One of the biggest decisions in your life will be purchasing a house. Not only does it require a large sum of money, but there are many other considerations too.

In 2022, the median price of buying a house in Australia was between $1,074,676 to $1,065,447. So, of course, with that amount, you wouldn’t want to invest in a house that’s any less than perfect!

So, if you’re also eager to buy a house, here are some essential things you shouldn’t overlook.

1. Talk to the right bank

Purchasing a house is a big deal, especially regarding the financial aspects.

You need to take a loan and ensure your credit score is good enough to get approved.

If you plan to buy an independent house, the down payment will be huge. But if you’re associated with a good bank that offers low rates of interest, then the financial burden will be slightly less.

While buying an apartment requires lesser money, you also need to take help from your bank to assess the property value and mortgage.

2. Select the right size

Another important factor to look for when buying a house is its size. Of course, the size of the house will depend on the number of members in your family.

For example, if you plan to move in alone, you can easily go for a one- or two-bedroom flat. But a large house with at least three bedrooms is a must if you have your spouse and children.

Before looking at houses, figure out a minimum and maximum range of square footage. Then, see the number of bathrooms, guest rooms, and open spaces that you will require.

3. Communicate with a developer clearly

If you have already selected a house and wish to move in, but some renovations and constructions need to be done, then it’s best to speak to a developer.

You can choose a construction and property development company or an independent contractor. This, again, will depend on your overall budget and specific needs.

Moreover, make sure that you convey your expectations clearly to them. After all, this will be an added expense. So, for instance, if you’re seeking a minimalist house and land packages, convey that properly.

4. Choose a good location

The location of your house will play a crucial role in your daily life. For example, if you find an affordable and beautiful house that takes an hour to commute to work, there’s no point in buying it.

On the other hand, if a decent house is also located near your office or your children’s schools, then that’s a place worth looking into.

However, properties in such lucrative locations often have very high prices. So, make sure you have enough money to spend. Otherwise, you can go for a location that is currently at a low price but has the potential to improve in the next few years.

5. See the other amenities

If you want to enjoy life outside the four walls, then you’ll have to look beyond how the house looks from the inside.

For example, you might have a specific preference for the yard or patio. Discuss with your family members and see what extra amenities they would like.

Children often like to live in a house with a small backyard with swing sets, while some prefer places with a large swimming pool or a built-in hot tub. Check your budget and see which of these outdoor amenities you can afford.

6. Take notice of power and water

If the house is completely unfurnished, you will need to spend extra money installing proper electricity and water supplies.

But if the house is fully furnished or you’re buying it from a previous owner, these facilities should already be provided.

However, rechecking if you’re receiving adequate light from all the bulbs or if the taps are releasing the right amount of water doesn't hurt.

If you discover something wrong with the water or power inlets and outlets, you can inform the previous owner or the property manager to take steps.

Over to you

Even though buying a house can overwhelm you, it’s truly a rewarding experience. So remember to go through these basic checklist points before signing on the dotted line!