8 Things Buyers Need to Know Before Getting into the Market in 2025
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Loading... - Aaretti Timoteus
- 06 Jan 2025
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If you're planning to buy a home in 2025, it's essential to approach the process with a comprehensive understanding of what to expect. Here are eight crucial considerations that will help you make a well-informed and worry-free purchase.
1. Know What You’re Buying
Before making a purchase, conduct thorough checks on the property. Arrange for a building and pest inspection to uncover any hidden structural issues or pest problems. Additionally, perform a title check to identify any disputes or legal encumbrances that could complicate your purchase. Finally, review the contract carefully to understand the settlement timeline, deposit amount, and any special conditions.
2. Factor in Hidden Costs
Beyond the deposit, several upfront expenses come with buying a home. Be prepared for costs such as stamp duty, transfer fees, legal and conveyancing fees, and inspection costs. If your deposit is less than 20%, you may also need to pay Lenders Mortgage Insurance. Don’t forget about moving expenses, insurance, and potential strata or body corporate fees if you're purchasing a townhouse or apartment.
3. Consider the Home’s Energy Requirements
Understanding the home’s energy needs is vital. Determine whether it runs on gas, electricity, or both, and check for existing solar installations or the potential for future solar installation. This knowledge will help you anticipate ongoing energy costs. When moving in, consider using a provider like Origin to quickly set up your energy needs, ensuring a smooth transition.
4. Assess Your Insurance Needs
Insurance is a critical safety net for homeowners. Evaluate your insurance options, including contents insurance for personal belongings and building insurance for the property itself. Consider how the property’s location and features may impact insurance premiums, especially if it’s in a flood or bushfire-prone area or has a pool.
5. Evaluate the Location
When purchasing a home, you’re also investing in its location. Investigate the property’s proximity to essential amenities such as public transport, schools, shopping, and medical facilities. Consider factors like noise from nearby train lines or major roads, walkability, and the overall appeal of the neighborhood, as these will affect your enjoyment and the property’s future value.
6. Check Your Internet Connectivity
Different homes have varying levels of internet connectivity. Determine whether the property is eligible for nbn or relies on alternative technologies like 5G or broadband. Knowing this in advance will help you plan accordingly. If you need a new internet provider, consider Origin for competitive plans and potential savings when bundled with energy services.
7. Research Council Rates
Council rates are an ongoing cost that should be factored into your budget. These fees, paid annually to your local council, cover essential services and infrastructure. Rates are typically based on property value and can vary significantly between councils. Research the applicable council rates for the property before making an offer.
8. Look into Future Changes
Consider the potential for future changes in the area, such as land rezoning or new infrastructure developments. Rezoning can alter how land is used, impacting property values positively or negatively. Stay informed about any proposed changes by checking your local council’s website, as these developments can influence your property’s desirability and insurance premiums.
By taking these eight factors into account, you can make a more informed decision when entering the housing market in 2025. Understanding the complexities of home buying will help ensure that you choose a property that meets your needs now and in the future. With careful planning and consideration, you can navigate the process with confidence and ease.
