Buying a home is not just about finding a place to rest your head at night; it is a huge investment and is not to be taken lightly. This fact alone can make the process seem daunting, but there are a few things you can do to make that easier. With these tips, you’ll be on your way to coming out ahead when purchasing your next home.
- One of the first questions you should ask yourself is how much space do you really need, and how much can you afford without becoming ‘house poor’?
- Start by determining how many people will be living there, and then how many bedrooms you will need to fit them all in.
- Then, make a list of features you can’t live without, and features that would be a ‘nice to have’. A large pool in the back garden or a wine cellar may sound fabulous, but those extra features may cost you more than you would get out in the end making them a poor investment.
- Do some research into the neighbourhood. Your potential home may be worth a lot to you now, but will it offer the same value in a week? Yes, the real estate market fluctuates and you often cannot predict when a dip will happen, but ensuring your home is in a good neighbourhood is important in finding long-term value.
- What schools are within the vicinity? Are new businesses popping up? These are important things to consider when valuing the neighbourhood.
- Doing a thorough home inspection with a professional (both indoors and outdoors) is crucial. A house that looks great at a glance may end up being a poor investment if it turns out there are major issues with plumbing or with the structure of the home.
- Check out other listings on Gumtree to compare the price of similar homes in the neighbourhoods you are interested in. If the home you are looking at seems extremely low compared to the others, it may be too good to be true. If it is priced far higher than the others, you may be getting ripped off!