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Things To Consider When Buying A House, Renting A Property Or Moving Between Houses

Updated on September 5, 2014

House Or Apartment?

Buying Or Renting

Choosing the right property for you can be both a frustrating and rewarding time in your life. The first thing to consider before signing any real estate contracts is your financial situation.

Housing can be very expensive and whether you're looking to buy or rent, choosing the right property is essential. Depending on your location, you may come away with having to pay the same price to rent or buy an apartment, as someone who would be renting or buying a house. Two of the biggest deciding factors in the real estate market are location and land size. Most people are happy enough to settle with an apartment, at which point, although land size doesn't make a difference, the size of the apartment does.

What To Consider When Buying A House

• Your financial situation (How much are you able to offer as a home loan deposit? Will you need to refinance your current house?)

• Are you looking for a bigger house or a smaller house with large land?

• Which areas can you afford?

• Your employment situation (Are you in a secure job to ensure a solid income?)

• Can you afford to meet your weekly, fortnightly or monthly loan repayments?

• Will you have any disposable income after your loan repayments are deducted from your account?

The Key To Your Next Home Can Be All About The Mortgage

Can I Afford It?

Before making any final decisions, do your research and consult a financial planner. Organising your finances and your ability to pay off your mortgage will mean all the difference in the long term. Struggling to pay a $500,000 loan over 30 years means you may end up paying close to $1.5 - $2 million dollars once interest is calculated on top of the initial loan and mortgage repayments. Find a place that you think you will be able to pay off comfortably, whether it be to rent or buy. Some couples decide to rent out an apartment before making that financial commitment of taking out a home loan. Before signing any contracts though, it's important that you think over your finances and budgets to ensure you make the most of your dollar.

Deciding On The Right Sized House

When looking for a house or apartment, make sure you consider how many people you have in your family. It's always advisable to have one bedroom per household member plus at least one spare bedroom. This can either be used as a study room or as a spare guest bedroom.

Investigate the measurements of each bedroom. Ensure there is enough space to fit at least one double sized bed with space to put a desk and shelves. The last thing you want is a bedroom which is too small preventing you from wanting to add additional furniture.

How Big Should A Block Of Land Be?

When looking to either rent or buy, it's important that you find a house or apartment with empty space, giving the children a chance to spend time and play, as well as a place for you to relax and unwind after a busy day at work. Most people who look to buy a house and land package do so with the intention that the children will have enough space outside, as well as pets including cats and dogs.

Keep in mind the price of the land or house and land. A large block of land may seem appealing at first, but it will also affect the price of council rates, land taxes, and the overall price of the property to buy or rent. The last thing you want to do is have a huge property and struggle to pay off your mortgage.

House & Land Packages

Choosing A Property Location - Best Valued Property Locations

When choosing the right place for you, consider the location. Do you want to live somewhere close to work or somewhere close to the local shops? Do you prefer being living on a main road with constant traffic, or in a quiet end of the city? Do you want the ability to have nearby public transport or are you happy to drive to and from your destinations?

Location is one of the most important factors when buying or renting your property, and it can mean all the difference in your lifestyle at the end of the day. The last thing you want to do is decide to buy a house because it's cheap, then find there is no local transport to take you to and from work everyday, or to find that the nearest shopping centre is no less than 30 minutes drive away.

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