Buying a home? Here are 10 things you need to keep in mind before making the final decision
Buying a house is a big investment and it should be taken seriously - here’s what you need to know before you sign on the dotted line
Whether it’s your first house or you have bought a few before, buying a house should not be something you rush into. The best advice is to take your time with your decision, know what you want and know what you are getting out of it.
We have put together everything you need to know before you make the big decision...
1. Make sure you know the right area to look in
Find out where you want to live before you start looking. Do some research on schools, crime stats and how far away your work commute is from the area you are interested in. it’s always a good idea to have a few options in mind.
2. Think long-term
You need to see your property as an investment. Be cautious when you are looking at homes and think about whether you would want to live there for at least 5 years.
3. Buy a home that meets your needs
Your home is your temple, your castle and your sanctuary - but in all honesty who can really afford a castle!? In any case, your home needs to meet your needs. If you have kids, then you might need some more space, if you work from home then you need an office. Write down what you want out of your home and stick to it the best you can.
4. Stay within your budget
Work out what you can afford in terms of deposit and monthly bond repayments and do not waste your time looking at property you cannot afford as you may be tempted to go through with the sale even if it is way out of the budget.
5. Don’t let shiny things distract you
Do not allow for impressive features such as a fancy bathtub or oven to make you buy a house that does not suit your other needs.
6. Don’t be afraid to ask questions
If there is anything you are unsure of or want to know - ASK! Find out how long it has been on the market, ask about the selling price and whether or not it is negotiable. Ask away!
7. Try to save enough to put down a deposit
Having a deposit will result in you paying less in monthly instalments - it’s that simple.
9. Find the best deal for your bond
Do not accept the first home loan you are offered. Find experts who can help you compare interest rates and bonds and make sure you have the best one before going through with it.
10. Beware of any hidden costs
Make sure you find out any hidden costs such as deposits for waters and lights, conveyancing fees and transfer fees.
Our final bonus tip is for after you buy the house of your dreams - house insurance.
Home insurance is more important than you realise and helps protect you against things that can go wrong like theft, fire and other issues.
Lastly - make sure you don’t rush into anything you are not sure of and do not get disheartened if the house of your dreams is sold to another buyer. The right place for you will eventually come along, it just might take some time but it will be more than worth it in the end.
Happy hunting our fine house-finding friends!
Yours in hassle-free house insurance,