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Ultimate home buyer checklist

Ultimate home buyer checklist

24 Apr, 2011 - 2 min read

April 24, 2011

Type A personalities will possibly enjoy the home buying process more than others as the potential for lists, checklists and cross-referencing is vast. Here’s a list of lists you will find useful.

Property checklists: When inspecting homes on your shortlist, search the internet for property checklists that will help make sure you thoroughly evaluate everything from the number of power points to cracks in the walls.

Pros and cons list: What’s good and bad about the property you’re considering buying? How does it stack up to where you currently live? Do you care there’s no decent coffee within walking distance or that your internet/phone/cable TV services may be affected? When it comes to number of bedrooms clearly assess want vs. need.

Extras list: What are you looking for: a balcony, laundry, lock-up garage, swimming pool, extra kitchen cupboards, gas or electricity?

Building checklist: If it’s an apartment, what are the strata fees? A building with a pool and an elevator will be far more costly than a simple three-story block. On the other hand, older apartment buildings are likely to be in need of repair. Is there a sinking fund?

Renovation checklist: If you’re buying the worst house in the best street, can you really afford to do it up? How long are you prepared to go without even the most basic creature comforts such as a functioning loo? Also be aware that you may spend on a fortune on the renos that may not be reflected in your re-sale value.

Council and zoning checklist: Don’t forget to check out basics such as council zoning, building approvals and other restrictions. Will you need a parking permit just to come home from work at night?

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Disclaimer

This article is over two years old, last updated on April 24, 2011. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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Laine Gordon

Head of Public Relations

Laine Gordon is the Head of Public Relations at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.