4 Questions Every Couple Needs to Ask Before Buying a House
So youre almost there buying a house together. One of the most important and difficult points that couples face. While being able to buy a home in Australias market today is a sign of luck and of hard work, of truly being blessed, its also a very stressful time. Namely, this is a very serious investment, both in terms of finances and time. If all goes well, you will have an asset that will be with you for decades. If this purchase goes as it should, you get a home, a safe haven for you and your family.
So, without further ado, read the article below. It deals with certain questions you need to ask yourselves if you want to keep your purchase smart and the best it can possibly be.
What is simply non-negotiable for you?
First things first you need to figure out what are your non-negotiable aspects of a home. Namely, whether you are building or buying a new home, it simply wont be like the one from your dreams. Thats because its only in your dreams, its not real, its impossible. Rarely do the stars align in such a manner as to give you the perfect setup, the perfect combination of traits that make your home be the one from your dreams.
So, you will need to make some compromises. However, these same compromises should have limits. For this reason, we suggest you sit down and write down the things you dont really care all that much about. Maybe you wanted a pool all your life, but dont really care about a porch. Or you really need a good kitchen, but your bathroom can be pretty mundane
Are you dotting your Is and crossing your Ts?
You need to be very thorough when it comes to buying a home. No stone can be left unturned, all data needs to be gathered and acquired. You need to be one hundred percent certain everything is as it should be.
In practical terms, this means having the house properly inspected. Unless you have decades of experience in the field, there are simply certain things you will definitely miss when it comes to home inspection. This can be avoided by consulting a professional and getting a good checklist going.
Now, if youre actually building the place, you want to be certain that the company you are hiring is good. So, if youre in the NSW area, you want to hire the best professional home builders Sydney has to offer. If youre near Melbourne, stick to Melbourne. Ask around, word of mouth is invaluable. Check if your contractor has all the right papers and info.
Finally, we suggest you talk to an attorney or buyers agent and see if there is anything else you need to keep an eye on. Regulations, permits, insurance policies, basically have them keep you posted on any bureaucratic nonsense a fledgling homeowner needs to keep in mind.
Do you want (more) kids?
Buying a home is a long-term investment. There is no point in buying a place together, and then selling it 5 years down the line because you want something bigger. Unless you are flipping houses or obscenely wealthy, this is just a waste of your money and resources. So, think about how many rooms you really need. You might not need those two extra bedrooms now, but a couple of years down the line things might be different. Two kids constantly arguing and bickering in one room is definitely going to drive you crazy.
Of course, if you dont want children, and are at the age where you know your options wont change, getting an ultra-large home is wasteful as well.
What are your safety net plans?
Do you have any safety net plans? How are you financing this purchase, can you handle it for prolonged periods of time? What if something bad happens, if you lose your job if somebody gets sick? Everything good in life hinges on risk, great or small, and buying a home is no different. Still, you need to have some money in the bank, or some financing plans that can give you some breathing room.
For example, getting the best loan possible, getting a good deal, can help you make repayments easier. Some loans, for example, offer you grace periods or holidays where you can basically pause repayments for 2 to 6 months, without incurring any extra interest or penalties, and work from there.
And there you have it, folks, some golden rules and questions you need to ask yourself if you want your house to be the best possible house for you and your future family. Always keep your non-negotiables in mind. Think about how much renovation work are you ready to do. Do you want (more) kids? What is your financial situation like? And of course, are you truly ready if things go haywire? Finding answers to these questions is a vital part of your future homeownership.