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What to consider when buying a house ?

Getting into the decision of buying a home involves a serious financial consideration. It won’t be wrong if we call it one of our most expensive purchases of lifetime. There are a lot of factors and considerations that need to be addressed before the final selection is done.

Here is a checklist of what you need to consider before buying a house in Australia –

Financial factors

You have to save up to a certain amount of deposit as the first step towards buying a house. Typically, this will require 20% of the total purchase price. However, some can also make a bigger deposit depending upon their financial condition. The home loan business is a very competitive market; so, you have to be very careful before taking up the right choice. It can save you thousands of dollars while a wrong step can make it very difficult to repay. Make sure to ask questions such as whether you can have a redraw facility or if you can pay out all the loan early by making some added payments. Include the cost of solicitor fees, pest and property inspections, identification survey, stamp duty, mortgage insurance, adjustment of council rates and much more.

Location check

Another vital factor that needs to be made before buying a home in Australia is the quality of the neighbourhood. Find out what the local property values are like around your potential home. You can also look for the burglary rates in that part of the town. Make sure to make a note of the nearest hospitals, markets or bus stations. If the house is on a quiet street, have a talk to your neighbours. Drainage and flooding are the other things that you need to consider while finalizing a property.

School for the kids

This might not initially look like something of your concern but you have to have the understanding of how far the schools or colleges are when you are moving in with a family.

Public transport

Have a proper search about how far is the local bus stop or train station. If you have to commute regularly, find out if walking through the roads is a safe and reasonable distance.

Long term investment

As the current housing crisis in Australia continues, you need to have a proper real estate agent to represent this investment. You have to be able to generate a reliable and consistent income stream and also look for the proper policies that can help you in tax saving. The investment property will be one of your longest, so make sure of the maintenance cost, the bad tenants and other factors that can consume your resources and time.

Building inspection

This is very vital before buying a house because the licensed and insured professional can help you understand if there are any safety issues such as cracking walls, asbestos,  loose balustrade or likewise. Also, you have to repair a certain part of a house before buying; so, know how much you need to spend on the damp or mould, laundry/kitchen taps, windows and doors. If you have the appliances, check the hot water system, air conditioning, oven top etc.

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