One of the most amazing parts of moving, or buying a new house is the entire process. Looking at the different property options…imagining your future with your family (or new family) as you allocate the different rooms and spaces in your forever home….then there’s the entire decorating process that comes with making the house your own.
Although the likes of Pinterest may help you visually in dreaming up your perfect home, there’s absolutely no denying the fact that things can become very confusing, complicated and frustrating especially if you’re a first-time homebuyer and have never had to deal with such matters of administration or financials…
As a result, it’s often the case that many home buyers prefer to go through realtors or hire a professional buyer’s agent to help ease up the entire process and guide them along the way.
When buying any kind of property, or investing, it requires knowledge of a few things. To assist with this, here’s a list of four important factors to consider when purchasing property.
Consider using a buyer’s agent
Never heard of the job spec before? If you’re considering purchasing property, it’s not only important but extremely useful to know what a buyer’s agent actually does – and how utilising one may work to your benefits and what it’s going to cost you to use an agent.
If you’re a first-time homebuyer, you may require the help of a professional. That’s not to say one cannot complete the process individually, however employing a buyer’s agent can help alleviate a lot of stress, pressure and time.
As a home or property buyer, you will employ a buyer’s agent who takes on the role of helping to guide you 100% along the way in helping you to find your ideal home. The agent is employed by the potential home-buyers, not the sellers, and the onus is on the buyer’s agent to help customers find their ideal home.
Some of their roles include helping buyers estimate the value of a potential property, or helping you to find the best deals or houses that are available on the market that you just don’t know about or that are not yet listed…They really aid in the initial stages of property hunting.
Simply put, location is always one of the determining factors when it comes to buying a property, after all, it has such an impact on your day-to-day life.
For starters, the location of the house that you choose is always relative to your family or living setup, for example, if you have kids you would ideally hope for a school nearby.
Other factors such as the number of shopping malls and supermarkets heavily affect location choices, again particularly for families, and you will also want to consider looking at other facilities in the area that are available from lifestyle centres to outdoor parks, and even entertainment options.
It’s beneficial to also consider other determinants such as traffic flow and the level of activity that takes place within and around the property’s location. These could affect aspects such as noise pollution levels, as well as adding timing constraints to daily commutes.
All of these factors don’t even take into consideration one of the biggest concerns of buyers – is property in the area going appreciate or depreciate over time. No one wants to put their hard-earned money into a property only to find it’s worth less than when they purchased it. This is why it’s important to know the up and coming areas so you can purchase before the market has peaked.
There are more expenses than the initial payment
Amongst the excitement of things, it can be easy just to focus on the initial payment costs, and even though buying a house may appear affordable when working out your initial financial situation, there are other expenses that need considering amongst the works of it too.
Apart from all the extra costs that come with purchasing the house itself thanks to administrative, banking and agency fees to name a few, there are oftentimes hidden costs that may only occur only after a few months of purchasing a property. In order to stay smart, there are a few other factors to remember (and consider) such as house repairs or foundational damage, is there mould or has any weathering damage occurred?
Apart from maintenance issues, there are other factors that may add on additional and unforeseen costs if not considered such as travel costs commuting to and from work and schools every day. On that topic, what are tuition fees like for nearby schools, colleges, etc.?
Remember that oftentimes without realising it, different suburbs have different pricing systems that are relative to the resident market living within a given place. This means you’ll also have to remember to check out the price differences at entertainment venues, restaurants, cafes and bars and other food costs since some supermarkets are more expensive than others.
Is the house old or modern?
We know that often older houses have a very charming appeal, and if you’re into your interiors or architecture this may just be your dream. But, remember, with older-standing homes you need to think realistically and properly take note of the state/ condition of the home.
If a house is old, there may be insulation or heating problems for example, and it could be worth your while to check out if any roof damage has occurred or the likes of cracking-painted walls, or mould.
Apart from structural elements, older furnished houses might still contain years-old furniture and ancient appliances. Remember, back in the day we had fewer appliances which meant a need for less electrical outlets within a household. This could mean you’ll have to have those installed, or you may even have to replace the old ones.
Not only wall sockets, but this could mean the entire electrical board might need to be removed and a newer one added that can handle a heavier electrical load – remember that appliances and devices have advanced a lot in the past 20 years and have greater electrical requirements.
Lastly, don’t forget that new electrical outlets, wiring, replacing or fixing all add to the cost of things, however small they may initially appear.