Buying a home is a big financial decision. Going into the process blind can lead to some very unfortunate outcomes so your best bet is to arm yourself with knowledge and be prepared for anything.

Here are a few things to consider before buying a home.

Don’t over-extend yourself financially

As a homebuyer, one of the worst situations to find yourself in is being financially stretched. Before you commit to anything it’s important to realise that variables such as interest rates or fees may rise at any time. Sit down, make a budget and work out a few contingencies.

Organise a pre-settlement inspection

When you’re buying a home, you should consider building inspections mandatory. You may want to try to speed up the process (especially if you’re feeling pressure from family or your agent) but skipping them could land you in a lot of hot water.

Research the area

You may be in love with your future home, but will you still love it if the neighbours are ‘characters’? A lot of home buyers don’t check out the neighbourhood they’re moving into and they pay for it later. A couple of good tips are to:

It’s also a great idea to check with the local council to see if there are any future developments being planned for the area.

Think about resale value

Chances are you won’t be spending the rest of your life in your new house, so considering the resale potential of a property is a good idea. You should:

Buying a home is a big deal. Like everything in life, the process will go smoother will a little bit of planning and forethought.

About the Author

Peter Fletcher

Peter began his real estate career in 1985 selling tin shacks and red dirt in Kalgoorlie. Moving to Perth in 1989 he quickly moved into agency ownership. By 2006, Peter had built a thriving agency managing over 600 rental properties. He then sold the business, taking time out of the industry to complete Honours in a Bachelor of Arts. Peter is now the Managing Director of Residential Settlements in Burswood and an active Army reservist. Peter has had just one hot shower since the 10th of May 2008.