Things to consider when buying your first home

Things to consider when buying your first home

Everyone has certain requirements when buying their first house. The process of buying a house can be complex and time-consuming. Having the important/non-negotiable points written down can help you prioritize without forgetting important features.

 

Let’s discuss them now:

  • Location of the residence – finding a location that allows easy access to the places you want to visit frequently like school, work, grocery stores, medical facilities, parks, pools, places of worship, recreation areas, and availability of water in the area. Being close to the main roads for easy commuting is another important thing.

 

  • Sizes of the lot – many people give less importance to this aspect. Once you start looking for it, you will have a preference for corner or interior lots. Some are rectangular or irregular in shape, whereas some are pie-shaped.

 

  • The number of bedrooms – usually people favor at least two bedrooms. With children, this number considerably increases. In some families, children share bedrooms, and some have individual bedrooms for their children. Having an extra room can be convenient, which often doubles as an exercise room, kids playroom, an office or accommodate guests for some time.

 

  • home design plansThe number of bathrooms – most people prefer two bathrooms. Some older homes may have a single bathroom where adding another may not be feasible. The style and size of the bathroom should match your requirement. Home design plans and their construction now incorporate two or more bathrooms since it has become a non-negotiable for most home buyers.

 

  • Kitchen layout – being the heart of the home this is the place where good food is prepared for everybody. Deciding the size, layout, and position of kitchen cabinets, shelves, sink, gas stove, microwave, and different plug points. Parents who prefer teaching their children while cooking healthy meals might require more space.

 

  • Age, style, and condition of home appliances – take some time to find out the condition of the appliances as replacing them is expensive. Some appliances are economical to add like microwaves. Make sure to check out the property listing to know which appliances are a part of the purchase.

 

  • Age of the house – price of the property varies with its age. Bigger homes that are older may cost less and vice-versa. Older homes will need more repair work of several things. Some people may like the vintage look and styles, making them prefer old homes. House builders in Melbourne and across Australia look to price new properties as per the square footage of the house as well as the price of houses in that area/locality to make sure one house on the block isn’t over or underpriced.

 

  • Purchase price – even before looking for a home, you should first determine your budget and get a pre-approved loan. Since your first home will be a huge investment, plan your finances, savings, and how much money you are ready to pay for your new residence, including mortgage payment. The Victorian Government, NAB, and the AFCA have come together to provide support during the trying times of the pandemic to support home buyers.

 

  • Sellers incentive to sell – Some sellers don’t care about the sale of their property. Some are motivated to sell since they have a reason like relocation, an estate sale or some may have two mortgages with the will to sell one of them. These sellers can offer a good price for the urgent sale of their property.

 

  • Maintenance – when buying a used property, there will always be a list of maintenance items like small or large repairs, replacements, and different additions to your house. Add only the necessary ones depending on your budget as you have to maintain them in the long run.

 

Nowadays, a lot of time and energy is utilized in getting the best deal. This article outlines things you cannot overlook and if you think this was helpful, then make sure to share this article with anyone who can benefit from it.

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