What to look for when buying your first home
When thinking about buying your first home the obvious things come to mind: creating a budget, finding a respectable and knowledgeable real estate agent, creating a list of ‘non-negotiables’ including locality, pricing, size of home, and possibly things like proximity to schools and public transport.
We’re here to tell you that there are other more subtle things to consider that are just as important to your finances and future home.
Think about the long term whilst keeping in mind resale. Do you want to keep the house? Raise children? Take care of your elderly relatives? Now, if you had to sell the house, who would be your targeted buyer? Living out of a popular school district may deter parents with children, as much as a busy street would with noise and heavy traffic. Think ‘lifestyle’ when buying – one that will suit you and your potential buyer in years to come.
Cover the neighbourhood demographics. If your prospective home is in a neighbourhood full of renters, a couple of bad apples as well as a couple of bad landlords could negatively affect the value of your home (as well as your emotional happiness). If the neighbourhood is populated with young families and you’re a few years away from having a family of your own, would you be able to tolerate the noise level?
Make a list of essentials and must-haves. Create a checklist of things that you need to have versus things that would be nice to have. It’s difficult to leave our emotions at the door throughout this process but if you must have a two-car garage, then so be it. No use settling for a toolshed in the backyard which would possibly accommodate a single vehicle because the home has a nice front porch. Believe us, if your checklist is true to your ‘must-haves’, it will be easier to make your decision. Keep looking, your dream home is out there.
Budget all expenses relating to having a home. There is more to your budget than just your mortgage repayments. You will need to consider utilities, commuting, schooling, and possible housing upgrades or repairs. Now after some quick calculations, does the prospective home still fit your monthly budget?
Buying a home is an exciting, emotional event and possibly the largest investment and purchase in your lifetime. Be wise and prepare. Coronis can help you solve every piece of the property puzzle. With more than 20 offices located across Brisbane, Toowoomba, the Sunshine Coast and Gold Coast, Coronis is Queensland’s largest, wholly-owned end-to-end real estate business. Get in touch with us today.