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Photo by Francesca Tosolini on Unsplash
The value of residential properties in Australia has considerably risen. It’s currently at its highest since September 2003 according to the Australian Bureau of Statistics. It can either be viewed as a good time or a bad time to buy a house now, but it’s definitely something not to stress too much about. Not everyone is an expert when it comes to the intricacies of buying property, which is why you might need to consider some basic things when you finally decide to get that small piece of heaven.
What’s Your Budget?
One of the first things to consider is your capability to pay for it. Do you have the means to pay in cash or do you need to take out a mortgage? Is it a good idea to pay it in cash? Do you need a mortgage? If so, then it’s absolutely necessary to learn about the interest and comparison rates of different banks so it doesn’t become a problem in the long run.
Where and How Do You Want it?
Keep in mind that the prices of houses differ per area so knowing your budget and finding the ideal location needs to be fully addressed. Is it a safe neighborhood? Is it near facilities that are important to you? Additionally, in what condition is the house? Are you okay with a fixer-upper or do you want a place where you can readily move in with very minor repairs needed? Consider the costs involved of possible repairs and factor them in your budget and overall value of the property before deciding if it’s the one for you.
Due Diligence Goes a Long Way
Now that you know your budget and location, it’s time to do some legwork. Talk to other local homeowners, get the lay of the land, check the history of the house, any hidden costs, utility arrears, the paperwork, etc. Learn and know as much as you can about the property you are aiming to buy so that you don’t get blindsided because the agent and/or seller “forgot”, embellished, or exaggerated certain details about the property and the area surrounding it.
Take Your Time
You and the realtor may be both excited about your acquisition of a property. However, never get pressured into saying yes. Negotiate from a position of strength and don’t rush into a decision just because “there are other offers” and the property looks sparkling.
Now that everything is lined up, make the deal, let the process resolve itself, move in.