Doing as much research as possible is vitally important before making the decision to buy a home. And doing research starts with asking a lot of questions of other people, but more importantly yourself.
Here are a few important questions you need to ask yourself when you’re making the decision to purchase a home.
Why do you actually want to buy a home?
Understanding your own motivation for wanting to purchase a property is incredibly important. Some reasons might be better than others, and it is crucial to understand and recognise your own desire to purchase. Are you looking for the security of your own home and not being at the whim of a landlord? Are you sick of forking out rent each week for no return? Are you buying a home because you feel it’s that time in your life to do so? Are you buying it because you see all your friends doing it and you feel a bit of FOMO? Are you looking to invest? Do you want a new home or would you like a renovator’s delight to fix up? The sooner you ask and honestly answer the question and dig deep into the real reason, the better!
Do you have the finances to purchase a property?
Whatever the reason is, you’ve asked the question and are now positive that you want to buy a home. The next question is, can you actually afford it? Establishing a budget for what you can afford is a must. How much money do you have for a deposit? How much do you think you’ll be able to borrow from the bank? Are you secure in your job/business? Do you see your income staying the same, dropping or increasing over the next few years?
What are your other living expenses? Know everything about where you are at financially, and also don’t forget the hidden costs with buying a home such as Stamp Duty, application fees, conveyancing fees, home and contents insurance, and more. Yes, it really does add up!
What type of living experience do you actually want?
You finally have your budget finalised and are ready to start your property search. But where to begin? You really need to think about what type of property you want to live in, what type of location you want to inhabit, and in general, what type of living experience you truly desire. Is it city life? Is it by the sea? Is it more rural with a country vibe? Is it in the city/state you’re currently living in? Or do you want to move interstate and start somewhere new?
What are the deal-breakers when it comes to the property you want to purchase?
This seems like a pretty obvious one, but everything has to be right with the home you buy. And going in with a list of items that need to be checked off is vitally important. How many bedrooms and bathrooms do you need? Do you need multiple living zones? Do you want a vast outdoor space with flourishing gardens and a big backyard? Do you want your outdoor space to be low-maintenance because you’re tired of having to constantly maintain a garden? Modern or classic? Single level or double-storey? The questions can be endless, but also fun to answer at the same. You might be surprised at where you end up in terms of the property you really want.
How much do you know about the location and area you want to live in?
Thinking about the location and what is important to you in terms of local amenities and attractions will again make your decision about where you want to live so much easier. Do you value being in an area with good schools or being in a specific school zone? Do you want a location where you can easily walk to a trendy shopping strip for your morning coffee? Are you active and need scenic parklands and reserves to walk and run after work and on the weekends? Do you have a car and need to easily access a freeway to get to work? Do you need to be closer to public transport? Again, these all seem like obvious questions, but ask them! The more you ask, the easier finding your dream home will be..