Things to look for when buying New Home

Buying a house is one of the biggest decisions in the life of any person. Apart from the huge amount of money involved in the deal, a lot of feelings such as happiness, pride and joy are associated with buying a home. So, it is very important to be fully aware of what to look for when buying a house for the first time. The checklist for buying a house mentioned in the succeeding paragraphs will help you to understand the concepts better.

Important Things to Remember While Buying a Home

What to Look for When Buying a House: Affordability
While buying a house, either for living or for an investment purpose, you should think on whether it is affordable for you or not. Though real estate investment gives handsome returns in the long run, you should not stretch your finances beyond the limit as doing so can affect your lifestyle and day to day needs. 

What to Look for When Buying a House: Location
Location is one of the most important things to look out for while buying a new house. Those people who are buying a home for the first time should be more careful about this aspect. You should choose a location which is not too far from the city but at the same time provides you with all basic amenities and privacy. You should take into consideration other important things such a proximity to health centers and hospitals, parks, retail shops etc. while buying a new house.
What to Look for When Buying a House: Returns on Investment
Whether you are an end user or are interested in buying the property, purely for investment purposes, you would definitely want the property to give you good returns if you plan to sell it in the future. So, if you buy a home in a renowned project which has many ultra-modern facilities and in a good locality, then you would surely get good return on the investments in the years to come. You can take help from real estate agents and property experts while choosing the property. You may like to read more on return on investment.

What to Look for When Buying a House: Interiors of the House

If you are buying a ready possession and fully furnished flat or apartment, then you should check whether the interiors of the home are as per your desired standards. Since you will be living in the house for several years, take a decision regarding buying the house only if the interiors of the home appeal to you. You should ensure that the builder has used good quality materiel for the construction of the house and also for the tiles of the home. See if the wall paint and furniture is good enough to last long.

What to Look for When Buying a House: History of the Construction Company
You should certainly be aware of the history of the construction company who is building the house if you are purchasing an apartment in an under-construction building. You should check whether the developer has given possession for his earlier projects on time and the quality of the construction was as per the set standards. Check whether the earlier projects were provided with basic amenities such as regular water supply, security, recreational area, swimming pool etc.

Buying your first home: what to look for

By Sarah Mills

Hollywood comedy Duplex, starring Ben Stiller and Drew Barrymore, is a modern-day fable about the potential horrors awaiting the unsuspecting first-home buyer.


Like many such movies over the years, it offers salutary lessons to property-market newcomers — lessons like: if it looks too good to be true, it probably is; don't over extend; budget carefully, particularly if renovating; do your research; and beware the big bad wolves of the property market.


It is true that buying a first home can be fraught, confusing and stressful but there are many things you can do to improve your odds of making a successful choice.


Drawing up a wish list of desired features before you start searching for property, then sticking to it, is one. A wish list serves as a compass for the new-home buyer and it can help you resist the enticements, sales pressure and even well-meaning family advice that you are bound to encounter.


At the very least, it will ensure that you emerge from the process having achieved your basic requirements.


When creating your list, you might want to ask yourself the following questions and invent a few of your own:

• Do you want a townhouse, apartment or a house?
• Do you wish to live in the inner city, suburbs or country?
• How many rooms will you need?
• How many bedrooms do you want?
• Will the property accommodate your changing needs over time?
• Do you want a garden, if so how big?
• Do you prefer an old or modern residence?
• Are you happy to renovate or extend?
• How close do you wish to be to facilities such as schools, shops, childcare, parks, beaches and hospitals?
• How much you are willing to pay?

Once you have established your wish list and find a few properties that fit the bill, it is advisable to visit them several times at different times of day. This is not just to establish the condition and mood of the house under different lighting, but to determine a whole range of issues such as:

• Do the neighbours from hell live next door and why?
• Are there barking dogs or crowing roosters next door or over the road?
• Do a family of teenagers live next door?

In this respect, it can be helpful to ask why the sellers are moving, but keep in mind you may not always get an honest answer.

Finances are usually fairly tight when buying a first home, so try and determine how much a property is likely to cost you down the track. Will it require a further investment in furniture, carpets or fittings? Will it require renovating? If so, does it fit your budget and timeframe for renovations? Most importantly, you need to ascertain if the building has any structural problems.


Once you have decided whether the house meets your specifications and there are no nasty surprises, the next step is to consider its on-sale value, particularly if this purchase is only a stepping stone to another property. Consider the following:

• Has a property boom hit the area you in which you are buying? If so there may not be a lot of money to be made for seven years, maybe longer.
• Check zoning, easements, caveats and covenants on the property.
• Try to buy the worst house in the best street.
• Compare home prices in your area to make sure you are paying no more than market value.
• Negotiate on the price. If it is a buyers' market, you will be in a position to drive a hard bargain.
• Good kitchens and bathrooms usually add value to the house and will reduce your renovation burden.

Last but not least, when budgeting, don't forget to take into account costs such as stamp duty and conveyancing. Stamp duty varies from state to state and is scaled according to the cost of the property. Some states offer exemptions or discounts to first-home buyers, so check the government websites for guide.