Buying property can be a daunting experience, often one of the biggest decisions of your life. Whether you’re a first-home buyer, upsizing, downsizing, or seeking an investment property, it’s crucial to research thoroughly and ask the right questions to avoid purchasing a property that doesn’t meet your needs or, worse, a lemon.
Key Considerations:
1. What are the inclusions in the sale? The front page of the contract lists any inclusions in the sale of the home. Typically, fixtures like the oven, dishwasher, and solar panels are included. Ensure you know what these inclusions are and if any need to be added before signing the contract. During inspections, ask the agent detailed questions about the property. The agent should be knowledgeable and willing to get you all the necessary information. Remember, you’re buying the property in an ‘as is’ condition, so check everything thoroughly and inform your solicitor of any issues early on.
2. Are there any easements on the block of land? Your conveyancer should review the contract with you, discussing any easements on the land. Easements allow others to use part of your land for specific purposes, like access to power and water. These can impact your ability to extend your home or add infrastructure like a pool in the future.
3. What is the location actually like? Researching the local area is essential for both lifestyle and future resale value. Consider proximity to shops, school zones, crime statistics, noise levels, parks, and your commute to work. Visit the property and neighborhood at different times of the day to get a full picture.
4. Are there underlying issues with the location? While being close to shops and cafes is great, check for any future developments that could impact property values. Research government plans and proposals to avoid costly mistakes.
5. Is there room for growth and development? Consider your future needs. Ensure you can extend the house, build a granny flat, or add a pool. Understanding the contract and checking with the local council about future plans will help you make a smart buying decision.
6. How much do homes sell for in the suburb? Understanding the local market helps determine if the asking price is reasonable. Compare current asking prices and recent sale prices. Avoid relying solely on online estimates, as they may not account for improvements and presentation.
Final Thoughts: The house you buy now may not be your forever home. While planning for the future is important, stay flexible and informed to make the best decision for your current needs.
