When buying real estate; it’s easy to get lost in the maze of finance, market trends, and legalities.
As a first-time home buyer in Western Australia, you’ve got a unique set of challenges on your plate. This checklist is your compass, guiding you through essential steps from understanding your financial capacity, researching property markets, and ensuring your potential future home is safe to move into.
Consider your financial capacity
Before diving in, it’s important to understand your financial capacity to avoid stretching yourself too thin. You need a proper credit score analysis to gauge your borrowing power. Your credit score is like a financial report card, reflecting your ability to handle debt. Lenders scrutinise it to assess your creditworthiness, so it’s essential you keep it high.
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Research the property market
A vital part of the process is researching the property market to get a clear understanding of market trends analysis and property location evaluation.
It might not always be the best time to buy property. Study the current status and projected direction of the real estate market, look at factors like the average price of homes in your desired area, how long properties are staying on the market, and whether it’s a buyer’s or seller’s market. You’ll want to spot trends, such as rising or falling prices, as these can greatly affect your buying decision.
And remember, you’re not just buying a house, you’re also buying into a neighbourhood. Consider factors like proximity to amenities, schools, and work, the area’s crime statistics, and planned developments that could affect property value.
Conduct a building inspection
Purchasing a property, particularly for the first time, is a significant decision and investment. Therefore, it is essential to know as much information as possible about the home you are considering buying. In Western Australia, a pre-purchase building inspection is a crucial part of the buying process for several reasons:
To identify hidden issues
An inspection can uncover hidden structural problems, such as issues with the foundation, roofing, plumbing, electrical wiring, pest infestations, or dampness.
Also read: Why a pre-purchase structural inspection is essential
Cost implications
Detecting potential issues beforehand might require repairs or renovations. If the costs are too high, you may negotiate the price or decide not to purchase.
Legal compliance
A pre-purchase building inspection can identify indications of non-compliance prompting council checks for building approvals. Non-compliance can lead to legal issues, fines, or costly renovations.
Peace of mind
Knowing that the home you want to buy has been thoroughly inspected provides reassurance that you are making an informed purchase.
Insurance
Some insurance companies in Western Australia require a building inspection before they can insure the home.
To ensure the accuracy and thoroughness of the inspection, it is best to hire a qualified, experienced, and licensed building inspector. SURE Building Inspections is your leading building inspector in Perth when buying a home. Choose from our range of pre-purchase building inspection options.
