1. Research
Research recent sales prices and suburb profiles. Things to look out for include the location of schools, public housing, transport, amenities, and future building plans.
2. A shortlist
Figure out what you’re looking for in a home and make a list of your non-negotiables. It’s important to consider how long you want to live there, if the home is future proof or an investment property. You can ask yourself the following questions:
- Which suburb do I want to live in?
- Am I looking for a house or apartment?
- Will I bring up a family here?
- Is this an investment property only?
3. An extensive search
Don’t be discouraged if you’re looking for a few more months than originally planned. The search can take a lot longer than you think! The most important thing is making a smart decision that fits your needs.
4. Time of year
Seasons can influence the housing market. It helps to avoid election time when the market is uncertain. Buying in off-seasons such as Christmas, when there is less competition and high spirits, could lead to a better deal.
5. Silent costs
Know what you’re getting into before you sign anything. You’ll need to factor in mortgage insurance, loan fees, council rates, conveyancing, and building or pest inspections. It helps to choose an affordable home loan. Kina Bank’s Home Loans have the best market rates in Papua New Guinea.
6. Unwelcome surprises
Take the time to inspect your new home. Check for mould, strange smells, holes in the wall, dirty water, low water pressure and ask about the neighbours! You don’t want any surprises.
7. It’s up to you
Never feel pressured by realtors to buy something you’re unsure of or not ready for. At the end of the day, the home-buying process is all about what’s best for you!
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