Why should you consider accessible homes when buying property?

Understanding Accessible Home Features

When buying a home in Amaroo, considering accessibility features has become increasingly important for many property buyers. These features include wider doorways, step-free entries, accessible bathrooms, and modified kitchen layouts that accommodate various mobility needs. Whether you're planning for future requirements or have immediate accessibility needs, these modifications can significantly impact your quality of life and property value.

Accessible homes typically feature elements such as:

• Ramp access or step-free entrances
• Wider hallways and doorways (minimum 850mm)
• Modified bathroom facilities with grab rails and accessible showers
• Kitchen bench heights that accommodate wheelchair users
• Accessible parking spaces
• Lever-style door handles and light switches at appropriate heights

Home Loan Options for Accessible Properties

When applying for a home loan to purchase an accessible property, you'll have access to Home Loan options from banks and lenders across Australia. The application process remains similar to standard home purchases, though some lenders may offer specific products or considerations for accessible housing purchases.

Your borrowing capacity will depend on your financial situation, including your income, expenses, and existing debts. Lenders will assess your Home Loan application based on standard criteria, reviewing bank statements and calculating your ability to service the loan amount.

Interest Rate Considerations

The interest rate you'll pay on your home loan isn't typically affected by the accessible features of the property itself. However, the property's value and your loan to value ratio (LVR) will influence the interest rate offered by lenders. You may choose between:

• Variable interest rate: Fluctuates with market conditions and lender policies
• Fixed interest rate: Remains unchanged for a specified period
• Split loans: Combination of both variable and fixed rates

Some lenders may offer interest rate discounts based on your financial profile and the loan amount. When calculating home loan repayments, consider how variable home loan rates might affect your budget over time compared to a fixed interest rate home loan.

Financial Considerations and Costs

Purchasing an accessible home involves the same financial considerations as any property purchase. You'll need to account for:

• Stamp duty: Calculated based on the property's purchase price
• Lenders mortgage insurance (LMI): Required if your deposit is less than 20% of the property value
• Building and pest inspections: Particularly important for assessing existing accessibility modifications
• Legal and conveyancing fees

Maximising Your Home Equity

Accessible features can positively impact your home equity over time. As Australia's population ages, demand for accessible housing continues to grow, potentially supporting property values in the long term. Properties with thoughtful accessibility modifications often appeal to a broader range of buyers when it comes time to sell.

To optimise your financial position, consider:

• Using an offset account to reduce interest charges
• Getting pre-approved for your Home Loan before property shopping
• Reviewing Home Loan pre-approval conditions with your mortgage broker

Working with Mortgage Professionals

The property market in Amaroo offers various accessible housing options, from newly constructed homes with built-in features to older properties that have been modified. A mortgage broker can help you understand the streamlined application process and identify lenders who are experienced with accessible housing purchases.

When you apply for a home loan, your broker can:

• Compare home loan interest rates across multiple lenders
• Explain the differences between variable and fixed interest rate options
• Help you understand Home Loan Rates and repayment structures
• Assist with the Home Loan application documentation
• Provide guidance on timing your purchase in the current property market

Planning Your Accessible Home Purchase

Before beginning your search, establish a clear budget and get pre-approved for your home loan. This positions you as a serious buyer and helps you understand your purchasing power. Consider both immediate accessibility needs and potential future requirements when evaluating properties.

Remember that some accessibility modifications can be completed after purchase, though this requires additional budgeting and planning. Your mortgage broker can help you explore loan options that might accommodate both the purchase price and modification costs.

Purchasing an accessible home represents a significant investment in your future comfort and independence. With proper planning and professional guidance, you can secure appropriate financing and find a property that meets your accessibility requirements while supporting your long-term financial goals.

Call one of our team or book an appointment at a time that works for you to discuss your accessible home loan options and take the first step towards securing your ideal property in Amaroo.