Three things to know before buying a home

By the resi financial blog team, 05 December 2013

Three things to know about buying a home

There are a number of things that many people wish they had known before committing to a property. Sometimes these revolve around the financial side of the buying process, while others may have wished to do proper due diligence.

While there is no right or wrong way to approach the property market, there are a number of tips that could help you to avoid making an ill-informed decision before committing to one of the largest assets in life.

Budgeting is key

Before you approach a lender to discuss the home loan options available to you, you should have a fair idea about your own financial situation and the limits you're willing to push to secure your dream home.

It's important to have a clear idea of how much of a deposit you need to save up, as well as any fees or expenses that will come along after you obtain a home loan. Don't overcommit yourself to a mortgage you can't possibly cope with.

It's better to walk away and try your hand at another property than throw yourself into the deep end and hope you can to keep your head above water.

Don't let aesthetics blind you

When you attend open inspections, it can be easy to get caught up in the magic and wonder of seeing a home that could one day be yours.

After taking out all the furniture and giving the rooms a nice new coat of paint, a home can look far more clean and sound than it actually is. But take a closer look at the property before making any commitments to the sale process.

This is where getting a professional property inspector on your side could be a great option to choose. Their expertise will help to point out any potentially deal-breaking problems with the structure and condition of the home, providing you with the information needed to make an informed decision.

Investigate the local community

Often, people think that looking into the community is something reserved for those looking into taking out investment loans and making a capital gain from future growth sites . However, even owner-occupiers can benefit from taking a close look into the local area.

For example, examining the amenities in the region will help you to settle down somewhere that reflects your lifestyle. Likewise, future proof your home by looking into the zoning areas of local schools so that your children can get the best education possible.

Furthermore, if you're worried about the commute between the property and your workplace, take the time before committing to the home to do a couple of practise runs. You may be pleasantly surprised or shocked - but it's better to find out beforehand.

Categories: Home Loans, Property Investment