Buying a first home (or even your second or third home) can be a big learning curve.
Getting finance approved, hiring a lawyer, obtaining and reading building reports, ordering LIM,s and placing an offer are just some of the challenges you may be undertaking in buying a first home.
We have put together a list of things that should be considered when buying your first home.
1/ No Home will be perfect and remain aware you can change most things you want to.
2/ There is a huge difference between buying your first home based on emotions or your instincts. It is an investment so be calm and wise.
3/Always get a building report and make sure you understand that. It can save you a lot of money in the long term.
4/Decide what you must have and decide what you are prepared to compromise on.
5/ View properties on a wet day. You may find more potential faults especially with weather tightness issues and if its great in the wet imagine what it will be like when its sunny.
6/ With the growing problems of housing being used for meth labs, get a meth test done as part of your due diligence, even if the house appears to be lovely.
7/Learn to lower your expectations. You may want a new house or one that has been renovated , and find what you like others may not.
8/Turn on taps and showers to check water pressure.
9/Always view a property a second time if the property interests you. The second viewing you will look more closely at details and notice 3 times as many faults and flaws as the first viewing.
10/If the first home you are looking at is for sale by auction go along to a number of auctions to get the feel of how they work and making a bid on the home of your choice may seem less daunting.
11/Try and look beyond what you can see and focus on potential the home has if certain things were done or added.
12/Be realistic. Live within your means and stick to the price range you can afford. Take into consideration any work that needs attention and allow for that work within your budget.
13/Your first home does not need to be your forever home. Use it to get in the market and work your way up to the home of your dreams.
14/Believe you can make it work. It may mean going without some things you are accustomed to to reach your goal of becoming a home owner.
15/Broaden your horizon and don’t focus to heavily on one particular suburb. Homes in that suburb of your choice may be out of your range yet neighbouring suburbs could be within your range so for a little more travel you could get the home you want.
16/The old saying of “the worst house in the best street” still is relevant. You can change the house as much as you like but you can,t change the location.
17/ Try and stay away from plaster homes. While not all plaster homes have problems it has been proven that a large number do. Also they generally will go for a less price than if the same house was cladded in a different product. The stigma attached to plaster homes has not gone away nor is it likely to.
Hope these tips help anyone looking at buying their first home.