5 things you have to do before buying a new home
Whether you’re downsizing, upsizing or looking into purchasing an investment property, buying a house can be one of the most difficult – and stressful – things you ever do. Thankfully, it doesn’t have to be. To help make the process simpler, we’ve put together the five things you need to do before signing on the dotted line.
1. Sort out your finances
Before you can even think about buying a new home, you need to ensure you have the right funds – or, at least, can secure a home loan. Keep in mind that in addition to the deposit, you may need to cover conveyancing/solicitor fees, inspections, surveys, stamp duty, insurance, council rate adjustments, repairs and countless others.
2. Get a feel for the neighbourhood
You’ve fallen in love with the house, but that’s just the beginning. Is the area safe? Is it clean? Are there lots of amenities, transport links and emergency services? Is it a senior-friendly area or more youth-oriented? Are there any loud venues nearby? Is the area prone to wild weather or natural disasters? These are all factors you must consider before taking the contract.
3. Assess its investment potential
Whether or not you’re buying it as an investment property, you should keep in mind the potential of the house in the future, should you relocate, move in with family or into aged care. Could the property be a potential source of income, whether as a rental property or by advertising your spare room on Airbnb?
4. Organise inspections
Your dream home may look spick and span, but there may be cracks (literally) below the surface. Hire licensed building and pest inspectors to comb through the property and check that it’s safe, structurally sound, pest-free and clear of any electrical or water damage. It’s not exactly a cheap process, but can be worth the cost.
5. Consider your insurance policy
Make sure you know exactly what your new policy covers and that you’re not over- or under-insuring your property. Over60 Home & Contents Insurance provides comprehensive cover that can be tailored to suit your individual needs – and all at a competitive price.
With Over60 you can tailor your home insurance to suit various needs and budgets so you can enjoy the peace of mind in knowing that the things you hold near and dear are protected. Find out how you can get up to 30 per cent off^ Over60 Combine Home & Contents Insurance now.