Buying property can be one of the most exciting as well as daunting process for anyone entering the property market. With so much riding on making this your right property or investment, a trusted agent with accurate knowledge can save you time, money and stress. Here are some tips to help you get on the right track and make a sound financial decision for your future.
Your reason for buying
Knowing why you are wanting to make the purchase in the first place will assist in getting your priorities right from the beginning. Is this property the start of your portfolio? Who is utilising this space? Are you wanting security? What lifestyle are you looking for – vibrant and urban or peaceful suburbia? All these questions are pertinent to understanding your reasons for getting into this market in the first place.
Get your finances in order
Find out what it is that you can afford and ensure all your checks and balances are in order. Knowing what you can afford and how much you can borrow is vital in narrowing down your search areas.
Find the right area that suits you
Once you have identified your reasons for purchase and your finances are in order, look for areas that suit your needs best? Where are the main roads accesses points? Who will be your target client and is the property located to their convenience? How close are the facilities around the area? Is this the right social environment that is close to restaurants and the nightlife you crave? Or does the area fit your budget? Finding the right area that suits your needs helps you narrow down and focus your research on those chosen so you avoid ‘wasting’ time on areas that would never suit.
Do your research and do it well
There are many reports and suburb profiles available, so knowing which ones to trust and what advice to follow is key to making the right decisions. Spend most of your time within this stage and be sure to look at all your options available. A knowledgeable agent is key to this process as they can provide clarity and point you to the right direction.
Make all the right pre-purchase checks
Once you have shortlisted the area (or property), check with local council and real estate agents to make sure you have all your relevant stats on the area and all the planning and building permits are in check. This step is instrumental in tying the best price with the place that is right for you. Be sure to have reports for building inspection and pest inspection as a condition of the purchase.
Prior to settlement day it is advisable that you do a final inspection. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed.