A house is one of the biggest purchases you’ll make in your life, and if you’re a first home buyer WA, you’ll probably have a lot of questions on the house purchasing process. To make sure that you make the right choice and end up with a home that suits your lifestyle, family and needs, there are a whole host of important questions you need to ask yourself before you even start looking.
If you’re considering buying a house soon, make sure you check out the following questions. It could have a huge impact on one of the biggest financial decisions you ever make!
Why Do You Want to Buy a House?
You should know your reasons for buying a house; do you want a house to start a new family? Or are you buying a house as an investment? Your reasons for wanting a house will greatly influence the type of house you should buy, it’s location, and even whether you should really buy one at this time.
Many young adults – especially first home buyers – regret the first house that they purchased. Some factors that can contribute to this include the maintenance required and overall costs of owning a home, depreciation of the house’s value, and even the feeling of being tied down to a single location when you can’t move out-of-state to pursue better job opportunities.
By listing your reasons for wanting a house, you can see if the house satisfies your needs and vision for your future.
How Long Will You Live There?
Do you know how long you’ll be living in the area? Is there a chance that you’ll need to move for any reason? If you plan to move in a few years or get a bigger house, you might be better off renting for the time being so you don’t waste money on your home deposit, mortgage, and maintenance costs. Instead, you could save that money for a larger house or for your own self-development.
However, you could break even on your mortgage or earn a profit provided that you wait long enough to sell your house. Of course, this depends on many factors such as market trends and the tax on your profit (if applicable). Alternatively, you could rent out your home when you decide to move out. You can discuss this with your real estate agent to know more about the options you can take.
Can You Really Afford It?
Besides the deposit and mortgage payments, there are other costs you have to bear as a homeowner such as stamp duty on the purchase price, as well as utilities and maintenance.
Creating a budget while house hunting can give you a good idea of the upfront cost of purchasing a house as well as what the recurring costs of owning it will be. If it’s going to stretch your finances too much, it might be a good idea to look at more affordable homes or save up a little longer till you can afford it.
It’s also a good idea to check if you’re eligible for the first home owners grant WA as it can be very financially beneficial.
Where Do You Want to Live?
As you surely know, the location of your house is crucial. If you want a cheaper house, you may need to purchase one further away from your workplace, which means a longer daily commute.
If you have a family with kids, you might want a house in a quiet neighbourhood with schools and parks nearby. Listing down the essential criteria of the location you want to live in can help you in choosing a home.
Are You Ready for the Responsibility?
Owning a home brings many responsibilities – you’ll have to pay bills, handle repairs, and carry out regular maintenance including painting your house when it’s time. These require time, energy, and money, so make sure that you’re ready and you know what you’re getting into.
Does the House Suit Your Lifestyle?
Your house should suit your lifestyle. If you spend most of your free time outside partying, travelling, or playing sports, it makes sense to get a smaller home or one that’s near the city and your favourite spots.
If you enjoy spending your time at home with a good book, you might want a quiet place that’s comfortable and has all the facilities you need. However, if you like to cook and entertain guests, a big home with a spacious kitchen might be more up your alley.
By asking yourself the right questions before you buy a house, you can ensure that your choice suits your needs, is safe, and won’t financially burden you. Be sure to take enough time in deciding on the right house, and you’ll be able to create many happy memories living there with your family.