Buying a house can be an emotional process. While you visit multiple houses for sale, you start envisioning your life in the new space, imagining spending precious time with your family.
But what if we tell you that you must keep your emotions out of the window? Wait, before you judge us, let’s clarify that you may tend to overspend or overlook critical issues during the home-buying process.
This is why we have come up with an ultimate guide to choosing the best houses for sale. If you plan to buy your dream house in Mickleham or surrounding areas in Australia, keep reading to learn the dos and dont’s of buying a house.
What to Look for While Choosing the Best Houses for Sale?
If you want a streamlined buying process, check out the below-given things.
1. What is your budget?
It badly hurts when you fall in love with a particular house and start imagining what your life will be like living in it. And then realise that you can’t afford that house.
To avoid this unnecessary temptation, we recommend restricting your house shopping to properties in your financial neighbourhood.
For example, if you want to buy a house in Mickleham with 3 bedrooms, a jetted bathtub, and a garden, first fix a budget and search for houses for sale in that category alone.
Stretching beyond what you can offer can sometimes put you in dangerous financial situations. So, start researching at the low end of your price range. And promise yourself that you will get a good deal for your new home.
2. Planning to take a home loan?
Once you have determined the budget to buy your dream house, the next step is to make sure if you need a home loan.
Knowing if you can get a home loan and how much you can borrow to purchase a home is extremely important to bring life to your dream of buying your own house.
Check a few things to increase your chances of getting your home loan approved.
- Credit score and credit history must not have any issues. Otherwise, it could affect your loan application.
- Check your income and confirm it is sufficient to cover the monthly mortgage payments.
- Ensure that the debt-to-income ratio is within the acceptable range for the lender.
- What is the required documentation for the loan application, such as tax returns and bank statements?
Well, there is more to this, which is why getting a home loan is a daunting process. A real estate agent can help you guide the process.
3. Check if property titles are correct.
Can we safely say that property titles are the birth certificate of a property? Because the title deeds are the proof of ownership of an individual over a property and any encumbrances or liens against it.
Homebuyers usually hire a title company to perform title searches on their behalf. With this, they can identify ownership issues, errors in public records, a chain of titles, restrictions and allowances.
You can also work with a real estate attorney to help you navigate any legal issues or concerns and ensure that the property is transferred to you legally and with a clear title.
Also, check if the property boundaries are clearly defined and if there are any boundary disputes. If there is a boundary dispute with the neighbour, such as their yard extending to your place, try to sort it out. Because it can create problems down the line.
4. Your house location matters.
What if you have to spend 1 hour to get to a grocery store? Or have a medical emergency, and the healthcare facility isn’t nearby?
Consider the proximity to amenities such as recreational areas, hospitals, shopping centres, etc.
If the necessities and amenities aren’t near the location of the house for sale, it is a big red flag.
So while checking for houses for sale, don’t overlook the location. For instance, if you want to buy a house in Mickleham, check if the daily commute time is low and all necessities are near your location.
5. Don’t overlook important flaws.
Checking the “condition of the houses for sale” must be on your checklist. This is highly important, especially when you are on a strict budget.
Apart from checking the size and style of the house, ensure that everything is in good condition.
Check the building’s structure, including the foundation, plumbing connections, wall cracks, etc. Look for signs of water damage, and see if the fences are in good condition.
Well, there is more to the list. If you really like a house for sale and want a detailed report about its condition, hire a home inspector.
In the long run, you can save your pocket if the house is well-maintained.
But if the house needs extra work, determine if the fixer-upper is more than you can handle in terms of money, time, or ability.
If it is higher than what you can afford, avoid buying that house. Because what is the use of purchasing a house and then spending twice the amount on fixing repairs?
6. Checking the neighbourhood is also vital.
Did you know that feeling safe in the neighbourhood is linked to more significant social interaction, lower rates of mental illness and good neighbourhood trust?
So, don’t get carried away by checking everything inside the houses for sale. Look at the surrounding area.
Enquiring and researching the neighbourhood will prevent unpleasant surprises after shifting to the place. Simply walk around the area and chat with the locals to get more information on the crime rate, or check with the local police to know the same.
Though it is impossible to predict how your chosen neighbourhood will be in the future, checking the neighbourhood while buying the house guarantees that the area is safe.
7. What is the resale value?
You could have rented a house in Mickleham. Why did you decide to buy a house? Well, there might be many reasons. Most probably, buying a house is an investment. But how do you know if it is a good investment – by checking its resale value?
How much the house is worth in the future will give a clear picture of what your investment will hold value and help you understand the current state of the market. Even if you don’t have plans to resale the house anytime soon, this step is essential.
If you are buying a house in an area with a high demand for housing, you can expect a high resale value than in areas where there is less demand.
8. Check with the local council.
How about having a secret spy who can tell you about the house for sale? The local council can give you all the insider information your seller or real estate agent might hide from you.
Since the local council manages, plans, and develops the area, you can know.
- If future development could affect your property value or quality of life.
- If the property is zoned for the type of use you intend to make of it, i.e. reside in. If you want to start a parlour in the front of the house, check if the zoning allows that use.
- Check whether the house for sale is compliant with regulations and bylaws. Example: Some areas in Mickleham may have regulations regarding the height of fences or the number of cars parked on a property.
9. Don’t drag your feet too much.
Buying a house is a one-shot deal but a big one, and it’s natural to have a dilemma. Take some time to make this careful decision but don’t drag your feet too much. You may lose the deal.
Imagine losing out on a property because you have too much time to decide, and someone else bought it.
Another reason why people lose the deal is they negotiate too much. Negotiating is a must but don’t overdo it. There are many cases where the buyers lost the deal because they kept hanging on to the extra 5% discount. You may visit multiple houses for sale; only a few will tick all the checkboxes. So, if you love the house and it seems like a good deal, secure it.
Choosing the best house can be an exciting and rewarding process but also overwhelming and challenging.
But if you are armed with the right information and guidance, it can be an unforgettable experience. Take your time, and consider all factors, such as location, budget, and amenities.
If you find it hard to spend time and effort navigating through the home-buying process, consider hiring an experienced real estate agent. They can help you find the perfect home that meets your needs and wants.
Bring life to your dream of owning a house by hiring Capital & Co, a new age Real Estate Agency. Whether you are looking to sell, buy, rent or lease any property, we can assist you. With decades of experience in the field, we have been successful in helping our clients and scored good marks in terms of professionalism, client satisfaction, and maintaining good relationships. Since we offer end-to-end services in real estate, you can be assured you get what you are looking for. Contact us today.