Owning a home is the ultimate dream for just about every person, investing your hard-earned money into a brick and mortar structure that fits in with your vision and your lifestyle. Being the ultimate dream, it’s also a huge commitment and responsibility, so you’ll want to make good decisions before purchasing.
In this article, we’ll be looking at some things to check out before buying any property, so you can be sure you’re making the right choice.
#1 – Make Sure The Property Is Priced Right
It’s always wise to do some market research in an area you’re thinking of buying property. This way, you’ll have a fair idea of whether a property is priced right or whether the owner is asking too much and is trying to sell above market value.
When you buy a property, whether you plan to sell it in the future or not, you want to know that the price you pay is in line with the current property prices for the location. If you spend too much, you are effectively losing money on the deal.
#2 – Check the Condition of the House
Never purchase a property until you have gone over it thoroughly. Better yet, arrange to have a building and pest inspection done to be on the safe side. You won’t want to commit to buying a home, only to discover later that it has issues, such as termites, structural damage and so on.
You could go over the property yourself and inspect it, but it makes more sense to hire an expert who knows exactly what to look out for and where to search for problems.
#3 – Find out why they’re selling
When you go to inspect a property you might be interested in buying, always make a point of asking the property owner why they are selling. Don’t pose the question like some accusation. Just be subtle about it and see if you can discover why the owner wants to sell and move.
You want to know that there’s no problem with the home or even an issue with one of the neighbours. The more background you can dig up, the more equipped you’ll be to make an informed decision one way or the other.
#4 – Are You Buying An Investment Property?
If you plan to buy a property as an investment, there are some key points to consider to ensure a positive ROI.
You’ll want to buy a property in a known growth area, where you’ll receive the expected rental income you require for a cash flow positive investment and a place where property prices are expected to rise for some time to come continuously.
Investing is all about making a profit, after all, so you want to make wise choices. For this reason, to ensure you make the right decisions, you may want to consider hiring the services of an investment property buyer agent or talk to an investment consultant for the best advice.
#5 – What Facilities Are Located Nearby?
Whether it’s an investment property or a home where you plan to live, you’ll want to know that certain businesses or facilities are located nearby, or at least in the general vicinity. These might include a shopping centre or supermarket, schools, perhaps a gym or even a local park where you can take a stroll and relax after a hard day.
Everybody has different needs, so what you’re looking for won’t necessarily be the same as somebody else. Before shopping for a new property, it might be an idea to make a quick list of some of the facilities you’d like to have located nearby when you move into your new home.
#6 – What Are the Ongoing Costs?
Different areas can incur separate tariffs for things like electricity prices, the cost of water and council rates. If you’re keen to make an offer on a property, check with the current owner regarding the ongoing expenses you’re likely to incur should you decide to purchase the property from them?
In Conclusion
Always take some time to think about what you need before purchasing a new property, and don’t be afraid to ask questions and receive the answers you need. Buying a home is a significant investment, so take your time and never rush into a purchase.
