Thinking about buying your very own slice of Australia? Buying a home is a massive commitment, so you want to make sure you get it right. While the below list doesn’t include everything you’ll need to consider, it’s certainly a good starting point:
Do You Want to Build or Buy?
The first thing to decide when looking to purchase a property in Australia is whether you want to buy an existing home or build a new one. If you choose the latter, it’s crucial to work with a well-established builder that won’t let you down mid-project. Whether that means Googling reputable Ocean Grove builders or asking around in Townsville to find a company locals trust, do not rush your decision. Do your research, and partner with top-quality contractors who’ll see your project through.
What Fees Will You Have to Pay?
Conveyancing is a cost that is often forgotten about when people are working out how large of a loan they can afford. It doesn’t usually end up costing too much. However, other often-overlooked costs like stamp duty and title transfer fees can pile on too. This can land you in hot water financially, so it’s always a good idea to look into the cost of everything before committing.
Have You Organised the Necessary Inspections?
Building and pest inspections are your best friends when looking to buy a new home. Nasty surprises can be hiding anywhere, and you may not necessarily notice them unless you’re a professional at hunting them down. For this reason, it is always advisable to get building and pest inspections done before committing to the purchase of a property. Most people do this by submitting their offer subject to building and pest inspections, but you can also get these done before making an offer if you’d prefer.
What Are Your Moving Costs?
Although not directly linked to the purchasing stage, the cost of moving should always be considered when making a decision about a new home. Many people get caught out with this, not realising that it can cost thousands of dollars to move house in Australia.
If you’ve just spent your savings on a house deposit, that’s a lot of money to come up with on short notice. We suggest comparing removalists before completing the purchase of your new home, so you add the moving costs to your overall home-buying budget.
What Facilities Are There in the Local Area?
Another thing you’ll want to consider is what facilities are available in the area immediately surrounding your new home. Schools, for example, have catchment zones, so if you want your children to attend a specific one, it pays to live close by.
By the same token, you don’t want to have to spend forever sitting in traffic just to do your weekly shopping or have brunch with friends. So it’s always worth taking a more big-picture approach to buying your new home.
Is There Anything Additional You’ll Need to Purchase?
Finally, when moving into a new home, you’re pretty much guaranteed to need a few bits here and there for the place. This can be something as small and simple as some quality cookware to suit your new stove, or as big and expensive as fencing a pool or adding new blinds throughout the home. Because of this, it’s important to consider what you’ll need before committing to your new home. That way, you can ensure you’ve got the budget to get everything done.
Now you know what you need to prepare for, it’s time to go do your homework. Happy house hunting!