Things To Consider Before Buying Your First Home
Searching for your First Home has become a rigorous and cumbersome process which takes weeks and even months. When you find your ideal house, the house which you like and the one that suits your family the work doesn't stop there. In fact obtaining the finance approval is not the only major aspect in the process of completing the purchase of the house. As a matter of fact the work just begins.
Once your offer on the property has been accepted and before you go unconditional there are few things you need to do. I have listed below some of the key factors that you need to consider while purchasing your home.
1. Find a Solicitor, getting independent legal advice is very critical in the purchase process. A Solicitor would ensure that the purchase process is completed according to the rules and also does other checks on the property like the title and Land Information Memorandum (LIM). In New Zealand all property transactions are completed by a Solicitor.
2. Building inspection, this is becoming a common practice by home purchasers whether they are first home or an investor. It only cost a very small amount compared to the price you are paying to buy the house. One will be surprised what a building inspector could find behind those beautiful walls and structures. Only a professional building inspector would be able to find any structural defects, pests or moisture issues. A building inspection report will not only save you money on unwanted repairs but also to negotiate with the vendors about rectifying the issues or negotiate on the house price.
3. Meth Lab test, recently I have come across banks requesting for Meth Lab test on certain properties. If you suspect that the previous occupants have either used drugs or had a lab set up, it pays to get a professional to have the place tested or you can buy the DIY kit and test for any drug contamination.Meth contamination is a serious issue and it not only costs to have it decontaminated but also puts your health at risk.
4. Check out the neighbourhood, the things that you need to look out for is the local schools if you have children, public transport, nearest motorway access, if you have an elderly or health services reliant family member look for the nearest hospital. Also check out for recent crime report in the locality as this is important for the family well-being.
Some of these services has a cost to it and it would cost about $3,000 approximately. It pays to have these discussions with your Mortgage adviser before embarking on the journey to purchase your home.