Five tough questions to ask yourself before buying
Purchasing a property is one of the biggest decisions you will make in your lifetime, and it’s not one to walk into lightly.
That’s why it pays to ask yourself some tough questions before committing to that purchase, in a bid to ensure now is the right time and this is the right property for you.
Here are five tough questions to ask yourself (and honestly answer) before buying…
Why do I want to purchase?
People buy properties for different reasons. For some it’s about taking the next step in life and is triggered by a shift in your personal circumstances, such as settling down with a partner, having children or downsizing.
For others, purchasing a property is about building wealth, for example purchasing a property with a view to renovating it, or buying an investment property.
Long before you start scouring the real estate portals, it’s important to be crystal clear on your reason for purchasing as this will determine the type of property you’re looking for along with potential locations.
Do I have the finances?
Whether you like it or not, your financial position plays a critical role in the type of property you can afford and if you’re even in a position to purchase at this time.
That’s why it pays to get your financial ‘ducks in a row’ before you embark on the purchasing journey. Talk to your lender or broker about your intention to purchase and determine exactly what your budget will be.
How do I want to live in the property?
Do you want the property to be something you will lock and leave easily? Is it to be a family home where you will frequently entertain?
Or perhaps the property is all about proximity to a specific location, such as your workplace in the city, or a relaxed coastal enclave by the beach.
Envisaging how exactly you intend to use a property and what you want in it helps start to narrow down the property search in terms of location, size, style and features.
Have I done my research?
As much as buying a property involves emotion, it’s also a decision that needs to be carefully researched and considered.
This includes researching the locations where you might consider buying, and researching the specific properties that pique your interest by conducting all the necessary due diligence including zoning, council approvals, pest and building inspections etc.
It also involves researching the financial implications of that purchase, such as how you might fare if interest rates were to rise, how much money might be required for maintenance and ongoing costs, and also what capital would be needed for any immediate renovations.
What are my non-negotiables?
As you embark on the property search it’s a good idea to have a list of things you want in a property along with items that are non-negotiable.
While the first list covers all the things that would be nice to have, the non-negotiable list is about all the items that are critical, and these can vary from person to person.
For example it might be a minimum number of bedrooms or bathrooms, off street parking, a swimming pool, or acreage.
How we can help
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