Buying or investing in property?

December 11, 2016
Tracy Reynolds

Buying or investing in property is a big decision and there are so many things to considder before you purchase a home. 

For Example: 

What makes you want to call a new suburb home? Is the house close to amenities that are important to you? Such as a set of shops, a supermarket, public transport, a park, or schools?

Does the house have the right number and configuration of rooms to suit your needs? are the building and roof structurally sound? and what are neighbourhood noise levels like?

Don’t forget to inspect the following when you inspect the potential property: 

  1. Lights – Does the property have natural light and sufficient electric lighting to keep it well-lit at night?
  1. Water Pressure, a lot of people don’t think to check the water pressure when inspecting a home, for some people low water pressure can be extremely frustrating, and even a deal breaker in some cases! It can be hard to measure, but try to at least have a quick look at the shower(s) and judge the water pressure that way.
  2. Power Supply – Power points are another important thing to look for, you want to make sure you have an adequate amount of power points in suitable locations.
  3. Hot Water System - You might not have a preference when it comes to what kind of hot water system you end up however, there are many kinds of hot water systems that come with different pros and cons, some of which may work well or may not work for you. Also, do you prefer solar heating?
  4. Air conditioning – Do you require air conditioning? Does the home have it? Is it split-system or ducted? Is it an efficient system or a money consumer?

 

Other things to check for are termites - Is there any sign of termite activity? also are there any planned developments nearby? Does the property provide sufficient parking space? It would be terrible if you have a car and nowhere to park it, or rather two cars and nowhere to park.

Also is the property at risk of flooding?

You should also consider what will some of the ongoing costs be? 

While home ownership comes with a list of costs far too long to cover completely, a few of the non-negotiable things to contemplate when buying a house include:

  1. Council rates - Council rates are often overlooked in budgeting discussions, so be sure to keep them in mind when considering where you can afford to live.
  1. Utilities costs – Utilities bills can vary depending on suburb/state, so make sure that you know what you’re expected to be paying for them before you move.
  2. Home and contents insurance – Your contents may have not altered however, moving to a new home and if applicable a new area will have a direct influence on your home and contents insurance premiums, so be sure to take that into consideration.

 

Where are the official property boundaries? And will any renovations you want to do be affordable?

Obviously, it’s a big step to purchase a home and we hope these points have assisted in determining what to consider when purchasing a home.

For further information regarding finance options contact Tim and the team today.

Posted in: Property market

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