Thinking of buying a house in 2023? Here are 5 tips for you.
Buying a home and moving to a new place is always something to look forward to. But while it is exciting, home buying can also be overwhelming, especially for first-time home buyers.
If you are considering buying a house in the New Year, you are on the right page. Here is a list of the top five home-buying tips for 2023 that could help you avoid costly investment mistakes.
1. Get finances in order.
Money is often the most significant factor when it comes to home buying. So, before starting the process of looking for a house, future homeowners should conduct a personal financial audit to determine if their finances are in order.
Major problems with money are most likely to happen if the buyer does not have enough funds for future needs. To avoid this, do a current lifestyle check and determine if adjustments must be made regarding one’s spending habits.
Ideally, a prospective buyer should have at least six months’ worth of savings in case of emergencies. If there are short-term loans and credit card debts, it is best to settle these first before attempting to buy a home. The first goal before even one should start home buying is to have enough savings. Lastly, seek the advice of finance professionals to determine if the income is sustainable enough to purchase a property. If the house will be financed through a loan, the income should be sustainable enough for the whole duration of the mortgage loan.
2. Know what type of house to buy.
Knowing what the buyer really wants is critical in finding the right property. If the home buyers do not know specifically what they are looking for, they would have a hard time choosing the right property. Remember, the “right” property is the property that suits the needs and wants of the buyer. While asking the opinion and advice of family and friends can be helpful, knowing what the buyer himself truly wants is a crucial factor.
Here are some preliminary questions to ask before purchasing a house:
- What is the reason for purchasing a house?
- What type of house do I want?
- Do I want a newly-built property?
- How many rooms should there be in the house?
- What type of house should it be?
- How long do I plan to stay in the property that I will purchase?
- Where is it located?
- Should the home be within walking distance from the nearest school, grocery store, shopping centre or hospital?
- What is my budget for the purchase of a house?
- How much am I willing to spend on the new home?
Answers to these questions can help narrow down the choices to properties that fit the buyer’s wants and needs.
3. Talk to and work with real estate agents.
Real estate agents know which properties are on sale, where, and how much. Of course, doing independent research can immensely help. However, further information about property listings is often readily available to real estate agents.
Agents can also help buyers get a better price for the property that they want. For new homeowners, agents can help explain the home-buying process, including the complex transactions involved in real estate dealings.
Talk to several agents to get a sense of what is happening in the locality where a prospective property is located. Keep asking questions until everything is clear.
4. Consider getting a mortgage.
Home buyers have the option to take out a loan to finance the purchase of their property. There are plenty of loans available to homebuyers depending on their needs. So, what type of loan should a buyer get?
To make the right decision, buyers should educate themselves about the different housing loan options. Talk to different lenders, go to the bank, and compare prices. There are also online comparison sites that have summarised available home loans and their features for easy reference of prospective buyers.
Decide and commit only after thoroughly researching on funding options to buy a house. Remember, it is always wise to do extensive research when making any major decision, such as buying a house.
5. Visit and thoroughly inspect the prospective property.
Simply looking at the picture of a home when buying one is not enough! When it comes to home buying in 2023, nothing beats visiting the property of choice before finally making the purchase.
Home buying is one of the most important decisions that anyone will make. And while an online property search is a great starting point, nothing beats seeing the actual house. This will allow the buyer the opportunity to appreciate what the chosen property has to offer. Ensure to set aside time to visit and inspect the potential property, jot down notes, and arrange for a home inspection.
Why is property inspection a must before buying a house?
Inspecting the property before buying it often gets overlooked by future homeowners. They think a visual inspection and site visit is enough to see the condition of the property. However, this neglect could be costly in the long run!
A house is one of the largest purchases you will ever make, so you want to make sure that you tap professionals, such as a pre-purchase building inspector, who can help ensure you get the house that is worth investing in.
Professional inspection allows the future homeowner to know if the property that he is about to purchase has defects or structural damages. If the property is checked by a professional inspection service, the future homeowner will know the true condition and value of the property that they are buying. By identifying the defects, costly repairs in the future will be avoided, and the buyer can negotiate a more favourable and realistic price. This way, the buyer is confident that buying the property is based on a sound decision.
Contact a Sydney pre-purchase inspection specialist today.
Vital Building & Pest Inspection can help Sydney home buyers assess the property that they are about to buy. We give our clients sound and clear reports on the condition of the house that they are interested in. Contact us now at 0401 012 074 or support@vitalbuildinginspection.com.au.
