Buying a property entails that you are ready to step into a lengthy, tedious, and demanding real estate endeavor - but with a lucrative and positive outcome. Buying any property might sound exciting at first, but since that is a once-in-a-lifetime step for most people, it can also be quite nerve-wracking and expensive.
Hence, before you purchase any property and start renovating and decorating it, there are some things you need to go through to ensure a perfect transition.
Here is a list of 5 things you ought to do before you purchase your new safe heaven to ensure you are on the right track with your investment.
1. Get the finances in order
First things first, in order to buy a new property you need to have some money saved (obviously), however, there are more things that meet the eye. Even if you have decided to take a loan from the bank and pay in installments, because nobody could have that amount of cash to buy a property instantly, you would still need to save some extra money for a down payment. The minimum down payment depends on many factors, but it's usually between 5% to 20%, and then you might avoid paying extra mortgage costs, for instance. Also, have some extra money on the side for the property transfer taxes, legal fees, title insurance, etc. Designate a smart savings plan and be prepared for additional spending.
2. Survey the property
Once you have found your dream property in Sydney's finest neighborhood, the time has come to do some tangible homework. Before you make the purchase official, you ought to know what the property compresses. Research for special parking needs, how many people are under the same roof, whether are there any known or unknown aspects of the property you must be acquainted with, etc. To make the entire purchasing process smooth and professional, it would be advisable to hire an expert buyers agent from Sydney who would help you buy the property you have envisioned and ensure that everything complies with your demands. Having an expert buyer by your side would help you through the property purchase task.
3. Research the potential neighborhood
Just because you have found the property, doesn't mean that you would be content with the neighborhood. And this is a must. Hence, inspect and see how close are the basic amenities such as hospitals, schools, and grocery stores. Next, do your best to find out what is the walking distance from the nearest bus or metro station, what's more, check the commuting aspect to see how long it would take you to go to work and back. Buying a property in the most comfortable and family-friendly neighborhood signalizes having a safe and eligible environment to raise your kids. A real estate agent can also help you narrow down your search if you were to mention all your demands in detail.
4. Check your mortgage options
Depending on the ways you are about to acquire your property, you still need to get familiar with what your mortgage options are. This would help you get a large burden off your back as you would clearly understand what the lenders offer. Also, to clearly get a grip on what each lender offers, you need to read the additional terms and conditions in detail. Don't leave anything for granted because buying a home is a life-long step. Contact a few knowledgeable mortgage brokers or advisers, ask around in banks, or merely get advice from an experienced real estate agent to learn about the costs associated with buying a new property so you would have a clear picture of all the "hidden" things related when getting a mortgage.
5. Take maintenance requirements into consideration
Last but not least, when you have finally got terms as to which property to buy and you've also settled on an adequate location, the time has come to look into the maintenance fees. One large portion of your finds ought to be taken aside for the unpredictable maintenance costs which can add up quickly. The related aspect to this notion is that you may not fully like the given interior, and you would want to change the premises to your wishes. If you are planning to remodel some rooms, readjust kitchen utilities, replace the flooring, or do some other major renovation and maintenance, you must have those things considered in the cost of the property. You would feel safer and calmer when you include maintenance requirements in the property cost because in that way you would exactly know how much extra money you would need to put aside.
By and large, buying a new property is both an exciting and stressful endeavor. However, with an experienced real estate agent by your side to provide tangible and hands-on advice, you would be on the right track to find the best property for you. Lastly, when you eventually finish your search and want to purchase your property, do your due diligence mindfully.
You may also like