Peasy Explains

What should I consider when searching for the right home??

Many people come to Peasy with a list of ideals, usually a list that differs slightly from their significant other. However, we believe it is often easy to define exactly what it is you do want, but the hard part comes down to what compromises you are willing to make.

Depending on where you want to buy, you could be faced with a number of restrictions such as budget, time and competition and so, the initial piece of advice we give our clients is to firstly let us find you the best possible lender/loan and then we can look at what we can achieve from there.

Knowing your limitations will help you better pin point the right property, which is why we always recommend getting pre-approval first.

Now for the search, below is an example of one of our customer’s needs…in order of priority:

  1. Upfront cost – loan amount being the maximum I can afford
  2. Ongoing expenses – affordable long term
  3. Size – to fit a family of four with secure parking
  4. Commuting – distance to work/schools and childcare center
  5. Lifestyle – distance to amenities, kids sports clubs, beach and entertainment

Putting together this list helps our customers clearly identify what is most important, as often buyers can get carried away with the aesthetics of a home, or the inviting aura it gives off and in turn forget the logistics of what is actually possible.

So keep your list close by, but also remember to remain open to compromise…

Here are some great questions that will help you decide whether a property is still an option…

  1. ‘’I really want this property, but it is a little above my pre-approved limit’’ – could you wait a bit longer and save a little more? or even ask a family member to assist financially to get you across the line…
  2. ‘’The price is lower, but the kitchen isn’t quite what I imagined’’ – could you renovate the kitchen with the money you would be saving on the purchase price?
  3. ‘’The house is great but a little small for us long term as we plan to have children in the next year or two’’ – is it worth commuting a bit further to afford something bigger so we won’t need to move again?

Whatever you decide make sure you consider your list of needs before making an offer, be prepared to compromise and remember what is most important; as this will save you time and ultimately lead you towards the best possible outcome. We are here to assist too, so any advice you need please get in touch so we can help you come to the best decision.

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