What do I need to know before buying a home?

Buying a home in Australia is not easy. It can be a stressful decision that comes with so much financial pressure if you’re not prepared for it. Therefore, work hard to prepare yourself in advance to avoid any financial damage in the future.

 

Carry Out Thorough Research

Instead of following the media or just paying attention to what other people are saying, carry out research to find out which suburb is better for yourself. There are a number of ways to do your research. For example, you can search online on different property websites or visit suburb profile pages. These platforms have a lot of information about the property market, including the houses for sale, number of individuals who are planning to buy a house, the impact of interest rate on the property market, and current market prices.

You can also consult a real estate agent, with years of experience in the market they can be a great help when buying a home. When searching for a property, observe market trends and the ratio of supply and demand. This will give you a better idea about particular suburbs and the property prices.

If you can’t afford to live in your desired suburb, look for other suburbs surrounding. If you’re not from there, visit different places and talk to the locals to get a better idea about the area. Many people want to buy a house in a certain area due to its increasing value, but what they don’t understand is that its neighbouring suburbs will experience the same increase in prices.

When buying a home, don’t limit your search. In addition to finding a property in your preferred area, look at the houses in the surrounding suburbs. You will get a better idea of the prices and options in your neighbourhood. All in all, collecting all the necessary information enables you to make the right decision at the right time.

 

Observe the Pricing Cycle

The prices in the real estate market fluctuate quite frequently. Observe the market trends and see when it’s hot. It is best to enter the market when it is experiencing cooler periods. This will give you an opportunity to buy a property at a reduced rate.

If, however, the market is highly competitive, buying a home is not a good idea. Wait for a calmer period as this will enable you to purchase it for a better price. Work closely with one of our brokers and devise a strategy to achieve your financial goals in time.

 

Development Plans and Other Facilities

This is yet another important factor to consider when buying a home. Young families prefer to buy a house in areas that have shopping malls, schools, hospitals, and transportation links in the same vicinity. Many suburbs are designed to provide these facilities to the residents. This is why you should try to find a suburb where such facilities are available.

Property prices are often higher in areas that have hospitals or schools. But a way to get around this is to look for a house in a suburb where development is planned for the future, provided the prices in these areas are still relatively low.

Be very clear about what you need. For instance, if you and your spouse are working full time, you may need public transport to commute to and from work. Buying a home in a suburb that has transportation facilities in close proximity will be convenient for resell purposes too. Similarly, there are other factors you should consider when buying a home, such as cultural diversity, entertainment facilities, shopping malls, roads, and more.

 

Inspection

Last but not the least, get the inspection done. Most people try to save on inspection costs as they think it’s a waste of time and money. But that is not true. You might have to spend extra money on getting an inspection, but it is an investment as it will help you find out if there’s water or pest damage beforehand. Identifying the damage before buying a home will help you negotiate a better price and will also save you from spending extra money in the future.

By keeping all these factors in mind, you will be in a better position to make a well-informed decision. It might take time, but at the end of it, it is worth it if you find the right home.