We all dream about living in a place that meets all our needs and that is designed to our taste. However, very often we are forced to make certain compromises when the time for purchase comes and we have to settle for a different location, home size or some other feature. This doesn’t mean that our new home can’t be the “perfect one”, but we need to be aware of what makes the ideal home for us.
After all, purchasing a home is a long-term investment and you want to get it right, so your money doesn’t go down the drain. That’s why you have to be ready to wait patiently before splashing out your hard-earned cash. So, let’s take a look at what is important when buying your dream home.
Location
The most obvious feature you have to take into account is definitely the location of your new home. Every property is part of a larger community and depending on what kind of community you’d like to live in, you’ll make your choice when buying a house or apartment. If you want to be close to the bustling Sydney centre, you’ll be looking for a different kind of property from the one which would be perfect if you wish to spend time close to a secluded beach on the Australian coast.
Also, think about the facilities you’d like to have near your home, such as schools, cafes, restaurants or shops. Some people prefer living in a bigger house and are ready to settle in a more remote area, while others prefer to have as many things as possible close to their home. Basically, there’s no universal tip, except to follow your dream.
Lot size
If you‘re buying a house, the lot is one of the most important features to consider. While you can do quite a lot when it comes to the size of your home, there’s absolutely nothing you can do when it comes to the lot. A family with children would be trying to find a home with a bigger backyard, where the kids can play, while a retired couple might prefer a smaller backyard, which would require less maintenance. Again, if the lot is of the wrong size, you shouldn’t make any compromises, but simply walk away and consult experts such as those from the renowned White Square Properties to help you with your search.
Age matters
No matter what some people say, age is one of the crucial factors that you have to consider when purchasing your new home. It’s true that some older houses have that something special about them, but you need to be aware that they are much more likely to require significant investments and more maintenance. This is extremely important to bear in mind, because you don’t want to spend all your money on the property itself and then be unable to afford necessary renovation costs. So, before you decide to buy an older property, make sure you know exactly what needs to be done (if anything) and how much it would cost.
Running costs
Many people tend to forget that a one-off investment in property incurs the costs of maintaining the property, such as property tax and maintenance. It’s very important that you don’t stretch yourself to the furthest reaches of your budget. Don’t forget that such costs will be consistent over time and you have to have a plan for any change of the circumstances, such as (expected) retirement and (un)expected layoff. That’s why you need to leave some breathing room in your budget.
Naturally, there are many other important factors that influence your choice, but these are definitely the most important ones. Remember, you need to be both patient and careful when making such a decision, because it is one of the most significant and substantial investments you’ll ever make.
