Planning to Buy your First House in Australia? Know These Five Things!
There are several new homes for houses for sale in australia, and there are all kinds of house and land packages that you can choose from. But, buying a new house is not as simple as buying a new mobile or buying a new car. Investing in a house involves a lot more money, and there are dozens of factors that you need to consider. While you may not get everything right in your hunt for a new house, keeping the following points in mind will help you avoid the most common pitfalls of house buying!
# 1. Work Out the True Cost
How much will the house cost? The builder or home owner and home builders may settle for a certain sum, but that is just a basic price. If you are taking mortgage, there will be administration fees, and you will also be paying an interest. If you play it safe and involve valuator and lawyers, you will need to pay valuation fees and legal fees.
Add to this the fees of moving furniture, repairing the house, buying a few new items, throwing a house warming party, etc. The cost will be much higher that what you are paying at the start. Keep that figure in mind while buying a house.
# 2. The Neighborhood Matters
Just liking house designs or display home is not enough. It may seem like a great idea to buy that house in the middle of nowhere or that property facing the beach, but there are other points that you must consider. You need to check if public transport is available in the area: if it isn’t, factor in the cost of petrol.
You will also need to buy household stuff on a daily basis; so, check how far the shops are. If you are moving in with your family, or if you are planning to start a family, you will need to see how close the schools are. In case you are moving in an urban area, you need to stay a few days in the area to get a feel for the life there. Only that will give you can idea of whether it is the right neighborhood to live in.
# 3. House Repairs Cost can Hurt
When you are buying an old house, you have to keep your eyes open for things that can cost you money a few months or years down the line. If you are planning to buy a house, it is best to get it examined by an expert before you finalize the deal.
Even on your own, you can look check out a few things: is the plumbing working, does the central heating or cooling work, are the door locks strong enough and functioning, is there any damp, are the ceiling or walls cracked or chipped, etc. And yes, do check if you mobile works there – many locations simply don’t get network no matter what you do!
# 4. You can get it Customized
When you are buying an old home, you have to take what you get. If you don’t like the color or design, the only option you have is to change it after you buy the house. However, if you are planning to buy a new house which is still under construction, you have a chance to get it customized.
While most house builders may not be ready to change the major features of the house, you can easily persuade them to change the color of a room, change the fixtures or add a few new custom features.
# 5. Don’t invest unless you Plan to Stay
You may have found the most wonderful house, and you may feel that you have a bargain on the house. But, unless you live in the house for a few years, or hold on to the property for a few years, you will lose. Even if you buy a house in a rising market, in Australia, there are several taxes and costs associated with buying or selling houses. This means that once you have bought a house, if you sell it within a couple of years, you will lose money.