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5 Things to Know Before Buying a House

Purchasing a house is one of the most significant investments you will ever make, so it’s imperative to approach it with as much information as possible. Here are 5 things you should know before buying:


1. Your Budget


An essential first step is to have a realistic understanding of your budget. This means knowing not just the maximum that you can borrow, but what loan repayments you can realistically afford, with any additional expenses factored in. You will need to be aware of any upfront costs including stamp duty, and any maintenance costs. The best way to accurately assess your budget is getting a Health Check for your Home Loan.


2. Exactly what you want


Another step you will need to take early in your buying journey, is deciding exactly what you want. What are your needs now? What will your needs be in 10 years from now? As well as considering what you want from the actual property, you will need to research locations in the same detail. What are the local schools and transport like? Are there any plans for future construction projects nearby? What do locals like and dislike about living in the area?


3. How to Seek Experienced Professionals Where Needed


For such a significant purchase it is always worthwhile to seek the advice of experts wherever necessary. A licensed home inspector can help make sure you’re aware of any potential costly repairs. An experienced real estate agent who knows the area you’re interested in can be of great help in imparting helpful knowledge. A Bank Manager can assist to ensure that your finances are structured in the best way possible to meet your needs. A conveyancer can help you review and prepare documentation, check that you have all the information you require, and represent your interests as you go through with the property transfer.

4. How to Look for Hidden Costs

If you’re thorough in setting your budget, you will likely have already factored in any additional costs such as stamp duty, Lenders Mortgage Insurance, and the cost of experts you may have hired. It is also important to check for any potential costly issues with the property and ask as many questions as possible. Do the appliances work? Are there any ongoing maintenance problems or upcoming replacement needs? Is the insulation in good shape? Ask as many questions as you need.

5. To shop with your head and not only your heart.

It can be easy to get caught up in small superficial details, which is why researching, planning, and having a clear vision that encompasses your current and future needs is so important.

Don’t give in to pressure and remember to seek professional advice where needed.

Not all banks are the same - a Community Bank supports the local community.

Lindfield Community Bank is a franchise of Bendigo Bank, owned and operated by a local company, Ku-ring-gai Financial Services Limited (KFSL) which is, itself, operated by a volunteer board of directors.

KFSL operates both the Turramurra and Lindfield Community Bank branches and has given back $2.6 million to the community of Ku-ring-gai in the form of donations, sponsorships, grants, and dividends since first opening the Turramurra branch in 2003.  

This has also meant support for more than 200 community groups and charities since first opening our doors.

It is only by our customers supporting our Community Bank with their everyday banking and home and investment loans, that we can do all this – and they benefit from our fabulous service!  Our knowledgeable and welcoming staff know our customers by name and are interested in how they can best support them.

Come in and see Warren Dwyer, our experienced lender, at the Lindfield branch and get a Health Check for your Home Loan, or talk to him about a new loan, as part of your #stepintosummer – it may be that we can save you some money.

Phone: 9416 6337

Email: lindfield@bendigoadelaide.com.au

www.tlcbb.com.au

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