Buying a new home is exciting
But to make sure you are making the best decision, you need to be sensible and do your homework ahead of putting in your offer.
With this in mind, below are five tips to help you secure your dream home, or investment property with confidence:
1. Ensure you know what you are getting yourself into.
Take your time with this process; once you have settled on a property, there’s no turning back. It’s essential for you to know what you are buying and to be aware of any issues that may arise.
Building reports: a written account of the property's conditions. Building reports can be helpful to negotiate a lower price if there is damage that will need to be fixed.
Pest inspections: Thorough visual inspection of the roof void, subfloor, and external buildings and gardens for any pests. Pest inspections are important as they can prevent many expensive damages that may occur after purchase.
Strata report: If you are looking to buy an apartment, unit, or townhouse, the strata report covers all the aspects involved in running and maintaining a block of properties and all the common areas that go with them.
2. Scout the neighbourhood.
This can be easily done by taking a walk around the area, checking out the local coffee shop, and getting a sense of the community.
3. Make sure you understand what the future holds in the local area.
Check with local councils for any new infrastructure impacting your property. Your local council will be able to tell you about the zoning for your property and if there are any new developments planned.
4. Do all costs fit into your budget?
Buying a property involves a lot more than just the purchase price. You need to consider the following figures in your budget.
- Stamp duty
- Conveyancing fees
- Mortgage Insurance
- Building insurance
- Moving costs
- Strata fees
- Ongoing mortgage repayments
5. Find the best home loan value.
You can choose with a Fixed or Variable interest rate home loan that will allow you to be comfortable in your property purchase.
Fixed Rate
A fixed interest rate loan is a loan where the interest rate on the loan remains the same for the life of the loan.
Variable Rate
A variable interest rate loan is a loan where the interest charged on the outstanding balance fluctuates based on an underlying benchmark or index that periodically changes. Whether you choose to fix your home loan, or prefer a variable option it is really down to personal preference and your financial circumstances.
Our local Lending Specialists can talk you through the right information, to find the right product for you. Talk to us today.
