Buying a new home can be a stressful time. It can be easy to get swept away in the superficial elements of a property rather than focus on practicality. If you’re on the market for a new home be sure to keep these tips in mind and to help ensure your decisions are ruled by your head not just your heart.
1. Is the area suitable for you and your lifestyle
Whilst the areas you look to buy are largely dependent on your price range, it’s important to not sacrifice your lifestyle requirements too much. Be practical – does the neighbourhood have ways for your kids to get to school? What will your commute to work be like? It’s easy to get swept away with the peaceful Saturday morning glow of open inspections, but imagine your new home during peak hour.
Is it going to be a headache to dash to the supermarket for a last minute forgotten ingredient? Are you on a main road which will be gridlock at 6pm? Do you have transport options for your family to get to their hobbies/school/work if you cannot drive? These all seem like small details but when this will be home your home for a number of years so it’s important to make sure the location is suitable for all aspects of your life. What’s also important to remember is the proximity to local amenities such as transport, shops, parks etc.This will be important in increasing the value of your home when you want to move on or if you decide to ever use it as an investment property.
2. What is the market value of the area?
It’s important to do your research about prospective suburbs before you make any commitments. You need to understand the value of similar properties in the area and set a price limit on how much you’re willing to offer to stop your heart from paying too much for your new home. This research is also extremely important in ensuring your new home will grow in value for you and your family, as your home can often be your largest asset. Look at the property trends in the area, are the prices growing or decreasing? What new infrastructure does the area have planned for the future? Understanding what has driven past and current performance is a great indicator on what the future of the area will be.
3. Look beyond the surface
It’s very easy to get swept up and focus on the sparkling new kitchen or the freshly laid carpet but it’s important to look deeper to really get an understanding of your potential property. Enquire about what previous works have been undertaken to the property and get an independent evaluation of the structural integrity to make sure that you aren’t ending up with a lemon.
The flip side of this is don’t be discouraged if the property is a little run down. Look beyond the surface and imagine how fresh coat of paint, new floor boards or some small renovations can transform the property. Often, opting for a property that needs a little work can yield a cheaper purchase price. Remember to make sure the bones of the property are in good condition and use it as an excuse to make the house uniquely yours.
Purchasing a new home can be a stressful but exciting time so it is important that you make your decisions with a clear and unbiased mind. Make sure you truly ‘see’ the property and not get swept away by a fantastic floor plan or wonderful new renovations and let your head lead the search not just your heart.
For more information on what to look for when purchasing a new property – contact Solid Investment Property on (03)9690 2666
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