Our lives are always changing, sometimes through choices we make ourselves and sometimes life will throw us a curve ball and turn our life upside down… and sometimes when your life changes, it’s time for your home to change too.
If you’ve come to the decision that it’s time to find a new home, one that will suit the new you, ensuring you have as much knowledge as possible is so important. NAB have a super helpful online resource called the Life Moments Hub which is literally a source for finding your way through life’s unpredictable moments - the perfect resource to help you through the life changing moment of upgrading to a new home. Just because life is unpredictable, your finances don’t have to be.
It’s time to turn a daunting and overwhelming situation into an enjoyable and exciting life changing experience…
1. Research
It is 100% worth taking the time to research the area that you are looking at. This will ensure that your new home will be your dream home and for some people it may even be your forever home. So, let’s talk through all the things you should be looking out for before signing on the dotted line. Check out the neighbours - if you’re brave, strike up a conversation with the neighbour to see what they are like, remember you will be living next to them for a long time and there is nothing worse than a difficult neighbour. If they seem nice, ask them what it is about the area they like, getting insider knowledge from a local is always beneficial. Look in to the level of crime in the area. Is there a lot of construction going on in the street? Are there properties with planning permits being advertised? If so go onto the local council website and have look at the plans being advertised to ensure there aren’t any apartment blocks going up next door, or across from you. Check the zoning of the area to see if high rise apartments are allowed, or if there are any plans for major roads in the future, as these could be deal breakers. Drive around the streets to make sure that it’s a neighbourhood that you would feel comfortable buying and living in. Another tip, always do drive by’s at different times of the day/night and weekday/weekends, so you will gain a greater understanding of what it would be like to live there.
2. Finance
Make sure you have your finance in place before you start seriously looking, or looking at all. There is nothing worse than searching online for hours, going to several open for inspections every weekend, finding the perfect property and then going to the bank and realising that your borrowing capacity isn’t what you thought. Remember just because you have the deposit, doesn’t mean you can loan what you need, so make an appointment and sort out your finance before you start looking. This will give you peace of mind as well as making sure that you don’t have your heart set on a house you think is your dream home, which you later realise you can’t afford. If you’re also considering whether you should or shouldn’t sell your current home before purchasing a new one, NAB has some helpful info here.
3. Do you have a growing family?
Do you already have children, or are you planning on having more children? If kids are in the picture there are even more factors to consider when choosing where you want to buy your new house – what are your thoughts on inner city versus the suburbs for raising your family? If you are a city dweller through and through what are your thoughts on compromising on a backyard for closeness to the city? It’s also a good time to check out the local schools, think about your new work commute and consider things like public transport and if you’re anything like me, taste testing the local coffee is a must!
4. What do you really need?
What do you need in a new home? Make a list of what is non-negotiable and what you can live without. How many bedrooms do you actually need? How important is ample storage to you? If the kitchen isn’t perfect do you have the budget to renovate it once you move in? Write everything down and it will make your life so much easier when deciding whether each home is a real contender for purchase.
5. Building inspections
You’ve found the one, but what should you look out for before handing over the cash? Always get a building and pest inspection on all homes, units and apartments, even if they are new. Only the professionals know what to look for when inspecting for termites, sinking floors, cracked walls and ceilings as well as damage from things like mould, rising damp and failing waterproofing. A building inspector will also point out issues to you such as poor workmanship and design flaws which you may not have noticed.
6. New or Old?
Have you ever considered buying a brand new home? In some cases, buying a brand new home, either off the plan, or recently finished is a great option to get all the things you want and need with the added bonus of it being perfect when you move in. Moving in without the need to fix or change anything sometimes means a little bit more money in your pocket.
7. Have you ever considered building?
Is building an option for you? If you have been looking and researching as well as going to inspections and auctions and you just aren’t winning the property, or maybe you can’t even find the right property, maybe it’s time to think about building. Building a home from scratch means you have all the choice in terms of your home’s design, floor plan, layout, fittings, fixtures, finishes and overall aesthetic. Although it’s a daunting and seemingly stressful exercise to take on, building a home to your exact needs, lifestyle and specifications can not only be a very rewarding and exciting experience but it also means that you will have your dream home!
8. Location, Location, Location
Do you have a dream suburb that you just need to live in? Most of us do and only some of us ever achieve it. It’s always great to have something to work towards, but if your dream suburb is currently just a little outside the budget, why not look at properties in the next, or a few suburbs over, to see what is available? Expanding your suburb search area a little wider may show you new and exciting places you had never considered living in, but have all the things that you would like.
This article is a NAB paid promotion and was written in collaboration with NAB. As always, all opinions are my own.
