So you have got the go-ahead with your pre-approval, now it’s time to start the property search! How exciting! It’s likely that you’ll be living in your first home for quite a few years and it should be able to meet your immediate as well as future needs both in terms of location as well as the type of home.
For instance, you may want to live close to your work though if you are planning to start a family further down the track it may pay to consider the availability of childcare or schools in your chosen area, or look for a property with adequate bedrooms and family living areas.
It’s also worth thinking about the likely capital growth of your home as this can impact your ability to upgrade at a later date. Factors like local population growth, redevelopment or plans for improved transport links or employment hubs can underpin rising property values in a particular suburb.
Drafting a checklist of features you need or want can help you narrow down your property search.
Here are some things worth including on your checklist:
- Do you want to be close to work?
- Is reliable public transport available?
- Are new homes being constructed/old homes being renovated?
- Which local amenities are important to you? (shops, parks, sporting grounds, hospitals/medical centres, cafés/restaurants, cinemas & Childcare/preschools/schools)
- Are friends and family close by?
- Would you prefer a house?
- Are you interested in an apartment or townhouse?
- Is off-street parking available?
- Are you prepared to renovate?
- Would you consider a two storey home?
- Is a modern kitchen important?
- Do you want an en-suite bathroom?
- Do you want a separate laundry?
- How many bedrooms do you want?
- Do you want a large block or garden?
- Would you like a swimming pool?
- Would you prefer views?
This checklist is a guide only, add to it or create your own list. The most important thing is to be quite clear on what you need as well as want from your first home. It is also important to be flexible about the features you want (as opposed to need), as the saying goes, ‘worst house in the best street’. You may be able to renovate and improve your home but the location is something you cannot change.
Homework is essential
Buying your first home is a major step and undertaking some research before you start visiting Open Home inspections is essential. Check out recent home sale prices and auction results in your preferred areas. Look at market trends and suburb statistics that can indicate the recent price appreciation being recorded in your preferred suburb.
Contact either Owun, Suzanne or Costa on 02 9517 1818 or firstname.lastname@example.org to discuss your options. Or, if you feel like dropping in at our office, we are located at Suite 106, Flourmill Studios, 3 Gladstone Street, Newtown 2042. Be sure to share our blog on Facebook and Twitter and let others join the conversation!