ALL ABOUT HOME LOANS brought to you by Bank One
CRITERIA TO CONSIDER WHEN ASSESSING PROPERTIES TO PURCHASE
Prioritise the following , so that you have a clear idea of which properties may be acceptable , and which definitely won ’ t .
GEOGRAPHICAL LOCATION AND SURROUNDING ENVIRONMENT :
• Are you after a property in an urban or rural area ?
• Would you prefer a quieter area , closer to or in the countryside ?
• Consider travel logistics and what sort of commute you / your family will be happy with .
• The further from city and town centres you are , the further you will also be from amenities , medical and leisure facilities , and transport links .
• Smart City living might be for you ?
• Try and find out a little more about the area , and what it ’ s like to live there - consult a friendly local .
• Resale value will be affected by location , so keep this in mind .
WHAT TYPE OF HOME DO YOU WANT ?
• an apartment , a townhouse in an estate , or a detached house ?
• how big does it need to be , and how much space would you like ?
Apartment / penthouse living : 1 . Is relatively maintenance-free .
2 . Entails paying a monthly fee to the ‘ syndicate ’, which is responsible for the overall management and maintenance of the block .
3 . Means shared walls , common areas and parking facilities , so you won ’ t have complete control over all your space , nor will you have a lot of privacy .
Townhouses :
1 . Are a combination of an apartment and a house , part of an estate , or complex , have some shared areas , and are managed by a syndicate .
2 . Usually have two storeys , an attached garage at ground level , and fewer units than in an apartment block .
Detached houses / villas :
1 . Are usually the largest option and therefore the most expensive , in terms of purchase price and ongoing maintenance .
2 . Can be modified and extended to allow the possibility of starting with something small ( and therefore cheaper / more affordable ), with a view to increasing the size as your circumstances and budget allows .
Size and space - questions to ask , regardless of the type of housing you prefer and can afford :
1 . How many bedrooms and bathrooms do you need to live comfortably – now and in the future ?
2 . What kind of outdoor space comes with the property - if it ’ s an apartment or a townhouse , how much common green space is there ?
3 . A garden will need maintenance and attention – do you enjoy gardening , and have the time to do so ?
The age of the property – old or new ?
• Are you after a ‘ fixer-upper ’ or do you want something ready to move into ?
• Or is it somewhere in between , and you don ’ t mind a bit of DIY ?
The layout of the property :
• Remember that the shape of your home should reflect your lifestyle .
• If you entertain a lot and are happiest when your home is filled with friends and family , the flow of the living areas need to be considered .
• If the heart of your home is the kitchen , and you enjoy cooking and spending time there , the suitability of this space definitely needs to be a priority .
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