Are you planning to buy a house? Buying a house is one of the most significant financial decision you will make in your life. When you decide to buy a house, you should take into consideration things that will affect your current and future financial state and lifestyle. And what are they? Here are 7 key factors to consider when buying a house.

Location

When buying a house location is perhaps the most important thing to consider. A great location will remain an asset no matter how the real estate market fluctuates in future. You can make an ugly house attractive but you can’t make a bad location great, however properties in good location will remain a profitable investment. It is also better to find a place near your work which will save you time and transportation cost.

 

Neighborhood

When you are scouting for the location, you should also inspect the neighborhood. Find out whether the neighborhood is family friendly or not. Before you get too involved in the process of buying the house, check out the neighborhood at different times of the day and night. And if possible, try to meet some of the neighbors to find more information about facilities and people living around in the area. Whether you are a family oriented person or not, you don’t want live around people who are bad influences or are involved in illegal things. It is important to look for a house with friendly neighbors and a good residential feel.

 

Schools and Colleges

Every parent wants their kids to attend good school and college. Buying a house in close proximity to a good school or college not only makes your life easy, but it will have better potential for capital growth. Even though the house may cost a bit more in such an area, you can rest assured the resale value will be much more. In addition, the house near a school or college rents quickly and stays rented.

 

Infrastructure

When buying a house, a crucial factor to consider is accessibility of basic infrastructures in the area. Before buying a house, find out if there are simple but must have infrastructures available or not.

  • Is the location well- connected by roadway or train networks?
  • Is there sufficient water supply in the area?
  • Is amenities such as street lighting, telephone and internet connectivity, and recreational parks are easily available?

 

Crime

Check out the crime rate in the neighborhood, and a lot of this information is available online. Websites like MylocalCrime.com can provide full information on recent crimes reported in the vicinity of the house you are considering. Get a feel for the neighbors, talk to the people in the neighborhood and also consider the looks you get from the neighborhood. Living in a crime-filled neighborhood is not worth your investment. It will also be harder for you to find quality renters to live there.

 

House inspection

A house inspection is a must. Clever real estate agents make sure to stage the property to look its best when you view them. You have to check its maintenance, repairs and renovations in detail before signing on the dotted line. The total expense to fix cracks, and renovation works that you may want to do on the house must be calculated and considered before deciding to buy the house as it can significantly increase the purchase price.

 

Green open space

It’s natural to have desire for green open spaces for a homeowner. It’s also an important factor to consider when buying a house. Before making the purchase stroll around the locale to see its surroundings, trees, other homes and landscape. The green and open environment around the house can greatly affect its desirability, for you and future buyers. Prioritise location with beautiful views and great environment for the kids to grow up in. Similarly, topography is also important as the house on the highest point in the area is good for drainage and usually has a good view.

 

Think deep and make careful considerations when buying a house. It is important to choose the right property if you want to ensure a positive return on your investment. Need help buying a house? Contact Fast Repay Home Loan at info@fastrepayhomeloan.com.au or call us at 1300 707 955.

07/08/2017
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7 Factors to Consider When Buying a House

Are you planning to buy a house? Buying a house is one of the most significant financial decision you will make in your life. When you […]