Buying a house is a long-term and expensive commitment. After all, you wouldn’t want to buy a house that you end up hating, as you’ll be stuck with it for a significant amount of time. Not to mention, searching for the home itself can be a tiring and frustrating process. Settling into a house is no easy task, so you’ll want to get your priorities straight before you decide on which house to purchase.
Make sure to list down all your needs before going house-hunting. Doing this will help narrow down your choices and help you find the right house that fits your lifestyle. Aside from that, here are five crucial things to consider when buying your first house:
1. Your Budget
Be realistic with yourself and only pursue a house that you know you can afford, at least for the time being. For your first house, you might need to adjust your expectations. To avoid getting disappointed from visiting heaps of beautiful houses that, in the end, you can’t afford, it would be wise to set your budget beforehand.Additionally, you should anticipate if you can afford the maintenance of the house in the long run.
You might be able to secure the house now, but make sure you can afford to pay for the maintenance and monthly loan repayments as well as other ongoing costs such as strata levies.
2. Your Lifestyle
Another thing that you should consider is your lifestyle. Houses have different layouts that cater to different needs and priorities. Some people emphasize a particular part of their home, such as the kitchen or the living room, by either making it significantly large or placing it in a very accessible place.
Create a simple list of your needs and wants. What do you want your house to look like? What features does a house need to fit your kind of lifestyle? For instance, if you like to cook a lot, you might need a larger kitchen that has a good ventilation system.
Here are some aspects to a house that most people prioritise:
- Well-appointed kitchen
- Spacious garden or backyard
- Off-street parking
- Large living room
- Office or study area/room
- Rooms with good windows allowing lots of natural light
3. House Location
One thing that affects the value of your house more than anything else is its location. Whether you want a home in a city or one in the suburbs, it’s worth checking out the neighbourhood and its surrounds.
Some people make a list of amenities they want nearby or a list of qualities they want their immediate community to have. Doing this will save you some time checking out houses that don’t meet the right requirements.
Some of the common nearby amenities that people look for are:
- Shopping centres
When choosing a house, always remember that the environment around you will affect your lifestyle.
4. Property Taxes and Utility Fees
Payments and fees don’t end after purchasing a house. When choosing a house, make sure to ask your agent how much the council rates and utility fees are per month. Larger homes are significantly more expensive than smaller homes.
However, in some cases, small houses can still be expensive, depending on the location.
5. Zoning and Heritage Restrictions and Regulations
Always check the local zoning and any heritage restrictions. Usually, your buyer’s agent in Sydney will provide you with these details. Make sure to check these out because some properties have restrictions that limit future renovation or redevelopment potential. For instance, some heritage restrictions even regulate what colours you paint in your house or what kind of renovations you can do.
Understandably, these restrictions are in place to maintain the aesthetic of the community, but be aware that it can affect what you can do to the property.
Buying your first home can be overwhelming, so make sure to do your research beforehand. Aside from its architectural design, you should also consider the house layout, location, taxes and fees, as well as the local zoning and heritage restrictions and regulations. All of these will affect how you will live your life in your new house.
If you’re looking for a buyers agent in Sydney, contact us today at Buyers Domain Australia. We have an extensive network and a vast amount of knowledge concerning the real estate market in the city!