Once you have established how much you can borrow, you can then start shopping (the fun part). Shop, shop, shop and then shop some more! You can’t look around enough when you are buying a home.
Make sure a property has the infrastructure around it that you want and need, such as schools, transport, medical, shopping, social, sports clubs, etc.
What’s the weather like in the area? Is it wind-blown? Does the house get sun late in the day or early?
Try and take the emotion out of the house. “Oh I love it we just have to buy this one!” This is often hard, but believe us it isn’t the only house you will find! Emotion can be your enemy when buying a home as it can cloud your judgment.
Why is the Current Owner Selling?
Is there a gang next door or have they just grown too big for the house?
Is the Rateable Valuation (otherwise known as government valuation) relevant?
Often this is not the case as the Rateable valuation is only a snap shot at a set point in time. It’s the figure that drives the rates payable on the house; it does not mean it’s still worth that figure.
Have House Improvements Had Proper Consent?
Often recent improvements to a property look great, but make sure you check out to see if the improvements had council consent.
You can do this by having a (LIM) Land Information Memorandum report done; generally this is done by your solicitor. A LIM report shows consents & codes of compliance, rates owing, and any problems with drainage, flooding or erosion.
You should also get the certificate of title checked out. You need to understand the different ownership types that exist from freehold, to cross lease, unit title, company title or leasehold. The certificate of title will also highlight any covenants (restrictions) or easements (rights) on the property. Our advice is always consult a solicitor in matters of title.
Your Lawyers advice is critical, So always keep them in the loop by phone or email.
What Have Similar Properties in the Area Been Going For?
Shop around, ask your real estate agent. How much did this house sell for previously?
You can obtain much of this information from Mike Whittaker Mortgages. We have a free service available to clients or potential clients and can provide a full analysis of the house you are looking to purchase.
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Mike Whttaker Mortgages. We get the tough loans across the line with our 100% service guarantee.
