Finding the right home or property can be a task, whether you are looking to purchase or rent. With a home being one of the biggest investments you are likely to make, it’s important that you think things through carefully for this major financial move.
Before You Purchase
Do you know exactly what you are looking for in a home? Are you aware of all the different factors that may affect your purchase? Here’s a checklist to get your thoughts flowing:
- The number of bedrooms and bathrooms
- The exact location and security of said location
- Time horizon
- Proximity to work, school and other facilities which are important to you
- Availability of transportation
- The condition of the property
- The daily living experience
- Long term (think beyond your immediate needs)
- Your must-haves
It’s also useful to attend a few open houses to see what the housing market is like for the option you are considering.
In the event that you need some support with finding a home, our team at Victoria Mutual Property Services (VMPS) Limited will be more than happy to help with your search, or to find a buyer if you are selling.
A valuation is needed whether you are buying or selling property, accessing a loan, or acquiring property insurance. This is an estimate of the value of an asset, in this case a house, which is usually done by a qualified valuator. This is another service which is readily accessible through VMPS.
Some of the factors taken into consideration when a valuation is being done include:
- Size and features of the home and property, such as the number of bedrooms and bathrooms
- Comparable properties that have sold recently and their sale prices
- Condition and age of the property
- Features and amenities such as swimming pools
- Location, including views and special features
- Major structural improvements such as additions or remodeled rooms
After You Purchase
With your home likely being your largest single asset, it makes sense to protect it. We suggest the following activities to protect your home and increase its value over time.
- Take a photo or video record your home and possessions for insurance purposes. Of course, ensure you keep those records safe.
- Curb Appeal: the first thing most people will see is your front yard and front door. Spruce up your exterior, creating an attractive entrance that is low maintenance and doesn’t cost too much.
- Repainting: Give your home a well-maintained look with a fresh coat of paint. Generally, exteriors may be repainted every 10 years and interiors every five years. The frequency will depend on weather conditions, and if you have pets or small children.
- Update: Replace older or damaged items with updated models, making sure to choose energy and cost-efficient options where possible. Future potential buyers will find this attractive.
- Clean regularly to allow your home to look and feel better over time. A clean home will have a higher value!
- Check your plumbing at regular intervals to ensure there are no leaks, which could result in serious water damage.
- Roof replacement: while this is a major investment, it is very important to maintain the value of your home. Find out the lifespan of your roof and plan to replace it to prevent leaks and clogged shingles. Remember too that proper maintenance will extend the lifespan of your roof.