When you are in the market for a home, it’s easy to be taken in by a fancy bathroom or an appealing front entrance. But before you get swept up in excitement of the finer details, it’s important to remain logical and think the investment through carefully. Read on for some important points to consider before you commit to buying a new home.
1. Will you buy new or recently renovated? Or will you renovate yourself?
Firstly, let’s assume you have your budget organised and know how much you can spend. You have probably decided whether you want to build new or makeover an existing home.
If you are buying an established home, it’s essential to check for possible building defects. A pre-purchase inspection conducted by a licensed property inspector (from somewhere such as Ellis Building Inspections) will uncover any potential issues that can be costly to repair, such as structural concerns or moisture damage.
2. Is the property going to fit your needs long-term?
Buying a house is not a small or short-term commitment. With that in mind, consider if the house you plan to buy will suit your future needs. If you plan to start a family someday, is there enough space for children to grow and play? Do you have room for the activities you enjoy? Once you are locked into the financial obligation of a mortgage, entertaining at home may replace going out to dinner. Is your kitchen conducive to this?
3. Is there development potential?
Always take into consideration potential development projects surrounding a property. Imagine finding the perfect home with a vacant block next door. This may sound appealing, but what if someone comes along and builds a two-story home in that spot? Suddenly your bedroom window can be seen from the neighbour’s upstairs living area.
Likewise, having a nice view built out by an apartment complex may change how you feel about your dream home. It helps to do your research on permitted developments to try and avoid this.
4. Does your potential new home have any special regulations?
If you purchase a home in a heritage-listed area, your decorating and renovating options may be limited. The style and colours of decorations are often highly regulated, so be sure you understand this before you buy. To a lesser extent, it is also helpful to know if your new neighbours pride themselves on carefully maintained gardens or Christmas light displays. It may sound trivial, but is it something that will affect your relationship with the rest of the neighbourhood?
Before you sign on the dotted line, consider these often neglected points. They can help you make a more informed decision when buying a home.