7 Tips Every First Home Buyer Needs to Know
So, you’ve done your research, explored various properties in the suburb you want to live and think you’ve finally found the perfect property. Before signing any contracts, consider the following very carefully.
Where You Want to Live
When deciding which suburb to call home, every first home buyer will want something different. Some buyers are enticed by affordability, while others are attracted to close proximityto facilities like schools, shops, parks and more. Choose a suburb based on what matters most to you.
Is the House Close to Important Facilities?
Unless you plan to live in a rural area, ensure the property has proximity to essential amenities. So, look for a house within walking distance to the following:
-A small set of shops (i.e. pharmacy, shopping centre, doctors’ office, convenience store, etc.)
-A park or another area of greenspace for the kids to play in and to walk your dogs
-Public transport (the ability to get to work or regular engagements without using your car is very useful)
Are the Building and Roof Structurally Sound?
Rather than taking your agent’s word for it, get an independent building inspection done on your prospective home. Ensure the inspector examines the home’s overall build quality, along with the quality of fittings, level of insulation and more. By hiring a building inspector, you’ll uncover potential issues you may not have seen yourself.
Should any improvements be needed, the result of a building inspection can provide you some leverage with the seller (i.e. they may drop the asking price).
Are There Signs of Termite Activity?
Termite damage is one of the first questions you should ask, as it can lead to significant financial headaches in future. To identify termite damage, you must order a pest inspection. While damage isn’t necessarily a deal breaker, it’s something you need to know about sooner rather than later.
What Are the Ongoing Costs?
While home ownership comes with a very long list of ongoing costs, these are the ones you must ask the owners about:
-Council Rates – Are they more, less or equal to the rates you’ve paid previously? Council rates are often overlooked when budgeting for a new home, so ensure you consider them when deciding where you can afford to live.
-Utilities Costs – Electricity and gas bills vary widely depending on suburb or state, so ensure you know what you’ll be paying before you move. Failing to do so can cause serious financial strain.
-Home and Contents Insurance – While your contents may not have changed, moving to a new area can have a significant impact on your home and contents premiums.
For more factors to consider when buying your first home, contact the No Deposit First Homes team today.