Buying a home is one of the most expensive purchases you are likely to make, it can also be a great long-term investment opportunity.
When you buy a home, you buy a lifestyle
- Put some thought into where you would like to live.
- Think about your future, are you committed to the single life for a while, or are you getting married and considering children?
It's important to visit the area and check out the proximity of schools, hospitals, shops, transport and nightlife.
- Take a seat on the verandah or common eating area and take a look at the streetscape
- is it convenient to schools, medical centres, shops and restaurants?
- How far do you have to travel to work? Consider car parking and public transport
- Is there excessive noise, traffic or industrial work in the area?
- Most markets grow faster than you'll be able to save, it's likely to be more expensive the following year
- If you're living with friends or parents, you could possibly afford to buy a small investment property and continue to live at home for a while as you build equity
- Will the home be easy to sell when it's time to move on?
- Speak with your financial adviser and arrange the best loan to suit your needs
- Make lump-sum payments whenever you can. For example paying an extra $150 per week towards a $400,000 loan at 7.0% interest can be paid off almost 6 years earlier with a saving of $117,829.63 in interest!!
- Variable Interest Loans are most popular and can increase or decrease. Advantage is if the interest rate falls, so do your repayments and you can make additional payments whenever you wish.
- Fixed Interest Loans have a set interest rate for the period of the loan. This offers peace of mind, but the drawback is that you can't usually make additional repayments, so you can't reduce the loan and you may be charged a fee.
- Interest Only Loans are best suited to investors as you don't pay off any of the principal during the course of the loan. More cash in your pocket and allows you to borrow more property. Best of all, because the repayments are entirely interest, they are totally tax-deductable.
- Most importantly, the loan amount is based on the bank's valuation of the property, not on the purchase price. If you pay more than the bank thinks the home is worth, you'll have to save for the shortfall.
It's time to attend our open home inspections and view suitable homes.
- Internet gives you the ability to access available sale properties without even leaving your home. www.realestate.com.au and this website are prime examples. Register your details with our e-mail property alerts and you'll be notified every time a home meeting your criteria is listed with us.
- Local newspapers including The Morning Bulletin and real estate magazines offer a good perspective of the current market.
- Speak to our sales agents when you do your inspections, they are more than happy to offer you valuable information and update you on available properties that may be suitable to you.
Once you have found the perfect property, it's time to arrange a building and pest inspection with a qualified builder and/or pest inspector to let you know of any building defects or pest concerns.
- Don't be put off by bad weather. It's a prime time to check the property for leaks and poor drainage
- Scan the electrical wiring; black wiring indicates old, original wiring
- Check the floor boards, all the taps and around skirting boards
- Take a look at the roofline and strains on ceilings
- Open and close doors; sticking or jamming may indicate structual movement
They will keep you informed of the developments up until Settlement date, conducting all necessary searches and offering you advice along the way.
Ask the agent for a copy of the sale contract and for a copy to be sent to your solicitor.
Once your offer has been accepted
- You will be required to pay a deposit - Generally $1,000+ is sufficient
- Organise your finance and building & pest inspection
- Organise a pre-settlement inspection with your sales agent
- Speak with your solicitor and confirm on settlement day
- Pick up the keys to your new home!!
They are more than willing to assist.