Tips for Buying a New House

Buying a new house is one of the biggest investments you’ll make. And it’s also one of the most stressful experiences for many people, due to the sheer amount of things you need to remember.

Here are some tips for buying a new house:

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Get a Building and Pest Inspection

Even though people are shelling out hundreds of thousands of dollars for a new house, many refuse to get building and pest inspections done. For a few hundred dollars, you’ll have the peace of mind that your house doesn’t have any problems with rodents or termites, or any structural problems, leaks, or deterioration.

If you find any issues which you’re not happy with but won’t stop you buying the house, you can then use this as a negotiation point, if you decide to make an offer on the house.

Get a Strata Report

If you’re going to be purchasing a strata property, it’s crucial that you get a strata report. Strata living is very different to living in a normal house, and you’ll need to know all of your rights and responsibilities.

Strata properties are part of a community, and you’ll have to pay levies, obey bylaws, and attend committees. You’ll also want to know if they’re planning any construction on the building, if the levies will increase, and information about bylaws, insurance, and disputes.

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Take your time

Ideally, you’ll have plenty of time to find a new house, however, you may find that your previous house has been sold, and you need to find a new one ASAP. If possible, you’ll want to see close to a hundred houses, keeping track of the prices, the features you liked, neighbourhoods, how close they were to different amenities and public transport, and how long they have been on the market. You never want to feel rushed, so take a friend or supportive family member along with you, and spend some time discussing the pros and cons of each house.

Research the market

It’s important that you know the current condition of the market, and whether it’s a buyer’s market or a seller’s market. A buyer’s market means that the supply of property is greater than the demand, and houses will be priced lower than usual, while a seller’s market means just the opposite.

Whenever possible, wait until you’re in a buyer’s market so you don’t end up paying too much for a property which may not retain the same value in a few years.

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Take the Pre-settlement Inspection

Australian law allows people buying property to have one final inspection before you make the final payment and move in. Once you’ve finalise the purchase of the property, it’ll be too late to bring up any concerns or annoyances, so the pre-settlement inspection is your last chance to check that there are no problems and everything is as it was agreed.

Are you thinking about buying a new house? Be sure to check out Newcastle Permanent home loans with variable interest rates in order to get the best deal possible.


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