Taking that first step into homeownership is a big leap. And it’s important you understand everything you need to know before you make that commitment. Whether you’re building through No1 Property Guide using Darren Walters’ no or low deposit system, or buying an existing home, there are a few things to check when buying a house that will make the journey smoother for you.
Whether it’s investigating the area, getting a building report or knowing why it’s on the market, this article will cover everything you should check when buying a house. As well as the different checks you’ll need to make when you’re building vs buying.
If you’ve already made your mind up and want to build your dream home using Darren’s no or low deposit new home system, then fill in our simple pre-qualification form. From there, our New Home Specialists will be in touch to discuss exactly how we can make your dream come true.
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1. Research the Local Area
No matter how you plan on getting into the property market, understanding where you want to buy or build is important. While getting into the property market ASAP is vital, you will need to consider whether the area you’re looking at is a viable option for you.
Decide how far you are willing to drive for work or to drop the kids off at school. And talk to your partner or whoever you may be buying with about what works for you both.
But our best advice is to be willing to compromise when it comes to location. We’ve seen too many renters pass on an opportunity to enter the property market, only to find out a year later that the same property they turned down is worth $50k more than when they first looked at it. And in some cases, they aren’t even able to afford the same area anymore!
Is it worth missing out on that capital growth and opportunity to save yourself 5-10 minutes on your daily commute?
2. Get a Building Inspection
If you’re buying an existing home, then one of the best checks you can make is to do a building and pest inspection. As the name suggests, this is where a trained building inspector does a thorough inspection of the property to confirm if there are any structural issues or if there is a pest problem.
Getting these done will ensure you don’t end up buying a property with underlying issues that you wouldn’t notice during an open home or a casual walkthrough. Or if you do find issues that aren’t too major, you can use these to negotiate and lower the price of the property.
However, if you’re looking at multiple properties, you might end up getting multiple building and pest inspections done. This can start adding up quickly and end up costing you thousands of dollars. Even if you don’t buy the house.
But if you’re building new, these won’t be necessary at all!
At No1 Property Guide, we only work with the most respected builders across the country. This ensures all of our new builds are done to the highest standard every time. And you can move into your new home without worrying about underlying issues that existing properties often have.
Want to know more about how No1 Property Guide can help you get you into your own home with no or low deposit? Fill in our pre-qualification form and our New Home Specialists will work to find out how we can help you get into your own home sooner.
3. Will You Need a Deposit?
Our final tip for things to check when buying a house — will you need a deposit?
And even more importantly, can you afford it?
It’s all well and good to find the dream home that has 6 bedrooms, a big backyard, a pool and is in your dream suburb. But all of that doesn’t matter if you can’t afford it. Whether your borrowing capacity isn’t high enough, or you can’t scrape together the huge 20% deposit big banks and lenders require, it can be crushing to discover you can’t get the dream home you’ve got your heart set on.
That’s why, at No1 Property Guide, calculating your borrowing capacity is our first step. By doing this first, we’re able to show you exactly what your factual options are. And save you the time and heartbreak of looking at areas and properties only to find out that they’re out of your price range.
During this process, we’ll also work out what kind of deposit you will need to get your dream home. Darren Walters has helped thousands of renters get into their own homes without the 20% deposit big banks and lenders usually require. So, you can rest assured we can find the right solution for your situation.
If you’re ready to find out your borrowing capacity and take that first step into homeownership, then fill in our simple pre-qualification form today. From there, one of our experienced New Home Specialists will get in touch to discuss your factual new home options.