Factors to Consider When Selecting a Home

If you have been pounding the pavement on the ‘home open’ circuit for a while and think you have finally found your dream home, here are a few questions to ask yourself before you submit an offer:1. How long has it been on the market?If the property has been on the market for a very long time – is it overpriced? Is there a catch? Do your homework!2. How does it compare with similar properties that have sold in the area?Compare your property with others that have recently sold in the same area. Are they comparable in size, quality and price? Are you getting value for money?3. Is the property located in a well performing suburb?Check out the median house price of that suburb for the past five to ten years. Has it increased steadily? If not, why not?4. Does it need much maintenance or renovations?Factor any renovations or maintenance that needs to be carried out into the purchase price of your property – don’t leave yourself short if you haven’t budgeted for renovations and repairs.5. It is structurally sound?It is always wise to make the sale subject to a favourable building condition report and pest inspection if you have any concerns about the state of the property.6. What are the strata levies or additional costs associated with the property?If the property is part of an apartment building or complex, be sure to factor in strata fees and any additional costs. Don’t leave yourself out of pocket by budgeting incorrectly.7. Is there room to grow?The property might suit your needs now but what about in five years time? Is there enough room for an office? Bedrooms for more kids? Room for the veggie patch you always wanted out the back? If not, maybe this property isn’t the one for you. You don’t want to be moving again in two years!8. What are the neighbours like?If you get a chance, pop around and introduce yourself to the neighbours and check out the presentation of their homes. You want to feel safe in your new neighbourhood, as well as your home.9. Is this the right community for me?You don’t just move into a home, you become part of the community so make sure everything you need is in reach. Are there good schools, shops, sporting facilities and recreational options nearby? If the surrounding community doesn’t offer what you need, chances are you won’t enjoy living there.10. What is planned for the area?Do your research with your local council. You don’t want to move into a new home only to find out you will have a new freeway running through your backyard in five years time. Research the area, as well as the community and the home.If you are satisfied with all your responses to the questions above, chances are you have found the right property for you so go ahead and make an offer. Good luck!