With interest rates the lowest they’ve been for five decades, it’s definitely a buyer’s market, but before you rush ahead and make an offer, here are a few steps every house hunter should first consider.
- Decide how much you’re willing to pay – and stick to it
Just because you’ve found your dream house doesn’t mean you should automatically offer the asking price – especially not if exceeds your budget! Instead, make an offer that fits within your pre-agreed maximum and walk away from the house if the seller won’t take it. The last thing you need is to be left ‘house poor’ – that is, stuck with monthly repayments you can’t afford.
- Think about how much space you really need
Bigger families, and those hoping to start a family in the future, would do well to invest in a home that offers enough space for everyone to co-exist comfortably. Otherwise it’s worth remembering that smaller homes tend to be more affordable as the more square meterage your home covers, the bigger your monthly bills.
- Choose the best location for you
Property value is one important aspect when choosing the neighbourhood you want to live in. Other factors to consider include how safe the area is (you can chat to residents of the area, or opt for gated communities or security-controlled complexes) and whether there are good schools nearby for children to attend. Having easy access to main roads and freeway on-ramps will also save you from being stuck in traffic.
- Fixer-upper or simply move in?
If you have the time, patience, and spare cash to turn an older home with a solid structure into the house of your dreams, go for it! But if not, rethink that fixer upper and opt for a new build or home that’s already been renovated so you can simply move in.
- Think about the deal-breakers
Make a list of your non-negotiables and what you’re willing to compromise on and review them before you sign on the dotted line. For some people, having a big kitchen with loads of storage space is a must, for others it’s a large garden so that their kids can play. Want peace and quiet? Then proximity to busy streets, stadiums or nightclubs would be red flag.
Information supplied by Gumtree. To find a property, browse their website or use the Gumtree app (click for Apple & Android).
