out things like:

  •  If there are neighbourhood disputes or everyone gets along
  • Whether it’s relatively noisy or quiet street
  • If there has been any recent crime or if it’s a problem free zone etc.

Location, Location, Location!

Depending on your needs, requirements for location will vary.  Prioritise what’s important to you before you begin looking and have those factors firm in your mind.   How important is its proximity to things like:

  • Shopping centres
  • Grocery stores
  • Cafes
  • Schools
  • Public transport

Is it okay to drive to those areas or do you need to be able to walk?  Is there sufficient parking around the property?   These small factors that are often overlooked can create a lot of difficulty after you move in if not thoroughly considered beforehand.

Cosmetic vs Crucial

Don’t be dissuaded by things like paint colours, décor and simple fittings.  The colour of the rooms can be changed easily but the floor plan can cost tens of thousands in renovation costs.  If the shower fittings aren’t to your liking, that’s okay, but the water pressure available might be harder to change.  Conversely, a home that might look amazing at first glance could still have major problems below the surface.  That is why it is important to get professional inspectors to survey the property before you purchase.  Always make sure to keep an open and mind and a sharp eye when looking for a home.

Timeframes

Once you purchase a home, there is usually a cooling off period of a specified time (usually 5 days).  Within that time there will also be an allocated amount of time to get things done like pre-purchase building and pest inspections, environmental checks, susceptibility to flooding etc.  This is usually around 5-7 days.  Make sure you are aware of these time frames and organise yourself enough time to get the inspection done receive the report and think about your decision or have enough time to do any further investigations if necessary.

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