Buying a Home

Purchasing a home is one of the biggest financial decisions you will make during your lifetime.

Managed well, it can be a very rewarding investment over the long term, so it is important to understand your rights and how to exercise them. It is also important to spend time working out what you need and what you can afford before you commit to purchase.

Whether you purchase a house privately, through an agent or at auction, the thrill of finding the right house, in the right area, at the right place, never wanes.

When buying a home:

• Be well informed of your rights

• Stop around

• Be prepared to negotiate

• Don’t be afraid to ask questions if you are insure

• Don’t rush your decision making

• Read everything before you sign anything

Choosing a Location And Home

There are a number of things to consider before you set out to buy a home. It will help if you know where you want to buy, and what size and type of home you want. These factors will affect the price of the home, which in turn will affect the amount of deposit you will need. It usually takes sometime to find the right home so this will give you an opportunity to organise your finances and apply for a loan that you can afford in the long term, if you need one.

 

Researching The Market

Make a list of the locations you would like to consider. Don’t forget about facilities available close-by such as shops, schools, public transport, parks, childcare or recreation centres. Nearby commercial premises may also affect your decision. Check with your local council for zoning regulations.

Check `Real Estate for Sale` advertisements, recent sale and auction results to work out if you can afford a home in the areas you have chosen.

Many agents now use online marketing technology through specially designed web sites. Some sites take you on a virtual tour of properties listed for sale, and enable you to complete a very specific property search. Some may also provide information about locations, house values and how to assess the condition of a home.

In determining the value of a home, it pays to compare prices of similar homes in the immediate area.

Check on:

• Homes that are currently being offered and advertised for sale in the paper or at your local agents office, and

• Prices achieved for comparable homes recently sold in the area

Always remember that a real estate agent is usually engaged and paid for by the vendor (seller) and therefore acts for the vendor – not you as a buyer

 

Attend Open Inspections

Attend as many open inspections as you can to gain a better understanding of the layout and amenities you want in the home

Consider:

• Whether you need a unit, townhouse, apartment or a home

• How many rooms you will need including bedrooms

• How your needs may change over time

• The size garden you want or indeed whether you want a garden

• Whether you want an older or newer house

• Costs and time if you are planning to renovate

• Council regulations on renovations or extensions, and

• Council Services

If you find a suitable property, inspect it thoroughly and speak with the selling agent to check if there are any easements, caveats, covenants or other encumbrances that may prevent future alterations to the house or affect how you may use the property.

Keep an eye out for potential structural problems:

• Cracked walls or sloping floors could mean subsidence or that strums need replacing

• If there are large cracks, seek advice from a structural engineer

• Damp brick walls can indicate rising damp or salt damp

• Mouldy walls, lifting tiles, peeling paint or pools of water in wet areas could mean excessive moisture or pool drainage

• Blisters or bubbles on paintwork could indicate termite activity

• Fretting or cracked brickwork could indicate major structural problems

• Sagging roof framing, or cracked or broken roof tiles may involve costly roof repairs or replacement.
  
  

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Information for homebuyers and people interested in learning more about the process of buying a home.