Does the Perfect New Home Exist?
Here’s 9 quick tips to help you find it.
Purchasing a new home is a big deal. In fact, it could possibly be one of the biggest financial decisions of your life.
And while there are some fairly ‘standard’ things to think about as you begin the hunt, how will you know when you’ve actually stumbled across ‘the (perfect) one’?
Here’s a few things to consider that will help narrow down the search.
What does ‘perfect’ mean to you?
Before you begin, it pays to figure out what your ideal home actually looks like. Does it have separate rooms for all the kids? A big backyard for the dog? Plenty of storage and room to grow? Multiple living zones, or a modern kitchen?
Work out what your perfect is.
Grab a pen and write three lists:
1. The ‘must haves’ - these are the dealbreakers. Things like location, number of bedrooms and off-street parking that you’d struggle to live without.
2. The ‘nice to haves’ - these are the extra luxuries that would make your life easier, but in a pinch you could do without. It might even include things that aren’t essential to start with, but could be added later on.
3. The ‘mehs’ - these are the things that don’t matter at all, or won’t affect your decision in any way.
Working this out gives you a clearer picture of what you really want, and will potentially save you wasting heaps of time attending opens for properties that look nice, but deep down you know won’t suit.
What’s your budget?
… and have you been pre-approved for a loan?
Before you start, it’s crucial you’ve crunched the numbers with your bank or home loan broker, so you know exactly what you’ve got to spend - and that includes all the ‘hidden’ expenses like the deposit, stamp duty, legal fees and insurance.
The last thing you want to do is fall in love with a property only to find it’s out of reach.
Having your finances in order before you begin the hunt is the easiest way to avoid heartbreak.
Where do you want to call home?
Apart from your budget, possibly the most important thing to get clear on is exactly where you want to buy!
Because where you live matters a lot when it comes to loving your new home. And while you can change just about anything else about a home, you can’t change its location.
To narrow down your ideal area, consider things like distance to amenities like schools and shops, as well as how long it might take you to travel to work each day. If it’s possible, maybe even do a dry run or two!
Check out online tools like homely.com.au where you can ask lots of questions and read reviews about the areas you’re considering. Plus, research demographic stats, crime rates and other things that matter so you can make an informed decision.
Go big or go home?
Whilst it’s lovely to dream (hey, who wouldn’t love a mansion, amiright?), this is where it pays to check back in with your lists.
Because what you want and what you need are (often) very different things, and it’s easy to get caught up in the excitement when there’s a beautiful property staring you in the face.
Firstly, think about your family and what you need to be comfortable. Though nice to have, do you really need a separate study, sitting room and home theatre? For most, the answer is not really.
And does everything need to be brand spanking new? Sometimes it pays to consider an older home in a great location. Although it may have fewer bells and whistles, there could be incredible potential to renovate, add value and really make your own.
Instant lifestyle or long-term growth?
Do you want a move-in ready home that you can enjoy straight away, or are you open to buying a less-than-perfect abode packed with potential?
This question is huge because it helps you decide what you’re willing to sacrifice up front.
While there are pros and cons for both, it really depends on what outcome you want.
A brand new or recently renovated home means less to do and more time to get on with life - but that kind of luxury often comes with a price tag.
Meanwhile, an older home that requires a little (or a lot) of work can really pay off in the long run in terms of capital growth and ending up with a home you’ve truly made your own.
Whatever you decide, it’s important to remember that most houses (even the ones you build yourself!) aren’t going to offer 100% perfection.
The best advice? Keep an open mind. You might just find your dream home wrapped in the most unexpected packaging!
Feel the vibe.
Once you do decide to visit a few open homes, take note of your initial feelings as you step inside.
Can you instantly picture your family living there?
Ask the selling agent lots of questions, too and make sure to go around and carefully tick off everything from your ‘must-haves’ list (see, we told you it’d come in handy!)
While some less-than-perfect elements can be explained away or potentially modified to suit, it pays to trust your intuition, because gut feel can often be a fairly accurate indicator.
Practical buyers are smart buyers.
So you’ve got good vibes, it ticks all the boxes, it’s in a great location AND it’s in your budget!
It’s a no-brainer! You’ve found the perfect home!
Or maybe not… ?
Hold those (very excited) horses for just a second. This is where due diligence comes in.
Not one to spoil the party, but now’s the time to scratch below the surface and make sure everything’s hunky dory under there.
The best way to do this? Book a building inspector to check over the home.
Not only will they offer their unbiased opinion, they’ll advise on whether they think the price is fair and - most importantly - spot any hidden flaws long before they end up your problem.
Does market value matter?
The short answer? It depends.
The slightly longer answer is a bit more complex, because it takes into account your short, medium and long term goals.
In an ideal world, are you looking for a perfect ‘forever home’ or a perfect ‘home for now’?
If you’re planning on buying a home for the long haul, maybe you don’t care so much about value growth - you’re not planning to sell any time soon, right?
But if you see yourself moving on to bigger and better things at some point, capital growth is something you should probably consider a little more carefully. Let’s face it, no-one wants to walk away with less cash than they started with.
Whatever your plans, don’t fixate too much on the market conditions - now is as good a time as any to buy. Just make sure that you do your research carefully - because there are great opportunities in every market.
The final hurdle… or heartbreak?
One final piece of advice when it comes to finding your perfect home?
Don’t fall in love too hard - or too fast.
Let your emotions take the reins, and you might miss few glaring red flags, which can lead to some pretty bad (and costly) decisions being made.
By all means, let your heart draw you in. But when crunch time comes, always listen to your head.
At the end of the day, the perfect home may or may not exist.
But when your picture is clear, all the boxes are ticked and you’ve made sure every last duck is lined up in a neatly formed row, you can be confident that you’re as close to perfect as possible.
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And if you’d like some expert guidance and support? We’re ready and waiting to answer all your questions!
If you’re just getting started, or looking for more valuable property buying tips, tricks and hints, check out these other handy articles on our blog:
× The 7 Hidden Costs Of Buying A New Home
× How To Negotiate When Buying Property
× 8 Things To Ask BEFORE You Buy...
And for all the very best property sales or investing advice, why not connect with us - We Connect Property are your local property market specialists with over 21 years’ experience in buying, selling and managing property in southern Adelaide.
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Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!
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DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.