Buying a house is a big investment and it is not a quick decision or one that is made lightly. A house and a home loan are things that will be with you for many, many years to come and you want to ensure that you make the right decision is made from the very word go. If this is your first time making a property purchase, it can be very daunting and overwhelming and the fear of making the wrong decision is huge.
Here are some suggestions on what to look for and where to go and how to decide what is the right place to buy.
Know where you want to buy
Look for houses for sale Balwyn if that is the area you want to move to. You need to narrow down where it is you want to live before you start looking, otherwise, you’ll get very overwhelmed and confused and there will be too many factors to take into consideration. If you have children often this will be connected to what local schools, there are in the area, that your children can go to. You would ideally like your new house to be in close proximity to that.
Look for the problems
When you have narrowed down the search and you start getting serious about one or two places the next step is to do some more thorough investigations. There are the immediate and obvious things to look for, like cracks in the walls, and mould or damp. Then there are the less obvious things that aren’t easy for the layman to diagnose and for these, you may want to pay for an assessor or someone who is in construction to come and do a detailed assessment of the property.
Speak to your parents
Regardless of how old we are, our parents have years-worth of experience on us and they are often filled with advice and suggestions. At some stage in their lives, they would have been through a similar process and will have had a few of life’s knocks along their way where mistakes were made, or incidences happened. They will have learned or had examples to share that will guide you away from the dangers and pitfalls.
Return on investment
If you’re buying a house for investment purposes, you will need to know what return on investment you’re wanting to achieve. That will involve doing some number crunching and this is where purchase price comes into proper play. If it is a place you want to live and make a home in, this is very different, in as much as price counts, you’re willing to pay a little extra for what you want.
But with an investment property, you need to be able to guarantee that you’ll get a solid rental return. Or, if you are buying to sell, it needs to be at a good enough price and area that you can fix it up and sell it easily for a higher price.