Tips for Buying a House this Year

April 06, 2016
Jess

If you’re thinking about buying a new home or investment property this year, you may be a little worried about all of the things that you’ll need to get done.

Buying a house is a big decision, and usually the biggest purchase you’ll ever make. If you choose correctly you’ll be heading towards financial independence, but if you choose poorly you can end up in financial ruin.

Buying a house should be exciting, but there are a few things to remember to ensure that you’ve covered all of your bases and you’re making a wise decision:

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Get a Pest and Building Inspection

It sounds silly, but many people have no problem paying hundreds of thousands for a house, but think it’s a waste of time or money to get pest and building inspections completed on this investment. It doesn’t make much sense when paying a few hundred dollars will give you complete peace of mind and the knowledge that the property is termite and rodent free, and doesn’t have any deterioration, structural problems or leaks.

If you do find that the property has one or two issues, and yet they’re not deal-breakers for you, you can always use them as points of negotiation when it comes to making an offer.

Check your Strata Report

Obviously this one is only important if you’ll be purchasing a strata property, but it’s important to remember that strata living is unique, and you need to be aware of all of your responsibilities and rights. Because strata properties are part of community living, you need to obey certain bylaws, pay levies and even attend committees. Find out if there will be any construction on your building, if the levies are expected to increase, and any information you need about disputes, insurance and bylaws.

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Get Insurance

This may surprise you, but many people are underinsured, or even have no insurance at all. Whether you’ll be living in the property or renting it out, it’s crucial that you have home insurance, renters insurance, and potentially even mortgage insurance.

Think it through

Purchasing a property should ever be a quick decision, and if you’re choosing an investment property then you should be able to take even longer since you won’t need to move out of your current home. Use a piece of paper or a spreadsheet and keep track of how many open homes you go to, the features that you liked, prices, neighbourhoods, public transport and amenities. This will help you to be completely informed about the market and allow you to make a better decision.

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Consider the market

Ideally, you want to be buying an investment property in a buyer’s market, and individual cities and even suburbs will be affected by different markets, depending on the economy, the popularity of the suburb, location and amenities. A new school or shopping centre being built can raise house prices, which is why it’s a good idea to keep up with the news and check with the council before making any purchases.

Have one last inspection

Before you move in and make that final payment, you can actually have one last inspection to check that there are no problems with the house, and everything is the same as when you previously saw it.

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