Buying a property is one of the largest transactions many will make in their lifetime, and elicits excitement and nerves alike. Whether you’re looking for an investment property, a first step on the property ladder or your forever family home, here are five things to consider as you seek out the perfect property.
It would be wonderful to have unlimited funds when it comes to buying a home, but the truth is many of us are restricted by a budget. Any prospective home buyer should know their financial limitations long before they begin the house hunt and have explored options like the first home buyers’ grant in depth with their lending institution.
The budget determines the style, location and size of your property.
What is your prime reason for purchasing a property? Is it an investment property, a first home that acts as a stepping stone into the property market, or your ultimate dream home where you envisage spending a number of years, or raising a family?
Any buyer needs to be clear in what they hope to achieve with their purchase, as the reason can alter the location, the nearby required amenities and additional extras like a pool, large garage, or whether you purchase a free-standing home or unit.
Before viewing properties, write yourself a list of features that you would like included. Then break the list into a “must-have” section, and a “would like, but not essential” component. This will allow you to narrow the property search, and will help your agent find and recommend suitable properties.
Once you’ve established the purpose of your property purchase and the budget available, it’s time to investigate the regions that meet your needs.
Take your time to properly research the suburbs or areas that pique your interest, including looking into potential and planned developments for the area, upcoming projects, and the demographics of the suburb, along with the available amenities and features like public transport.
Also spend time getting to know what prices properties in the region command.
Pest and Building
When you find a property that you’re keen to make an offer on, ensure you get all the necessary checks, like pest and building. This will flag any potential issues and protect your investment in the long term. Bear in mind that a problem may not necessarily be a deal breaker, but may provide leverage to offer a reduced price.
Not only should you have your potential property professionally inspected, but take the time to do your own reconnaissance.
This includes spending time in your prospective neighbourhood to get to know it at different times of day, envisaging how you will fit within it. This will alert you to issues like noisy neighbours, traffic or an overhead flight path that may not be obvious during a brief inspection.
About United Strata
Specialising in the Macarthur region, United Strata offers professional yet personalised service for buyers, sellers, landlords and tenants alike.