We appreciate quite a number of people come through open homes to see what’s out there, to get a handle on the market. That’s fair enough and we do encourage people to do their research. But we often surprised when we speak to people, many simply have no idea of what they want. So what are you looking for?
When we probe further, it is clear they haven’t considered the pros and cons of the home and how it relates to their needs. With this in mind, we thought it may be useful to note a few points to consider when you are thinking about a new home.
What type of home – unit v townhouse v house?
As we noted above, there are pros and cons to everything. Units are generally cheaper than townhouses which are generally cheaper than houses. If you have a limited budget, units or townhouses may be the option for you
But you also need to consider units and townhouses are denser living. There is also Body Corporate fees which you have to consider. With these types of homes, you are part of a community and have all the responsibilities of such.
Units may be a good option if you want no maintenance. Of course, you will also most likely have no yard, so pets will struggle. A townhouse will generally have a small yard, which means some level of maintenance and limited space for animals and kids – but will this be enough.
Body Corporations are also more restrictive in what you can and can’t do to the property than if you own a house, so you need to consider this.
OK, so a house?
A house will offer you more freedom and usually a lot more yard and generally a larger structure, but they are more expensive than a unit and will need maintenance. Next, consider the types of homes. A brick and tile will require less maintenance and upkeep than a character home. A character home, by its nature, will have more quirks to it (for example, doors swelling when it rains) but they have a huge appeal to the market and tend to keep their values very well.
Needs now and into the Future.
How long will the home suit you? Are you planning kids in the near future, will you fast run out of room? (1 bathroom might seem doable now but add 2 kids and it becomes very difficult).
Do you need multiple living areas, outdoor living areas? Room for a pool (make sure you check for underground obstacles – see our previous blog regarding free searches).
Are bedrooms large enough? Remember teenagers will want their own space and tend to fill a bedroom pretty quickly. And with teenagers, remember there will be more cars. Is there enough parking? Will there be congestion issues?
Or are our children ready to leave home sooner than later? Will you be rattling around a huge home soon, doing nothing butt cleaning empty rooms and maintaining a large house for no reason?
Know your budget.
Pretty straight forward but we still have many people saying they have no idea of what they can borrow. Before you get attached to a home you cannot afford, speak with your mortgage broker or financier and get a clear indication of what sort of budget you can work within.
I watched the block, I can do that!
If you are taking on a project, please be sure you can do the work required, and properly. If you are not able to do the work yourself, factor in the costs of employing a professional.
Tradies who often buy homes needing work, can get that work done cheaply and make money out of the home. Other people who have to employ a tradesman, will pay a premium and you need to factor this in. It may work out cheaper to simply ovoid the renovator’s delight and pay that extra bit for the home you can move straight into. If you don’t know what you are doing, don’t do it.
These are just a few situations to consider. The main point though is to consider what are your real needs and if the home can accommodate those. We usually suggest creating two lists – wants and non-negotiables. Find the home that fulfills all your non-negotiables, the wants are a bonus.
More information about buying here
Have a think about what you are looking for. Good luck house hunting
written by Shawn Kristofer
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