Choosing your home

When finding the right property, ask yourself these two questions: where? and what? Your ideal property is likely to be a compromise between the two.

• Where: your ideal location may be convenient for family, friends, schools, shops, transport and work. But that may make it a more expensive area, so you may need to compromise on the size and quality of home. 
• What: your ideal home may have everything you need. But it may not be available in your price range in the area you want. 
   

1. What do you want in a home?

Write out a list of everything you physically want in a home. Is it a third bedroom, a garden, a balcony, a garage, a new kitchen, an ensuite, carpets, a fireplace , etc?

Once you’ve written everything out, break it into three groups: the ‘must haves’; the ‘nice to haves’; and the ‘not vital’. You may also like to create a fourth list: things you definitely don’t want, such as being close to a busy road.

Take a copy of your list to every house inspection, and tick any items on the list. You may even like to apply a weighted scoring model: i.e., each item on your ‘must haves’ list is worth 3 points, whereas each item on the ‘not vital’ list is worth only 1 point.

Now when you add up the points, you have a subjective way of comparing one home with another.

2. Location, location, location

It’s an old saying, but a useful one. How are the local amenities, such as transport, shopping, hospitals, fire stations and schools?

What will it cost you to travel to work?

Generally, the better the location, the more a property will cost. So think about the amenities you really need and use. If you’re happy to spend longer travelling to work if you have a great place to come home to, great. If you prefer to be close to work, you may need to compromise on what you can get for your money.

3. Do your homework

There’s a wealth of information available online, these days. You can find out recent sales and auction prices, market and economic trends, local amenities, and neighbourhood groups. Spend some time on the web, as you review and refine your preferred list of locations.

4. Have conditional financial approval

Never walk into a property inspection without knowing that you have conditional financial approval. You may have less than you think, or more. Better to know.

Once you know, set a maximum, and stick to it. Don’t be tempted to go higher. 

5. Dress comfortably

Hunting for the right property can take quite a while. Not just in weeks, but on the days themselves.

Wear comfortable shoes and comfortable clothes, so that the process doesn’t wear you out unnecessarily.

6. Be prepared to make an offer

If you’ve done your research, you have your list of features, and your finances are already pre-approved, walk in prepared to make an offer. A good property can go very quickly, so - as long as you’re ready - go for it.

7. What to ask the real estate agent

Here are some sample questions to ask the real estate agent:

• What it is expected to sell for? This will ensure the property is within your budget.
• How long has it been on the market for? If it’s been on the market for a long time, the seller may accept a lower price.
• Why are they selling? You certainly want to know about any negatives such as the place next door about to be demolished, or a council re-zoning.
• What have similar properties sold for locally? This may help you get a high and low price for the area.
• Have there been any offers? It’s useful to know whether the property is in hot demand, or whether there’s not been much interest.
• Has a building or pest report been done? You want to identify any issues early.
• Has the council approved any renovations or additions yet to be done? If the home is not quite right, it would be good to know what would be quick to fix up.
• Where are the local shops? Ask about the local shops, transport, hospital, police station, and more.
• Are there any future developments? E.g. Tunnel, shopping centre, airport, road widening etc.