Most people who report having a horrible home-owning experience fail to think through the entire process. They usually glaze over some crucial factors that affect the process.
Getting a master-planned estate around North Melbourne, Victoria can be challenging yet enjoyable. Instead of paying out your hard-earned money for rent, you can use it to build equity in your home. However, you should know that buying a property is a delicate process that requires you to tread carefully. Otherwise, you might end up making critical mistakes that can haunt you for life. Here are some smart ways to keep you on the straight and narrow path:
Consider the Flow of Traffic
The appeal of your new home is likely to wear off quickly if you have to fight maddening traffic to and from work. If you have to battle traffic every day, it means that you get to spend a little time at home. Every day, you have to be up at the crack of dawn to try and beat it.
That’s not a good way to live, not if you have a say in the matter. If possible, pick a location that puts you against the flow of traffic. Better yet, choose one that is close to your place of work. That will enable you to spend more time at home with your family. You might find that you enjoy going to work every day as you get to your desk while you’re fresh and in high spirits.
Consider the Location
When buying a property, you’re also buying the locality where it sits. It’s not a secret that neighbourhoods are dynamic and can vary drastically within a short distance. Localities influence not only the prices but also the available amenities, including malls, schools, and health facilities. If you have kids, you want an area with parks, recreational facilities, and good school districts.
You also want a safe neighbourhood where they are free to ride their bikes or play in the yard without any risk whatsoever. Be sure to check the crime rate of an area before buying. You certainly don’t want any harm befalling you or your loved ones. Fortunately, such information is readily available from police websites that can help you make an informed choice.
Consider Taxes
Just as neighbourhoods change within a short distance, so do property taxes. The amount of taxes levied on a property has a considerable impact on your finances. In some areas, the difference in property tax can be as high as one per cent. Working with a skilled realtor can help you out of this sticky situation.
A high tax regime can force you to settle for a house of lower value or one that doesn’t suit your needs. Working with a professional can help pick a location with friendly tax rates and where homes match your lifestyle choices. You need to bear in mind that taxes are a lifetime obligation due each year. If you can help it, pick a place where such expenses won’t leave a dent in your pocket every year.
Given the high prices of houses, becoming a homeowner is quite an achievement. However, you need to go about the process of picking a home with care. You don’t want to make a rash decision that can affect the home owning experience negatively.
