Purchasing a home is one of life’s biggest milestones. Home loan repayments are also likely to be one of the biggest ongoing costs you will have to deal with in your lifetime, which can make the search for a suitable property all the more daunting.
However, you needn’t feel overwhelmed. There are are a number of things to keep in your back pocket when it comes to selecting the right option for your circumstances. Here are a few pointers to guide your property search in the right direction.
Location, location, location
It’s the war cry of real estate agents across the country and, indeed, location will often be one of the most important factors in your property quest. Remember: You can change the house itself, but you cannot change it’s position. Investigate the surrounding neighbourhood. Public amenities, schools, parks and even libraries are excellent features to have nearby, particularly if you are planning to expand your family
Your lifestyle will have the largest influence on your final choice. Think about your daily commute to and from work in this regard, as well as proximity to family and friends. It can also be a balance between price and distance in many cases, so accessibility to public transport is another crucial factor.
Finding the right house often comes down to how much space you will need. Judge this realistically. While a large home offers additional space for projects, visitors, pets and a bigger family, it will probably incur higher utility bills and cost more money to renovate. It’s equally important to find a property that can meet your needs both now and in the future.
In a more practical sense, weigh up repair costs for these spaces. Chipped paint or torn wallpaper are relatively easy fixes, but significant structural damage requires more investment. To take an element of uncertainty out of the equation, consider getting a professional building and pest inspection done. An inspector can identify and make you aware of any issues prior to purchase.
There are any number of things you need to think about when finding the right property. First and foremost, have your finance in order before entering the process. Our team of lending professionals at Police Bank can help you organise a suitable home loan to fit your circumstances.