What to Look for When Buying a House
If you have made the decision to start the search to buying a house to call your home, or to get into the property market: congratulations! Buying a house is a dream many of us share and the search for the perfect one is the most exciting phase of the house buying process. Knowing what to consider and look out for while conducting this search will help ensure you make the most of out this opportunity.
Before you start your search, you may wish to consider looking into what tools or courses you can take advantage of to help you make the right decision.
Especially if you are a first-time buyer, taking advantage of the wide range of online sources and other programs will help you feel more equipped and in control of what can be a daunting and stressful experience.
They will be particularly useful when it comes to matters of financial profitability as opposed to other, practical matters of personal preference – such as the number of rooms and bathrooms.
2. The Location.
Look for a location in a neighbourhood where you can picture yourself living. The quality of the other houses in this area will also affect the value of your home so keep this in mind while you are exploring.
Research the demographics and common housing situations in the area. Is this a retirement heavy community? Is it an area popular with young families, or are there a lot students or international communities here?
These kinds of questions will help you determine what your prospective tenants or potential resale chances will be like.
3. Nearby Facilities.
It’s always easy to get so focused on finding your dream house and making sure the rooms are the right size, the kitchen is big enough and the garden has enough potential, that you forget to also think about what else is in the area.
Proximity to public transport, zoning for good schools, the nearest hospital and other conveniences such as shopping centres and supermarkets, will make your life a lot easier and save you time.
Property valuation software will take these facilities and surroundings into account, and remember: what you find attractive and practical, others will too.
4. Resale or Rental Potential.
Even if you are purchasing this house with the purpose of retiring here, it is essential that you consider the possibility that at some point, you may either: change your mind and wish to sell; or, circumstances beyond your control will see you having to move.
How many houses are currently on sale in the same area? Go to as many open houses as you can, so you know where your house sits within the property market of your neighbourhood.
Research recent house sales, average rent rates and the latest real estate history of the area. You want to make sure you have a chosen an area where the trend is heading upwards!
Take into account the appeal of your house from both outside and in, and consider practical as well as visual appeal. If you have chosen a house where there are a lot of other interested buyers, then you are likely onto a good thing. Good luck with your search!