I’m in the process of purchasing a new house, the last time I purchased was 5 years ago. I forgot how much paperwork there was.

  • Expect it to be bumpy, even the smoothest real estate purchase has the twists and turns
  • Find yourself a good Mortgage Broker, Solicitor and Real Estate Agent otherwise you may as well be sitting in Sydney traffic (Stressful)
  • Try and read it all otherwise you’ll never understand whats going on (I’ve read it all and it keeps advising me to get legal advise, even the legal advice)
  • Get your inspections done, termites are a nasty surprise I hear
  • When inspecting the house yourself try to anticipate what the professional inspectors will find otherwise the reports will seem like absolute doom and gloom
  • Find yourself a builder to get a rough guide on the repairs that will be required, otherwise it may not be worth it
  • If there is structural damage forget about it
  • Have a heap of cash on standby, there is always another expense like:
  1. Deposit bond fee
  2. Holding deposit
  3. Insurance
  4. Application fees
  5. Travelling between Brokers, Solicitors, Agent
  6. Etc. etc. etc
  • Ensure the local amenities are sufficient for your needs, I have a supermarket, club and red rooster
  • Apply for any government assistance you can, you might just get it
  • Check out the house on Google Docs prior to initial inspections, the neighbors may have a pool
  • Be Prepared to make and take a thousand calls from previously mentioned people, one of the most communicated processes I have ever been involved in
  • Don’t tell anyone how smoothly you are finding or how much of a bargain your house is, they will be happy for you and hate your guts
  • Take photos of the place for posterity
  • Ensure there is no crazy cat lady in your house once you’ve purchased it, mine might
  • Speak to friends about all the things you want to do to it, they may be able to help you do it cheaper than you thought, e.g. i know a guy that does solar panels
  • Ensure you have a plan to furnish the joint, I think mine will be a bit empty to begin with unless there are donations aplenty
  • Don’t buy a house on a massive slope unless you are looking for an awesome slip and slide track, property that is sloping is only ever going to be trouble
  • Dream big, I plan to turn my small 3 bedder into a mansion (at some stage)
  • Buy the crappiest house on the best street, The neighbours will buoy your house price, especially if they work really hard to improve their houses
  • Ensure your solicitor finds out about any easements or service running into your property, better to be prepared on those things
  • Plan ahead, my house will be a great party house right now but will be a great family home as well
  • Most importantly i think is don’t settle for a house, make it the one you want, you’ll be in there for a while

One thought on “Lessons Learnt Buying a New House

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