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Important Things To Consider When Planning To Purchase A Home

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They say your home is your castle, a place where you rule the day and make the decisions. Your home is a place to feel proud of, to be yourself in, where you can relax and get away from the outside world feeling safe and comfortable. According to the Australian Bureau of Statistics, 31% of Australian households rented their home while 66% of households owned their own home with or without a mortgage. While renting can be a good option, eventually, every person’s real preference is to be a homeowner, never having to worry about having your rental sold out from under you, and with no need to pay burdensome amounts of rent.

If you have come to the point in your life where you have the financial ability to purchase your own home, congratulations! You can begin the process by obtaining the services of your local Real Estate Agency and let them help you locate the home of your dreams! Purchasing a home is a big, life-changing decision, so it’s important to have a very clear idea of what to look for when you begin the process. Your real estate agent will help you with that, lending their years of experience to the question, but it is still incumbent on you to prepare clear criteria of what your dream home, and the neighbourhood or area it occupies, should ideally be like so you don’t end up in the wrong place and come to regret it, buyer’s remorse is something a home buyer must avoid at all costs!

Here are two critical factors to take into consideration as you begin the process of buying a home:

Location – There are a lot of things to think about when making your decision. First off, you will need to have a pretty clear idea of what your plans are going to be for the next five to ten years, so you have to think about where will you be working. What state, town or neighbourhood do you want or need to be in? How far do you really want to commute every day?  What amenities do you want to be near? Shopping, parks, sports, dining, entertainment, schools? Your home’s immediate area is nearly as important as the home itself, so think carefully on this one, it’s a big decision that will have impact on your life for years to come!

Price –  Now you have to ask yourself another hard question- “How much can I afford to spend on this property?” It’s important to be realistic about this, and take into consideration what your weekly expenses are going to be, such as commuting costs, groceries, school tuition, utilities, and so on. Don’t forget about the hidden costs of home maintenance and potential repairs! Can you continue to live comfortably while making your monthly mortgage payments? What about putting funds into savings for your retirement, or for your child’s college? We don’t want to sound dreary, but you really have to ask yourself if that fancy home you are eyeing is going to be any fun to live in if you are constantly strapped for cash!

The Housing Australia program may be useful. Good luck finding your dream home!

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