Tips before buying a house
First-Time Home Buyer Tips – Some people never get the privilege of owning their own home, while some Australians own several pieces of real estate. Whatever your case might be, purchasing a property definitely isn’t a walk in the park. You need to be on alert for signs of trouble, as even the most glamorous homes might hide legal or architectural secrets. Becoming a thorough buyer involves detecting the following 7 warning signs early on.
Can you afford the property taxes?
Since Australia is among the countries with the highest tax rates in the world (both personal income and doing business taxation), it’s worth investigating how much will property taxes set you back. Luckily, there are online tax calculators that allow you to work out how much money you will owe to the state when you finally buy your dream house. The usual requisite fields when using tax tools are your credit rating, level of income, and the state/territory the property is on.
Boosting your credit score
Few people can afford to pay the full amount in cash when purchasing a house or an apartment. Most of us need to head to a bank to take out a loan and that’s where we might get a nasty surprise.
Namely, the financial institution won’t turn down your request for a loan but a low credit score will cost you thousands of dollars extra by the time you pay the final installment.
For this reason, try to boost your credit score as much as possible before going to the bank so you would be offered better mortgage rates and a more favorable payment plan. Like with tax calculators, there are online mortgage apps that will give you a rough estimate of what to expect when contacting your banker.
Moving into a new neighborhood
After you’ve gone through the legal and financial aspect of purchasing a new home, it’s time to see next to whom you are going to live. In rough neighborhoods, property prices might be down precisely because the neighborhood is bad, to say the least.
After you confirm you won’t live next to mentally unstable people, it’s time to examine the greater area you plan to live in. Look for the vicinity of schools, kindergartens, hospitals, metro stations, supermarkets, etc. Finally, don’t forget to take a look at crime statistics to make sure your house won’t get vandalized or broken into after you move in.
How’s the structure holding up?
Apart from a run-down neighborhood, the factor that brings down property value is the state the house or building is in. Unless maintained properly, everything from the plumbing and electrical wiring to the rendering outside the house deteriorates rapidly.
The roof is especially prone to damage in New South Wales where summer heats are punishing. As a result, slate roofing in Sydney is quite popular nowadays, and for a good reason. The material is a high-quality one, as slate roofs come with a guarantee of nearly two-decades-long.
The importance of extra storage space
One thing that every through home buyer should look for is storage space. There is only one piece of advice we can give you: you can never have enough storage space! This asset is valuable because you are always going to have extra tools, bedsheets, and various other utensils that need storage. Properties that feature a large garage, a pantry, tall kitchen cabinets, a basement, and a garden shed are definitely worth paying extra to gain access to precious storage units.
Size does matter
Now, the main reason why we are stressing the importance of storage space is avoiding major renovation work. You need to be certain that the layout and the size of your home match your housing preferences.
All of the rooms need to be large enough to accommodate all the furniture you already have or plan to acquire. The last thing you want is to start tearing down walls to add an extension to a newly-bought house. In sense, building a new home from scratch is a good way to go.
Does the home come with a balcony or a backyard?
Finally, you should look for amenities in the form of a spacious balcony (for an apartment) or a large and luscious garden (for a house). Such spaces reduce both the home’s environmental impact and utility bills. Having a green corner is a huge benefit of residential housing, as you always have a space to relax after a hard day at work or throw a barbecue party in summer.
Becoming a thorough home buyer is as much about the experience, as it is about meticulousness. Learning to recognize the most common warning signs before you wire transfer the money will ensure you buy the perfect property the first time around.
