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Considering These Factors When Making a Home Purchase

Similar to other milestones, homeownership doesn’t have an expiration date. We can achieve it at our own pace, evident in how people usually buy their first house in their 30s, others in their 40s, and a lucky few while still in their 20s.

Still, no matter our age, it’s important that we be smart when purchasing a house for the first (and subsequent) time. This is so we can protect our households from unnecessary financial loss and live our best lives in our chosen properties. To achieve such a feat, we need to carefully consider the numerous factors that can affect both our finances and lifestyles.

Here are five factors to keep in mind while browsing through house and land packages in Donnybrook, Victoria.

Location

Some experts may argue that the location is the most vital factor that needs to be appraised thoroughly when we’re searching the market for a house to call our home. This is because the location will ultimately dictate several aspects that can affect our lifestyles, such as:

  1. Climate – The climate, for one, will also suggest how high or low the temperature that we’ll experience daily. With this, there are the weather and the potential natural disasters that we may face in the future. Knowing this, we can install safety measures on chosen properties if they haven’t been done before.
  2. Neighbourhood – The neighbourhood is the area we want to settle down in. By paying close attention to the neighbourhood, we can also tell what kind of community we’re growing our families in.
  3. Amenities – Groceries, corner stores, malls, recreational areas – these are only some of the many facilities that are convenient to have close by. If possible, it’s good to have one establishment that fits our needs, from food to clothing and recreation.
  4. Education – Quality education is a must, and while there are countless all over the country, it’s much more beneficial to our children if the schools are nearby. This way, they won’t need to spend so much precious time travelling to and from school.
  5. Crime Rate – Studying the crime rate shouldn’t be limited only to our chosen neighbourhoods but the surrounding area as well. This way, we’ll have an inkling if there’s a possibility of evildoers spilling into our future homes.

Residential Property

real estate conceptAfter the location comes the most exciting factor: the properties themselves. For many first-time homeowners, design and aesthetics rank high up on their list of priorities. But they also need to focus on the age of the structure. If it’s new, move on to the following:

  1. Green Space – While seemingly insignificant, having enough space for landscaping will be good for our households. Not only does landscaping boost our curb appeal, but it can also improve air quality and allow for more hobbies at home.
  2. Potential Compromises – For most people, first-time homeownership means making compromises, especially if we’re buying a pre-existing home. When it comes to compromising, we need to remember that our needs aren’t the ones that we have to trade.
  3. Future Additions – Our budget at this current point in time may require us to make compromises, but it doesn’t mean that we won’t get the chance to earn the perfect home in the future. As such, it’s best to make sure that we have more than enough space for any renovations that we may get once our finances are more stable.

There are many other factors that we need to comb through before making a final decision. A pro tip to remember throughout this process is that there are several sources we can trust, beginning with our real estate agents. Instead of going through this endeavour alone, we should put our trust in them because they work to help us achieve satisfaction with our future homes.

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