The other day, I was taking a walk-through Applecross just to check out the beautiful homes and I thought to myself, what makes people choose where they live? OR, more importantly, what SHOULD people consider when choosing?
So, I have compiled a short list of the top 10 things to consider when looking at buying a home:
1. Are you ready to buy a home? You don’t have to buy if you’re not ready. That is ok!
2. Have you consulted a mortgage broker on your borrowing power/what you can afford to buy?
3. Your life won’t always be how it is today. Consider your long-term plans.
4. Look beyond the paint job or the one fixable room in a nearly perfect home.
5. Buy the place you know you can afford, not the one you dream of, but your financial situation won’t allow. Don’t be impatient or buy something to give the illusion you’re “doing well” in life, it can lead to rash financial decisions!
6. Be aware of all the costs associated with getting a loan- remember it isn’t just the purchase price.
7. Consider your other debts- personal loans, credit cards, student loan debts. Can you afford them all and a home loan? Should you focus on paying those down first?
8. Is this home close to important facilities or aspects of your life- like your family or your job? Consider if this place and area ticks all the non-negotiables.
9. What is the neighbourhood like? Does it have a good reputation? Is it safe? Is it mainly young couples, families, retirees?
10. Is this a sound investment? Am I buying at the peak of a boom? Am I buying in a suburb that is increasing in value? Three questions in one – I know! But these are all very important when considering if the purchase is a good investment decision.
Obviously, take this advice with a grain of salt. You truly need to think about WHY you’re looking at buying and what your PRIORITIES are. Those are the most important!
What do you think people should consider? Do you have any other ideas? 😀❓
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.