Buying a property for the first time or as an investment is one of the biggest and expensive purchases you will ever make. This decision needs to be the right one for yourself and your family.
A few tips to consider when buying a property:
- Choose a location and its surrounding suburbs that will fit in with your lifestyle. Take into consideration transport, schools, leisure activities and price.
- Find the type of property you are looking for, eg: Family home to move straight into, a home where renovations are needed to make your desired family home, an apartment with no maintenance, a townhouse with little maintenance. There are so many different choices and options that you need to consider before looking at your next purchase.
- Make a list of your requirements while inspecting properties, this will help you narrow down the right property for you.
- Know how much you need to spend for the property and budget for a little more if some work or changes need to be done to the property.
- Visit your financial institute to discuss your loan and finance. Make sure you take into account all the other fees like stamp duty, conveyancing costs, valuations and other fees.
- Look into the areas council, water , insurance costs, strata fees as these will be ongoing costs you need to consider.
- Start inspecting properties, go to auctions to get a feel of the current market.
- Once you found a property and your offer has been accepted, arrange a pre settlement inspection to make sure the condition of the property is what you remember it to be.