Five essential tips on finding your dream home

Published on November 23rd, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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You know what you want in a house and what it should look like, but with so many offers on the market and various price ranges, it can get a bit confusing. How do you find your dream house in an ideal neighbourhood without the hassle? Here are five essential tips on finding your dream home.

1. Is your dream home practical

Buying a home that looks like something that comes off a magazine cover can be alluring, but at the end of the day, it is important to weigh whether your home is practical and meets your needs. Finding a property that matches your budget is vital. Other things to consider before purchasing your dream home is:

  • Does it match your lifestyle choice?
  • Does it meet your future needs?
  • Is it in the right neighbourhood?
  • Is it close to public amenities such as transport, shops, medical centre's, schools and more?

2. Will you be able to afford maintenance and repair costs?

Will you be able to afford the maintenance and repair costs of your home? Some buyers fail to look beyond the price tag of the property and forget to factor in the cost of maintaining and repairing the property which can bite a huge chunk into their budget. Try to avoid property that pushes you to your maximum spending capacity.

3. Look beyond the aesthetic

The neighbourhood you are interested in might have the appeal that piques your interest, but it is vital that you put in your research. This can prevent you from making a mistake that can cost you thousands of dollars later on. You can speak to real estate agents that are familiar with the neighbourhood you are interested in. They will be able to advise you on which areas are a good investment and which ones to avoid.

4. Speak to an estate agent

Starting the search on finding your dream home is not as easy as it sounds. It can even take months before finding the property that you have in mind. That is why it is important to speak to an estate agent that knows the property market like the back of their hand. They will be able to help you find properties that match what you are looking for and come with various price ranges to choose from. It can also be beneficial when it comes to finding something that is within your financial reach.

5. Do a thorough inspection

The last thing you want is to invest in a property that comes with a heap of expenses. It is vital that you do a thorough inspection of the house. You can also hire a property evaluator to help you do a check on the property. Remember to ask questions on the home’s maintenance history to put your mind at ease.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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