Buying a house is a huge commitment, and likely to be the biggest financial decision you’ll ever make. As such, there are a few things you need to consider when purchasing your new home. These things extend further than simply the purchase price of the property, and some of them may be things you hadn’t thought of at all!
The most straight forward thing to consider when buying a new home is its location. Do you need it to be in a certain area for access to your work? Will it remove your parents from babysitting options if you move too far away from them? The old saying is still just as important: Location, location, location! A house can always be changed, but you can’t pick up a bad location and move it. Make a list of things that are important to you in the location, and filter your search based on these priorities.
Even though you’re unlikely to be making new best friends with your new next-door neighbours, taking them into account when considering purchasing your new home is also important. Is there a bad reputation for thefts in the area? Is it a main street where every car driving past can have a peek into your garage when you’ve got it open? The neighbourhood that you are considering moving into should also meet your list of expectations with things like close access to shopping services, groceries and facilities like parks and recreation areas. Check satellite views of the area to see any large bushland which may present fire risks, or for water that may be a flood concern.
3. The cost of the house
The biggest variable of things to consider when purchasing your new home is the cost. Although banks determine the maximum borrowing power that you have after their assessment, be realistic with what you can afford. If your morning coffee is important to you, make sure to include that in your budget without imagining “I will do without” while still intending to continue. Home loan repayments instead of paying rent aren’t the only costs involves in owning a home. If you are taking out a home loan, check how much the repayments will be, keep in consideration to add things like maintenance, insurance, rates, and utilities while budgeting to decide on the purchase. Also, don’t forget to consider these often-overlooked costs:
- Loan fee
- Building and pest inspections
- Council rates
- Stamp duty
- Lenders Mortgage Insurance
- Additional insurances
4. The house itself
When it comes to finding “the” house, as soon as you enter the home for the first time, you will begin to form an emotional connection, sometimes this can be positive and sometimes negative. So, if you choose not leave as quickly as your arrived, you start to inspect the home.
Does the home meet your required number of bedrooms? Making sure you have enough room to grow is essential in making sure that this is the house for you.
Are there enough bathrooms for the size of the home? Ideally a 4-bedroom home would have at least 2 bathrooms, or one large bathroom and an ensuite. Are the bathrooms in good condition or would they need renovating instantly? Clear signs that there could be underlying issues are;
- Mould – check for damp spots on the walls and ceiling, and if it looks freshly painted this could be a sign of the owner covering up potential issues.
- Look under the sinks to check the external plumbing
- Use the taps, does the water flow in an even and does the water drain easily.
The kitchen layout
You are not going to necessary love someone else’s designs and colour palettes, however ensuring the functionality of the kitchen is right, is the things you need to check when viewing a property. Make sure the size is right for how you use the kitchen, it would be frosting as a chef to purchase a home with a small kitchen if you know you are going to be using this lot! With that being said, it is unlikely to find a kitchen that ticks all your boxes but making sure it ticks the must haves and not the wish list will help to make sure this is the one for you.
The home appliances
Replacing appliances can be costly and easily avoidable. Check that all the appliances are in working order, you will probably have to guess the age of them by completing a visual check, but your building inspector will be able to provide more information on his detailed report.
Age of the house
When you are looking through your property search, you will come across homes of various ages. If you are looking at a new construction, then age is irrelevant. But for the older homes, it is best to make sure your property is in sound condition by getting a thorough building inspection completed, as well as approving of the visual appeals that drew you to the initial inspection.
Before you begin looking at homes, you should determine your price range and seek preapproval. Moving and purchasing as home has additional costs associated to it other than the purchase price, so its best to think and budget for your finances accordingly.
Seller’s incentive to sell
Often people talk about a buyers or sellers’ market, and this can often impact how motivated a seller is to find a buyer for their home. The leasing agent will be able to tell you this information, and this should help guide you when you submit an offer to purchase.
Established homes can require ongoing maintenance, making a priority list can help prevent spending money unnecessarily and what can be completed overtime. General cosmetics such as wall paint and flooring are small changes when you compare them to a new bathroom, kitchen, replacing or fixing roofs and ultimately this will come back to the age of the house and the condition report completed by your building inspector.
5. Schools and education
Every parent wants their kids to attend good schools. Buying a house in close proximity to a good school or college not only makes your life easy, but it will have better potential for capital growth. Even though the house may cost a bit more in such an area, you can rest assured the resale value will be much more. In addition, the house near a school or college rents quickly and stays rented. In recent years, there has been a growing trend in parents looking for properties in close proximity to good schools, meaning there they are in high demand, you can pay more than the average, and do not come up for sale very often. The reasons for this include parents not wanting their child to travel long distances to and from school, and the catchment of the school zones apply, so you are required to be in the right zone to enrol your child at that particular school.
For many people infrastructure is listed on their criteria when they are looking at properties for sale, and their locations. For some, public transport might be required for work, children attending school, so good train networks and roads are important factors when considering daily commutes. The roads and maintenance side also might play a part in the kerb appeal and how the local council services the area, such as streetlights, community facilities, and communal parks.
When do you need a pre-purchase building inspections report?
Pre-Purchase Building Inspections reports are essential for those wanting to purchase a property
A pre-purchase building report provides you with the information you need to make a sound financial decision. The report and its findings will allow you to prepare and budget for any renovations and repairs, and will give you transparency, outlining the potential risks of buying the property. A pre-purchase building report can confirm if the property is worth the asking price.
Vital Building and Pest Inspections can provide a comprehensive Pre-Purchase Building Inspections Report will be provided within 24 hours of your inspection and will include:
- Details of major defects including structural issues and problems that could cause further damage to the building
- Details of minor defects including cosmetic issues and items needing periodic maintenance
- Information on safety hazards such as structural damage or suspected presence of asbestos
- Details of any evidence of termites and other pests, whether current or inactive
- Photographs of defects identified within the property
- New home inspection
- Maintenance pre-purchase building inspections
- Asbestos inspection maintenance pre-purchase and building inspections
We are on hand after you receive your report, our inspector is available to discuss the report with you over the phone, so you can ask any questions you may have and get further information including:
- What work needs to be done to rectify the problems found and prevent their recurrence
- What ongoing maintenance may be required at the property
Pre-Purchase Building Inspections report from Vital Building & Pest Inspections
Have the peace of mind you need with a comprehensive Pre-Purchase Building Inspections report from Vital Building & Pest Inspections. With over 17 years of experience in the repair and restoration business, our team at Vital Building & Pest Inspections has developed a keen eye for any major defects, structural issues, and safety hazards.Vital Building & Pest Inspections’ pre-purchase building reports could save you from purchasing a damaged home or investment property. Contact us today for peace of mind on 0401 012 074.