Things to Keep in Mind When You’re Buying a Property
There are so many things to think about when you decide to buy property in Australia that you may feel a little…overwhelmed. But we’ve narrowed down some of the most important factors when it comes to buying a home, so you can rest assured that you’ve got everything covered when you find your dream house:
Sure, you want to live in the city…who doesn’t? Unfortunately, house prices in most city centres mean that you’ll be saving for a long time if you’re hoping to get your foot on the property ladder in hubs like Sydney, Melbourne or Perth.
Your best bet is to find property outside of the city centre but close to public transport so you can commute. Not only will you find it far more affordable, but you’ll get your foot in the property door much earlier and be able to afford that location you’re looking for sooner than you’d think.
Do your research
It’s no secret that the market is constantly changing, so it’s crucial that you know if you’re in a buyer’s or seller’s market while you search for a home. In a seller’s market homes will be priced high and more buyers will be trying to buy the same home, while in a buyer’s market you’re far more likely to get a good deal. Learn about the property cycles in the neighbourhoods you’re hoping to live in and you’ll be able to plan your life (and finances) around the best time to buy. Speaking of finances, when it comes to getting your mortgage, be sure to look into mortgages from NPBS- a great option for anyone thinking about buying property. If you have bad credit, you can always find a mortgage broker who can provide free advice, and help you get on the property ladder.
It’s also a good idea to visit a large number of open homes so you get an idea of what you can afford, and what you can expect at each price point. Ideally you should research at least 50 different homes that meet your criteria (and budget) and list how much they went for, how close they are to amenities like supermarkets and public transport, and how long it took for them to sell. This will give you a good idea of what you can expect and you’ll be better informed (and ready to negotiate) when you find your dream home.
Inspect before you sign
Before signing on the dotted line, it’s crucial that you’ve had all necessary inspections completed and you’re happy with the results. This includes both pest and building inspections so you can be sure your house is safe and free of any vermin. Not only will this prevent you from thousands (and potentially hundreds of thousands) of dollars of repair work down the line, but you can also use it as a negotiating point with the sellers- if you see any red flags on the reports but you’d still like to go ahead with the purchase, you’ll have stronger bargaining power and may find that the sellers are more likely to sell at a lower price when you’re negotiating.