tips to make property shopping easier...
Avoid frustration… Before you begin to search for your new home, take some time to think about:
The first step when thinking about buying a house is to work out your finances. Before you even start to look at potential homes, take some time to sit down and calculate your savings. Have you saved enough money to pay a deposit on a home? Keep in mind that most lending institutions will require at least 5% deposit. When working out how much you need to save, don't forget to account for the 'hidden' costs of buying a home.
These costs include:
- loan application/establishment fees,
- government charges (mortgage and property stamp duties, registration and land transfers),
- insurance,
- legal expenses, and
- inspection expenses.
To have one of our experienced Loan Consultants contact you for a confidential obligation free consultation about your home financing requirements Click Here. To avoid disappointment it is better to obtain pre-approval for a loan where possible, you can then confidently make an offer on a property.
Back to Top
Both your budget and lifestyle will influence where you choose to live. When considering the financial aspects, start by taking a look at the average property values of suburbs you fancy. This information should help you find areas in which homes are likely to be within your budget. The property you ultimately purchase is likely to be your most valuable financial asset. Therefore, consideration should be given to selecting a home that will substantially increase in value over time. Prime locations to consider are those where property prices have historically performed well in terms of capital appreciation. Finding a location that suits your lifestyle is very important. Often one of the most important factors to buyers is their distance from work. Perhaps you need to be located close to specific amenities. Look through the following list and note down those factors that are important to you.
Travel Time
- Work place close
- Access to public transport
- Family/friends nearby
- Shopping facilities
Educational Facilities
- Childcare
- Pre-school
- Primary school
- Secondary school
- University
Recreational Facilities
- Parks
- Sporting facilities (e.g. sports grounds, gyms, tennis courts, pools, etc.)
- Beaches
- Entertainment
Environment
- Appealing streetscape
- Low noise area
- Clean air
Finally, don't forget to note down on your wish list all those suburbs you would consider living in.
Back to Top
As well as determining where you would prefer to live, you also need to decide on exactly what type of home you want. Below is a list of items you may want to consider when defining your perfect home. Don't forget to update your wish list to reflect items which are important to you.
- The type of house, e.g. free-standing, terrace, unit or town house,
- Whether new or used, recently renovated or in need of renovation,
- The number of bedrooms,
- The number of bathrooms,
- A backyard, courtyard or balcony,
- A garage, under-cover parking or off-street parking,
- Facing (north-facing living areas and backyards will admit the most sunlight),
- A floor plan which fits particular furniture/whitegoods etc.,
- Privacy and security,
- Special features: e.g. home office, adaptation for handicapped, pool, etc.
Back to Top
The next thing to think about is the time frame you will be working to when buying a home. You may need to move out of rented accommodation by a certain date or perhaps you are relocating as the result of a forthcoming change in employment. Alternatively you may need to save for at least one more year, but plan to begin researching suburbs and educating yourself on the buying process. Whatever your situation, it is a good idea to develop a schedule.
Back to Top
© Copyright 2004 Propertyshop.com.au Pty Ltd
Propertyshop.com.au Pty Ltd Licensed Estate Agents trading as PropertyShop estate agents
Director & Officer in effective control Peter Cincotta Mobile: 0411888770
Shop 4, 96 Main Street Mornington VIC 3931 Tel: 03 5973 5100 Email: sales@propertyshop.com.au