Looking for a new home can be a thrilling adventure, but it can also be a daunting task. Whether you’re a first-time buyer or a seasoned mover, there are a lot of factors to consider when making such an important purchase. In this article, we’ll share our top tips for making the home-buying process as smooth and enjoyable as possible.
Finance Comes First
Before you start browsing listings, it’s essential to sort out your finances. Unless you’re a cash buyer, you’ll likely need to secure a mortgage to finance your purchase. It’s wise to speak with a “whole of market” financial adviser who can help you determine the amount of mortgage you can afford and assist with the application process. Additionally, you’ll need to have enough money saved up for a deposit, which is usually 5% to 10% of the property’s purchase price. Getting a mortgage Agreement In Principle (AIP) can also help to show sellers and agents that you’re a serious and prepared buyer.
Get Your Home on the Market
If you’re also selling your current home, it’s essential to get it on the market before you start searching for your next property. Otherwise, you risk losing out on your dream home to a buyer who’s already in a position to make an offer. Putting your home on the market first will give you a better idea of your budget and help you avoid disappointment.
Identify Your Needs and Wants
Once you know your budget, it’s time to start searching for your ideal property. Make a list of your must-haves and nice-to-haves and use online tools like OnTheMarket’s Wish List and Help Me Choose to find listings that meet your criteria. It’s also helpful to share your needs and wants with your estate agent, so they can present you with the most suitable options and guide you in the right direction.
Sort Your List
Once you’ve started your search, you’ll likely have a long list of potential properties to consider. To make things more manageable, prioritise the ones that meet your criteria and plan to view them in person. Keep track of your favorites and take notes during your viewings to help you make a decision.
Location is Key
Location, location, location! You can change almost everything else, but you can’t change your home’s location. So when you are looking for a new home you need to consider proximity to your work, ease of access, parking, noise from neighbours and traffic. It’s also a good idea to think about access to parks, accessibility, shopping, schools and public transport. It’s also helpful to research the area’s crime rate, property values and growth potential.
The Neighbourhood
When looking for a new home, it’s important to consider the surrounding neighbourhood, not just the property itself. To effectively research a neighbourhood, take the time to explore during different times of the day and week. This will help you get a better idea of the area’s overall atmosphere and whether it meets your expectations. Look for consistency in home size and features, as well as the general upkeep of gardens and public spaces. Safety is also a key factor to consider, especially if you enjoy walking, running, or biking. If you have children or pets, it’s important to find a neighbourhood that is friendly to their needs as well. By taking the time to carefully assess the neighbourhood, you can make a more informed decision about whether it’s the right fit for you and your family.
Size and Floorplan
When searching for a home, it’s important to keep in mind the size and floor plan that best suits your needs. Don’t be swayed by an impressive size or unique features that you won’t utilise. Determine what size home and floor plan would fit your lifestyle and stick to that during your search. Remember, a larger home may provide extra space for hobbies, but it also comes with higher energy bills, taxes, and maintenance costs. Additionally, more space means more furniture to fill and more effort required to keep it clean. So it’s essential to realistically consider your needs and lifestyle both now and in the future to ensure you find the right size and layout of your dream home.
Bedrooms and Bathrooms
It’s important to determine the number of bedrooms and bathrooms you need before you start searching. Avoid the disappointment of falling in love with a home that doesn’t meet your requirements. Consider consulting with an architect who can guide you on space planning, lot usage, and local regulations. It’s essential to think about your current living situation and potential future changes. If you plan on having children, hosting relatives, or having roommates, factor that into your decision-making process to ensure that you choose a home that will accommodate your needs.
The Importance of a Kitchen
Your kitchen is the heart of your home, so it’s important to make sure you’re happy with it. Keep in mind that kitchen renovations can be costly and time-consuming, so if you’re already stretching your budget, you may want to consider a home with a kitchen that meets your needs without requiring major changes. If you’re open to making minor upgrades, such as new appliances, you may be able to create your ideal kitchen without the expense and hassle of a full remodel. Remember, a kitchen you love can make all the difference in your daily life.
Don’t Be Afraid to Negotiate
Once you’ve found your dream home, don’t be afraid to negotiate on the price. Work with your estate agent to come up with a fair offer that takes into account the property’s condition, location, and market value.
Get a Home Inspection
Before finalising your purchase, it’s important to have a professional home inspection to identify any potential issues with the property. This can save you from costly repairs down the line.
Hire a Good Conveyancer
A good conveyancer can help ensure a smooth and stress-free transaction. Choose someone reputable like LPL who specialise in property law and a good track record of working with buyers.
Be Prepared for the Move
Moving can be a stressful process, but proper preparation can make it more manageable. Make a checklist of tasks and deadlines, hire a reputable removal company, and plan to take time off work if necessary.
By following these tips, you’ll be well on your way to finding your dream home. Remember to take your time and not rush the process. With a little patience, you’ll soon find the perfect property.
