What to Consider When Buying Your Next Home
If you are looking to buying your next home, you might be wondering how to decide what you need this time ‘round. You are ready to move out of your first home and you know what you do and don’t like about it. But what’s next? Here’s our top questions you should ask yourself when deciding on your next property purchase.
Do you need a standalone house or apartment?
Apartment living is becoming more common as a lifestyle choice than ever before. Apartments used to be something you bought to get yourself into the property market, or rented until you could afford to buy a house. These days people are choosing apartments to buy for a range of reasons.
Apartments can be a good choice if you are looking for:
- Saving on electricity costs
- Less maintenance
- Facilities like pool and gym in your complex without the upkeep hassle
Houses can be your best choice if you are looking for:
- Extra space and storage options
- Your own yard, garage or pool
- Avoiding body corporate fees
When it comes to buy your next home, here are some helpful questions to ask yourself:
- Are you comfortable with a shared living environment or do you need your own space?
- What is the commute like in your selected area from your apartment options and housing options?
- Do you like living in a smaller space for cleaning and low maintenance or do you prefer more space throughout your home?
How many bedrooms do you really need?
Whether you decide on an apartment or a house, the number of bedrooms is an important question for your next home. Think about your current home and how you live day to day. Do you find yourself wishing you had extra space or could you actually do with less space?
When it comes to deciding how many bedrooms you want in your next home, here are some questions to ask yourself:
- Do you work from home, or will you need a productive space in your home to do work or study?
- How often do you have guests?
- Who do you live with currently and could that change? Is your family growing or will you need to assist a family member in future with at home care?
- How important is having storage space inside your home (as opposed to a garden shed, garage, etc.)
Is location still “everything” when buying your next home?
Do you like where you currently live or are you looking for a location change? Things to consider for your next home include proximity to work, schools and parks for school aged children, shops, street access, public transport access, low crime rates and whether you want to be close or further away from the “hustle and bustle”.
When it comes to deciding on how important the location of your next home is, here are some helpful questions to ponder:
- Can you afford your ultimate wish list of features or do you need to make compromises?
- How far do you travel for work and does that suit you?
- If you have kids, how close to school and extracurricular activities do you need to be for your week to work for everyone?
- Do you want to be close to local shops or are you happy to drive further for groceries and essential items?
- Is the area expected to grow or develop further in the time you want to live there?
BONUS TIP: Development is inevitable over the long term in many suburbs, however council planning research may tell you if increased development and building heights and density is planned in the area.
How will you finance your next home?
Finance is a big factor for many home buyers, whether it’s your first, second or 10th property purchase. No matter your situation, an experienced mortgage broker can help you with all your finance questions and planning to get you into your next home.
When it comes to financing your next home, here are some helpful questions to consider:
- Can you use equity in your existing home for your next deposit?
- Will you sell first or buy your next home first?
- Are you wanting to buy more property as investment opportunities?
- What loan features do you need on your second home mortgage?