Knowing what you want in a property
before you start can save you a lot of time. If you set yourself clear
criteria, you will find searching for a property much easier as you will be
able to eliminate properties immediately that do not suit your needs. Some
important questions to ask yourself when setting your criteria include:
- What can you afford: calculate the deposit and repayments you can afford. Deposit requirements will vary, but as a rule of thumb, at least ten percent of the selling price will be required. In general, lenders usually base the amount they will loan you on the rule that monthly repayments do not exceed a quarter of the gross (pre-tax) income.
- What are your location priorities: identify the areas or communities that suit your lifestyle and the people living with you (shortlist two or three suburbs). Assess your need for transport,
schools, sports facilities, easy shopping, etc. It is also important to research which suburbs are becoming more fashionable because of new developments or have easy access to facilities and work centers.
- What type of house will suit your needs:
decide if you are looking for a flat, apartment, townhouse, or house. The floor plan is a major consideration, so you need to decide how many
bedrooms and bathrooms are required if you need formal and informal
living areas, the size of the kitchen, if you require a high or low
maintenance garden, the size of the garage or carport, and if you require a
study.
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Jason Gwerder
Tuesday, 15 December 2020
