Wednesday, December 12, 2012

Guest Post: 5 Do's and Don't of Choosing a Family Home






 Choosing your family home might just be the biggest decision you’ll ever make, so it’s important to know what to do, and what to avoid. To help you kick-start your search, here are 5 top tips for choosing the perfect new home.

Do Your Research

Before you start going through inspections, readings contracts and taking out a loan, make sure you’re armed with information. Become well versed in what the market is doing in the area you’re looking at and do plenty of research on market values, particularly for properties within your search criteria (for example, what’s the average price of a three bedroom home with a pool and air conditioning by the beach in your preferred neighbourhood? What should you be paying for the property you want?). This will help safeguard you against paying too much for a place. Do some research to find what areas seem to trend upwards in resale value, so you don’t end up buying in a neighbourhood that’s consistently on the decline. Make sure you know how much you’re going to have to budget for and what kind of loan you will not only need for your desired property, but be able to pay off without stretching yourself further than you can afford. Shop around for the best interest rates and terms. Simply put, do as much research as you can so that nothing surprises you or comes back to bite you after purchase.

Do Get Your Home Loan Pre-Approved

The last thing you want is to find the perfect new home for your family, get your heart set on a place, only to miss out on it while waiting for the bank to approve your home loan. The loan approval process can be time consuming, so to avoid a potential new home being snapped up by another buyer while you’re navigating your way around red tape, seek pre-approval for your home loan before you start getting serious about looking at houses. This is where research comes in handy too – if you know the market and you’ve got a good idea of what kind of loan you’ll need, and what amount, then you’ll be armed with a suitable loan before you start, rather than finding the right place only to realise you’ve underestimated the loan you’ll need to purchase what you’re after.

Do Consult the Professionals

Enlisting the help of a professional is a sure way to get the most out of the browsing, borrowing and buying process and ensure you end up with the best deal. Find yourself a knowledge and trustworthy real estate agent, mortgage broker, lawyer and anybody else you think you may require when securing the purchase. This will give you access to all the skills and knowledge you’ll need.

Don’t Get Tunnel-Vision

Keep your options open. While it’s good to have a solid idea of what you want in a new family home, it’s important to maintain some flexibility. Be open to the idea of searching outside of your ideal neighbourhood, making do with one bathroom instead of two, or catching a bus to work instead of needing to be near the train station. It may mean you end up with a much better deal, simply by widening your options a little.

Don’t Overstretch Your Budget

It may be tempting to go for the most luxurious property you can afford, or pay a little more than you can afford for a property you’ve got your heart set on, but be realistic and remember that the amount you’re going to be paying will affect your every-day living. A budget that is too tight is just too difficult to adhere to, and a mortgage that you cannot comfortably afford is a huge strain on a family. Simple but effective, these pointers will lead you in the right direction. Once you’ve got all these things in mind, all that’s left is the fun of finding the perfect new home for you and your family.

  Author Bio Jason is a new home owner from the Gold Coast in Australia. He recommends that buyers look at purchasing house and land packages as a great way to save money on your new family home.

19 comments:

Mama to 4 said...

great post! Thank you for the tips!

TerinAleah said...

Great advice!! :)

Mudpiesandtiaras said...

Good tips! We just bought a home 6 months ago!

Melissa Pezza said...

What great advice in choosing a guest home!

Dee said...

Great advice!

MikiHope said...

Very good advice especially in todays economy and housing market!!

Andrea Kruse said...

Great tips! A little extra leg-work is so worth it in the end. It is a great way to turn that family house into a real home you can enjoy for years to come.

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Just Short said...

Great tips. I completely agree on not overstretching your budget. So important!

Andrew Whelton said...

Research is really important in buying a house. We have done it for all the houses we have bought and it works out great--especially when you are new to an area! We would love to win the soft tiles gift card by the way :)

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