Think that buying a house is something that seems most definitely out of your reach? Think again! It can feel like there are so many things thrown in your way that you just don’t know what to do, but luckily there are a few steps you should take when you go through the process to make buying your home much easier, simpler and way more satisfying! Here’s the ultimate checklist for buying a house
1. Figure out what you need.
This can be tricky and you kind of need to rein yourself in sometimes. You don’t need marble bench tops, but if there are more than two people living in the place you may need more than two bedrooms and potentially more than two bathrooms.
Are you planning on staying in the house and starting a family? A one-bedder may not be the right choice. Once you’ve figured out what you need in a house you can make decisions a lot easier and quicker.
2. Decide on the budget.
Depending on what city you live in (hello Sydney and London!), this is make or break. Look at listings online and check out comparable sales for those listings to get a good idea of what they’ll go for. Make sure to stick within your budget – there are so many add-on costs with buying a house including various taxes, redecorating and potential new furniture pieces.
3. Location, location, location.
Do you need to commute via train to work? Then make sure potential new homes are close to stations. Got kids? Make sure the schools in the area are satisfactory. Want to lead a nice, quiet life? Probably a good idea not to move next door to a bar.
Location is super important in buying a house as it’s literally where you’ll be living for the foreseeable future. You want to make sure that surrounding homes look nice and well-kept and that the area is safe and well-lit at night.
3. Figure out a deadline and timing options.
Give yourself a ‘due date’ of when you realistically want to be buying and moving in. Make sure you’re giving yourself enough time, but don’t stretch it out too long – not only will it encourage you to procrastinate but the market may have moved by that time and all your research on prices could be redundant.
You’ll also have to figure out what to do in the interim before you move in. Will you be selling the house you’re in? If so, you ideally want to sell before you buy. But what if you have to move out before you can move in? Research serviced apartments close to transport so you have a fallback plan, just in case.
4. Work out your home loan and mortgage options.
If you’re getting a loan and paying it off you want to make sure you’re getting the best deal possible. You could be paying off this home for the next 20 years, don’t forget! Talk to a couple of mortgage brokers about the best options for your situation so you don’t get stung further down the track.
5. Celebrate the wins.
Selling a house, buying a house, moving house, anything to do with houses can be very stressful. Make sure you don’t let the stress get the better of you and celebrate any little wins that come your way.
Keep a bottle of champagne in the fridge at all times to celebrate when you’ve bought, when you’ve landed the right home loan or when you’ve finished unpacking in your new home. You’ll thank me later!
Trying to save up to move out? The Academy is back on Sunday 29 January. So if you’re ready to finally learn how successful people manage their money – join us at the coolest spot in London and finally figure out how to reach all your goals! Reserve a guaranteed place when you book your tickets to this event here.
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