5 things to consider when buying a home

Buying a home is an exciting time in your life. It’s also a big decision and not something to do without careful consideration. If you’re new to the property market, or even if you’re not but just want to make sure you’ve thought of everything, this list of what to look for and contemplate is for you.

Where do you want to live?

Which suburb or area would you like to buy your new home in? Things to consider in regard to location when buying a home include peace and quiet, affordability, access to shops, schools and other amenities as well as the crime rate of the area and plans for future developments.

Is the house the right for you?

Besides considering your future needs (hello growing family or nest-emptying!) when buying a home, you might also like to think about the layout of the home and whether it’s conducive to comfortable living. For example, if the bedrooms are close to the living spaces, will this impact on your sleep? Speaking of bedrooms, how many of them are facing west and likely to absorb that afternoon heat in an uncomfortable way? Do you prefer open plan living and does the home you are looking at buying meet your preferences? It’s okay to compromise if you can’t find exactly what you need but consider your lifestyle and comfort in your home as you’re likely to be there for a long time. If you can’t find the house of your dreams already on the market, you can always build your own. It’s often a comparable price and gives you many more options.

What kind of termite activity is there in the area?

Whether you’re planning on building a home or buying a home, termite activity is in the neighbourhood is worth considering. It’s absolutely integral to get a termite and pest inspection if you’re buying a home—these little critters can do immense and costly damage. And if you’re building, it’s good to know what you’re up against so you can adjust the materials to suit the environment and take preventative measures to protect your home.

Will the ongoing costs be manageable?

When buying a new home, the location you choose will affect your ongoing costs. Utilities, council rates and insurance premiums will all be impacted by the suburb or area you live in. If you buy an apartment or a townhouse, you will likely have body corporate fees to pay too. So, don’t forget to do some research around the ongoing costs associated with buying your home as if you hit max with mortgage payments alone, without considering all the associated costs, you might get yourself into trouble. Beyond the initial purchase price and associated costs, it’s also important to consider how your financial planning can help you manage these expenses more effectively. This is where working with a trusted financial service provider can make a significant difference. For instance, if you’re considering non-traditional housing options, a modular home loan might be a suitable choice, offering flexibility and potentially lower upfront costs compared to conventional loans. They can assist you in understanding the full scope of your financial responsibilities, including helping you choose the right mortgage product tailored to your needs.

Are renovations required?

This would only apply if you were buying an existing home, not building your own, of course but renovations can end up costing more than you might initially think. In this way, they can add to the costs of buying a home—not to mention the headache they can be if you’re living there while they take place. You might be someone who is excited by the prospect of renovations and if so, it’s not a deal breaker. But if you want to move into your home and not have to worry about it, think carefully about how live-ready a home is.

If you decide to go ahead with renovations, one aspect to consider is how you’ll manage the space and store your belongings during the process. This is where container hire can become incredibly helpful. Renting a Shipping Container allows you to safely store furniture, tools, and other household items right on your property, keeping them secure and out of the way while renovations are underway.

This convenience is especially valuable if you want to minimize disruptions to your daily life, ensuring you have more room to navigate around the renovation work without tripping over misplaced items. With a storage solution like this, the transition becomes far more manageable, reducing both the stress and logistical challenges that can come with home renovations.

Of course, one way to get around renovations when buying a home is to build one yourself! Check out what we can offer you at Preferred Homes.