Five questions buyers often forget to ask
When it comes to purchasing a property, there’s a wealth of factors to weigh up – does the property have what I’m looking for? Will it suit my stage of life? Is it in the right location? Can I afford it?
Then there’s also the emotional element that comes with purchasing a future home or investment where it might be tempting to let the little things slide because you simply love the style or feel of the home.
But purchasing a property is all about asking yourself the right questions to determine whether it’s the right choice for you.
With that in mind, here are five questions buyers often forget to ask…
What infrastructure is planned?
It’s easy to visit a property that’s for sale and fall in love with how it feels and looks right now, but what about the future?
Are there plans for that area that are beyond your control, such as a flight path, a major highway or additional land releases.
When assessing any potential property purchase, ensure you do your due diligence, looking at infrastructure plans for that area in the future which might affect the liveability and the price of your home.
What’s it like to live here?
The reality is, open homes and private inspections rarely create a true picture of what it’s like to live on a street or in a specific suburb.
Before you commit to purchasing, spend some time exploring the area and street where you intend to buy. This allows you to understand what it’s like to live there.
The process includes asking yourself tough questions, such as:
Do I feel safe?
Does it suit my stage of life?
Is transport readily available?
Does the area change at different times of day?
Does the community feel welcoming?
What’s needed to bring this property up to par?
A property might tick the location, feature and amenity boxes, but work might be required to bring it up to par.
This is particularly the case with period or older homes, and the expense of having that property live up to your dreams shouldn’t be underestimated.
If a property needs work to become the home you truly dream of, do take the time to bring in professionals, such as a builder, to understand the scope (and expense) of what needs to be done.
It also pays to remember that while a property might present beautifully, there could be hidden issues beneath the surface.
That’s why building and pest inspections are a must. After all, there’s nothing quite so disheartening as purchasing your dream property only to find some hidden nightmares lie beneath.
Will it suit my future needs?
Between potential capital gain and the other expenses that come with transacting property, it’s important to appreciate any purchase is a long-term investment.
Which begs the question, will this property suit your future needs in two, five or even 10 years’ time?
That doesn’t mean it needs to tick all the boxes of what you might want at this stage, it just needs to provide the pathway to get you where you want to go.
Is everything approved?
This one’s a big one and is one of the major reasons you should utilise a property conveyancer or lawyer and a building inspector, but… does everything that you love about the property have the necessary approvals?
These might include approvals for extensions or additional structures like garages, sheds, patios and swimming pools.
Or are the ceiling heights in downstairs areas adequate enough to be classed as bedrooms and living areas?
As the old saying goes buyer beware, and these are the details you should check before becoming swept up in the excitement of finding a place to call your own.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly agents on 1300 438 439?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
