If you are tired of renting you may be thinking about buying a home. While this is a big decision and a big responsibility, here are 10 tips to make the process go more smoothly – and to help you work out whether you can really afford to buy a home.
- Use online tools to work out the weekly cost of a mortgage. You also need to add in other costs such as insurance, solicitor’s fees, government charges, interest and other bank charges. Only when you know you can afford those repayments will you be able to go ahead.
- It’s wise to get pre-approval for your loan so you can move quickly once you find something you like and can afford. It could make the difference between success and missing out.
- Saving until you have a large deposit will reduce interest over the years of repayments.
- Spend some time discussing with your partner what kind of home you want. Buying a smaller home may save you some money, but will it be big enough for future family growth? You also need to decide on the suburb you want to live in.
- When you go to inspect homes, don’t just look at the inside, but also the outside surroundings. Tall trees close by may come crashing over your home in the next gale. High buildings could make getting solar energy impossible. You also need to know there is close access to the kind of amenities you need or will need in the future.
- Never purchase a home without having a building and pest inspection done. This will find out any faults in the home that are not readily visible and can save a lot of heartache in the future.
- Check for wet patches in the ground outside the home. This could point to a break in the plumbing or water seepage from another property.
- Don’t be blinded by an attractive garden or the staging. You need to look beyond that to ensure the home will work for you. Are there enough power points? Is there Internet access? Do the taps or cistern leak? Are the rooms big enough?
- Look at the orientation of the home. If the living area faces north or northeast, it will be much more pleasant to live in, with natural light and warmth in those areas. But if they face south or west they will be either too dark and cold or too glary for comfort.
- Look at how much storage there is. With homes becoming smaller by the year, some are short on storage and there is nowhere much to add cupboards. That said, creative use can be made of the spaces under the bed, under the stairwell or in some hidden corner.
