Lifestyle

What to consider before you buy?

What to consider before you buy?

Buying a new home is a long-term investment, so having the right checklist in place will help ensure your next property is your dream home.

Location

Write a list of the top five areas you would like to live in and why they appeal to you. If any of them are out of your price range, consider the characteristics you like about those areas and any lesser-known locations that might be suitable.

Create a wish list

Write down a list of things your new home must have. This may include the number of bedrooms, whether you want a single-storey or multi-storey home or whether you need more than one bathroom.

Calculate your budget

Work out how much you can afford to spend and don’t forget to factor in extra costs, such as home loan application fees, building inspection costs, legal fees and any taxes you might have to pay.

Interest rates

Decide if you want a home loan at a fixed or variable rate, as this could influence your budget. Banks and mortgage brokers can help walk you through the process and take the stress out of comparing products on your own.

Research

Start reading property magazines, online property sites and the property section in newspapers. This will give you an idea of the emerging suburbs where property values might appreciate. Several companies also have websites where you can view recent sales figures and some provide property reports for free.

Government subsidies

Research whether you are eligible for any government subsidies. This can include first home buyer grants and tax breaks for buying your own property.

Amenities

Once you have your house hunt shortlisted to a handful of properties, work out how close public amenities are. For example, public transport, shops, schools and other facilities you might regularly use, such as gyms. This will help you decide if the property is right for you.

Ongoing bills

Consider how much the ongoing costs of the house are. Are there body corporate fees? Take a look at things like water rates, whether there are solar panels, and how energy efficient the lighting and appliances are.

When you’re ready to move into your new home, our energy plans page can help you plan ahead by working out approximately how much electricity and gas will cost to run in your new home.

Once you have your buying checklist completed, searching for and buying your property will be much easier and less stressful.