5 Tips For Buying a Home In Logan
Tips for making a great investment
If you're thinking about buying a home in Logan, you should know about our 5 tips that can help you make the right decision about your purchase.
1. Be honest about what you can afford
One of the worst things you can do is purchase a home that is beyond your means to pay for.
Buying the wrong home can lead you to slave away paying off an expensive mortgage your entire life. Or worse, it can become too costly for you to pay at all, forcing the bank to repossess your home.
Affordability is not a matter of borrowing the max amount you can borrow. Instead, you should consider just how much you can afford to pay every month.
Plan a budget based around your home loan repayments with enough left over for emergencies and maintenance. That way you can have a great home while still enjoying the lifestyle you want.
2. Know your zoning and overlays
Knowing your zone and overlays are very helpful when purchasing a home.
“Zoning” is the way that the government controls how the land can be used. As such, zoning laws determine how large buildings can be and where they can be placed.
Meanwhile, “overlays” are more specific and relate to specific elements of the land such as vegetation, heritage, character values or risks (erosion, bushfires etc).
If you’re looking to modify or build on a property, knowing what zoning laws and overlays apply to the area will let you know what you’re allowed to do on your own land.
3. Look at the area of the home
The home you want can vary based on your lifestyle. Thus, you should make sure the area your home is in caters to that lifestyle also.
For example, if you are a family with young children, you may want to position yourself near a school.
However, if you’re a professional who works in the City, you’ll want to buy a home as close as possible to the CBD.
If you’re someone who does not own a car, you would be wise to buy a home somewhere that has ample public transport within a short walking distance.
4. Negotiate as much as possible
Buying a home is the biggest investment that many people ever make. As such, you should not be afraid to negotiate as hard as you can.
You should begin with a reasonable, lower end offer on the price of the home. If this price is not accepted by the seller’s agent then gradually work your way up until a compromise is reached.
Set yourself a maximum price cap and do not go over it.
5. Book a building and pest inspection
One thing that can influence the price of the property is the existence of any flaws.
Such flaws include a termite infestation, degraded fencing, damaged roofing, bathroom mould and poor paintwork.
These flaws are generally exposed by a Pre-Purchase Building and Pest Inspection.
After finding these flaws, you can either decide not to buy the home, force the seller to amend these issues or compel them to lower the price of the home.