Before you begin the property purchasing journey…
Property’s a pretty hot topic in Australia, but buying any home is a bit of journey. So what do you need to know before you embark on the path to what’s often referred to as ‘the great Australian dream?’
Well the reality is, even before you get serious about buying your first, second or forever home, there’s a checklist of things that it pays to know.
Here’s what to consider before you begin the property purchasing journey.
Budget is the biggest factor when it comes to what property you can afford to buy and the location you can afford to purchase in.
Long before you start perusing the property portals or lining up a weekend of open homes, speak to your lender about your intentions to buy and work out exactly what funds will be available.
The hidden costs
Purchasing a property isn’t just about buying the home and servicing the mortgage. There are also additional costs involved, including short-term and ongoing expenses.
Short-term expenses are incurred during the purchasing process and often include things like:
- The deposit
- Stamp duty
- Legal advice/conveyancing
- Pest and building inspections
- Moving costs
Meanwhile, ongoing costs include mortgage payments, council rates, insurance, utilities, maintenance and repairs, renovations, and more.
The property purpose
People buy property for different reasons.
For some it’s to take that first step on the property ladder, for others it reflects a change in their life such as the need to upsize or downsize, or it might be an investment property that delivers a rental income.
Long before you start the property search, get crystal clear on the purpose your property will serve, and how this factors into your life plans and financial position.
As the old saying goes, buying a property is all about ‘location, location’.
Knowing the suburbs that pique your interest or the areas where you hope to buy is an important pre-cursor to the purchasing journey.
Consider the areas that suit your needs depending on the purpose of the property.
Perhaps it’s a forever home that needs to be close to your workplace and public transport, or maybe it’s an investment property where you hope to attract quality renters and enjoy capital gain.
Once you narrow down the locations that suit, research them diligently including any planned infrastructure, flood risk, development plans, and more.
So you know the purpose of the property and the possible location, now it’s time to consider exactly the features and attributes that you hope this property will have.
These include non-negotiables and ‘nice to haves’. For example, if it’s a family home a set number of bedrooms and bathrooms might be non-negotiable, while it would be ‘nice to have’ a swimming pool.
Before you start the purchasing journey, make a list of the non-negotiable criteria any property needs to meet along with the other features that would be a bonus.
How we can help
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We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.