It is not possible to reverse a home purchase in the blink of an eye and thus it is only fair that you conduct your Due Diligence prior to buying a home. Let me take you through 7 must-dos before you decide to be a homeowner.
Ask yourself these 7 questions before buying a home
- Find out the average capital growth of the neighbourhood. It will give you an estimate about how much your property might escalate in foreseeable future.
- Learn all you can about the rental yield and running vacancy rate. It is especially important for investors who want to buy a property and give it out on rent.
- Learn about the slope of the land and the potency of soil underneath. It is crucial for estimating the degree to which your home might be weatherproof.
- Find out if the home has all the council approvals and if there is an encroachment or easement to tackle.
- Take a good look at the blue print and figure out the plan. Open plan homes have different orientation than the traditional ones. The blue print also lets you probe into the kind of sunlight and natural air you can expect.
- Be informed about the acreage of land that comes with the home and also if you can Subdivide the home on a later day. If Subdivision is possible, you can choose dual occupancy and reside in one half yourself while giving out the other on rent.
- Get in touch with a financial broker who can tell you all about the fixed and variable rates and your expected mortgage liability.
These steps can get you closer, and in the right way, to purchasing your dream home. It does not matter whether the home is meant to be your dream residence or another feather in your property portfolio.
How do you research a prospective home purchase?
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