Have you been renting for a while and decided it’s time to buy? Or are you starting to outgrow your current place? No matter your situation, purchasing a property is a big commitment and it is important to ensure you’re a making a smart decision. If you are currently on the hunt for ‘the one’ or you plan to be, here are a few things to consider:
Living there for 20-30 years?
What does your future plan include? Will children or pets be in the equation? This will change your property requirements like the number of bedrooms, floorplan/layout and yard size. You will also need to ensure there are schools, shopping centres, sporting fields and public transport in the area. When making a plan it is important to start with the end goal in mind.
Does the property have potential?
Property flexibility is important. If circumstances change or you need to reshuffle it is important to ensure you are able to do so. Look for things like flexible floorplans and the ability to expand or add value to the property. When looking at older and more worn properties that tick your boxes, don’t let the conditions sway you. Remember is it possible to turn the sourest of lemons into sweet lemonade!
Is the property practical?
Does the property have the ability to cater to your needs long-term? From the time the children are young and sharing bedrooms until they become teenagers and want more of their own space, you will need to ensure you have the ability to shift with these changes.
Don’t forget to consider your situation over the longer term. As you grow older, will you need that multi-storey house you originally had your heart set on, especially when the kids leave home?
Have you done your research?
Speak to people! Talk to the neighbours about the area and chat to your friends and family who have been through a similar situation. Seek professional advice from mortgage brokers, real estate agents and experts. If you are starting to get serious or you are looking at placing an offer, make sure you get a building and pest report completed. It could save you thousands in the long run.
Are your expectations too high?
It is important to leave room to compromise and consider other options. Compose a list of the things you are looking for, and if the property ticks 80% of your boxes, you’ve hit the jackpot! There is no such thing as a perfect home. Consider that what may be your dream home today, might not be your dream home in 10 years time. In this case, adaptability is key. You will want to look for a property that has the room to grow and change with you and your needs.