Four Things to Consider before Buying a House

Being a homeowner is a dream come true for most Australians. It is something you study, work, and save for. However, it is of the utmost importance that you understand that purchasing a home is a life-changing decision, which is why this article will shine a light on the four things you need to consider before buying a home. 

Your Purchase Power

Before anything, you will need to know your weekly, fortnightly, or monthly expenditures and income streams. Make sure you still have at least 10% of your total income, even after paying the mortgage. Be realistic and honest with yourself. 

Keep in mind that before borrowing money from the bank, you still need to have at least 10% of the value of the property ready. 

Ideal House Type

How does your ideal house look like? Is it a 1-bedroom, 2-bedroom, or more? For your sake, it’s best to know a rough idea of what you want your future to look like before getting the house. For instance, if you’d like two children, then you may want to aim for a 3-bedroom house. If you know what you want, then it would be easier for you to decide on the property. 

Neighbourhood or Suburb 

You may want to double-check if the neighbourhood that you want is kid-friendly or not, meaning there are schools and playgrounds within the area. On the other hand, if you are planning to be single or with no kids, then you may want to consider a hip neighbourhood with lots of fun activities to do. 

Emotional State

Are you really ready for a home of your own? This means that when something breaks, it is on you to fix it, not your landlord’s. Not only that, if you are still wanting to travel the world, move cities regularly, or explore different career options, signing a mortgage right now may not be the best option for you. It is easier to sign now, rather than change your mind later. Therefore, make sure to think it through before making rash decisions. 

Another Thing to Consider

Before making any land or home purchase decisions, make sure you understand the value of the land and property. You will need to go to a Melbourne land surveyor, boundary surveyor, feature survey, or re establishment survey melbourne. The land surveyor will offer professional advice and give you precise measurements and spatial data on any land.