In 2011, 67% of Australian households were homeowners, while the rest were renters. If you're financially ready to graduate from a renter to a homeowner, enlist the help of a real estate agent to help you find the perfect starter home for you to build a family. After visiting several open houses, you might believe that you have finally found the perfect place; however, while everything looks great in-person and on paper, there may be more to the property than meets the eye. Before making a decision, don't forget to ask these 3 important, yet frequently forgotten, questions.
Whether the Property Is Close to Night Trains or on Flight Plan Routes
Most homeowners would appreciate a quiet and serene neighborhood. While the property may look perfect and peaceful during your visit, this might not necessarily be an accurate representation of the place at all times. On top of visiting the open house during the busiest hours of the day, make sure to ask the realtor whether the property is close to night trains or whether the property is located on a flight plan route. These two factors alone can quickly turn your quiet haven into a loud nightmare.
How the Market in the Area Has Performed in the Past Several Years
If you plan on investing a good chunk of your savings on real estate and your new home, you want to confirm that your investment will likely pay off in the future before you make the decision whether or not to put in an offer. The easiest way of doing so is to ask the real estate agent how the market in the area has performed in the past several years. This will give you a good idea of whether the market is growing and whether it is stable. It'll also give you a good idea of the type of growth to expect.
Whether the Property Is Located in a Flood Zone
Just because the place that you're interested in buying is not on the water, it doesn't mean that you'll be safe from floods. If the property is located in a flood zone, it will be just as susceptible to dealing with floods as a property that might be located closer to the water. Purchasing real estate in a flood zone typically means that you'll have to pay for more costly home insurance policies and that you'll have to implement preventative measures to protect your home. You should also consider how many floods have happened in the past several years to determine your risk level of having to deal with floods if you were to purchase the home.
Your real estate agent could show you a home that looks perfect at a glance and fit all of your criteria and requirements; however, this doesn't necessarily mean that you've hit the jackpot. It's vital that you delve further into the property features by asking your real estate agent the questions mentioned above.