5 Features to Look Out For When Buying a New Home
With the growing demand for property and rising house prices, there’s no time to waste in becoming a homeowner. Learn the important features to consider in finding the right home for you and your family.
Here’s the reality: Finding the right home in Australia is becoming harder.
The first problem is the growing population. It’s expected to go from 25.5 million in 2020 to $42.68 million by 2099. That means the demand for housing will keep growing when we already have a limited supply of housing.
The second problem is the rising prices. Median prices for houses and apartments in Sydney have shot up to $1.27 million at the beginning of 2023. In other capital cities, the median prices are close to that figure.
With mortgage rates expected to reach 4% in 2023, the figure is expected to increase further. This is probably why the percentage of property owners has gone down from 68% to 66%. More people are opting to rent instead of being tied to paying their mortgage until they retire.
So, does this mean you shouldn’t buy a home for yourself and your family?
Not exactly, as the benefits of home ownership still outweigh renting.
Instead of second-guessing the need to own a property, focus on buying the right home instead. And this article will help you do just that, as you’ll learn about the five most important features to look out for when you’re buying a home.
The 5 Features
When you’re browsing for a potential home, focus on the following key features:
Feature #1. Location
You can change how your house looks over time, but you can’t move it. So, finding the right location should be your first priority. After all, it will affect your standard of living and even your health.
Your choice would largely depend on your lifestyle. If you’re single and career-oriented, chances are you’ll want to stay close to the metro. If you have a family and children, the suburbs would be ideal.
For your safety, make sure you also check if the location is within a flood or bushfire zone. You can use tools to determine potential hazards within the location of the property you’re eyeing to buy.
Feature #2. Size
The size of a property usually determines its value. But if you’re going to choose a property based on the price, you need to consider a couple of things:
First, consider the occupants. If you’re buying together with your partner or spouse, you’ll need space if you plan to have your own growing family. For the number of bedrooms and bathrooms, in particular, there’s no hard rule here. What’s important is you decide on what is convenient and practical for you and your household. Consider who will live on the property, including future changes that might occur. Perhaps you’ll be having children in the future, for instance. This way, you can avoid major renovations to address those changes and save on costs.
Second, look at the properties around the house. If the neighbouring houses are smaller, that could drag down the value of the property you’re looking at. At the same time, if the houses around it are bigger, that could pull the property’s value higher.
Feature #3. Outdoor Features
When we speak of the outdoor features, that means the patio, yard or garden spaces.
So, do you want a big garden where you can let your green thumb loose? Or do you want a yardthat’s low-maintenance?
Keep in mind that a beautiful outdoor space can make your home more appealing—and valuable as well.
It’s because a property’s outdoor features canincrease the overall valueof the property. So, consider the things that you can add to it. If you have space, maybe you can add a pool or a gazebo. Or, have an outdoor kitchen or fireplace that would make your home perfect for having friends over.
Feature #4. Possibilities for Upgrade
There are properties that are completely done and ready for its new homeowner to move in anytime. But there are also developers who design properties in a way that allows the new homeownerto add personal touches to it.
So, if you think that you’d want to do upgrades later on, you might want to get a property with a more open layout. Not only that, make sure the lot size leaves space for an additional wing or room.
Check if you can knock down walls without compromising the integrity of the whole house. As your needs change, you want your home to evolve and adapt for your comfort.
Feature #5. Property’s Age
The style of a home is usually defined by its age. Its structure and aesthetics follow the trend during the time it was built.
The property’s age will also give you hints about the electrical and plumbing conditions of the house. It’ll reveal any maintenance or renovation requirements that you’ll need to make on the property.
In some cases, it can alert you of potential hazards. Older homes, for instance, may contain asbestos and lead. These are harmful substances that were often used in construction decades ago.
Bonus Features You May Want for Your Home
Apart from the ones mentioned above, there are also special features that you should look into—specifically those that’ll affect the health and well-being of the people who’ll live in it.
For instance, look for disability features in the property. Are the surfaces easy to clean? Are the knobs and handles easy to reach if a person is small or disabled? What about the entrance and bathroom features?
These should all be easy to use and accessible, regardless of the physical conditions of the people residing in the home.
Smart home features are also a welcome addition. Having programmable thermostats, home security systems, cameras, video doorbells, keyless doors, etc. brings security and convenience. It’ll also increase the value of the property.
Finally, check the landscape. It adds to the aesthetic appeal of the property and it makes a home more livable and valuable as well.
Use Archistar in Your Search to Find the Best Property for You
Finding the best property to live in is easy if you know the right features to look at—and now you do. More importantly, make sure you balance the needs of the people that’ll live in it and your plans for the property.
Fortunately, there are tools you can use to help you find the right home for you and your family. Archistar is one such tool.
It has plenty of features that can help you scout for the right property. For instance, you can use the data layer feature to quickly and effortlessly determine whether a property has factors you’re looking for . You can also use the platform to check out housing prices and determine what you can renovate or rebuild on a location of interest. This is just one of the many features of Archistar that’ll make your search for the right home easier.
If you want to know more about it, try out Archistar for free today.