Based on CoreLogic’s data, the average time a property owner holds onto a house is 11.3 years and 9.6 years for units in Australia. It’s good to think ahead and have a clear idea about the criteria you’ll need in the next 9-11 years.
Some questions that should to mind could sound a lot like these:
What is my intention in buying this house?
Is it for rent or for my family to grow up in?
Will I be looking to sell or rent after 10 years?
Do I need a daycare in three years?
What are the schools in the neighbourhood like?
Research is a key step to buying a property of your own, regardless if you’re a seasoned investor or a first-home buyer. Four key areas that we suggest anyone to research are:
The ideal location You need to love where you live. The location of your property plays a vital role in contributing to that. Do your research on the suburb and surrounding areas, so you have an idea about potential buyers in the future.
What is the neighbourhood like, the lifestyle, the community;
Where are the closest shops;
Where are the closest hospitals and medical centers;
How long does it take to commute to work; and but not limited to,
The type of schools in the area.
Inspect the home Always inspect the property once you have set your eyes on one. A common encounter is potential buyer finds it different compared to the photos on the listing page. Thus, an inspection is strongly encouraged before making a decision.
You’ll be able to spot certain issues and potential problems with the property that the photos don’t show. Some problems that could cause you problems in the near future could be home systems, appliances, roofings, ceilings, flooring, textiles, moulding, infestation and others. This may even help you in negotiating the price of the property.
Consider how much can you afford It is important to make sure you have sufficient funds to cover your mortgage and utilities. A strong grasp in money management gives you an edge as you purchase your home. Consider unexpected expenses, emergency funds or additional repairing costs that may arise from time to time. How much would they cost and would you be able to still afford to pay your mortgage without falling into further debt?
The prices you see on the websites are just the tip of the iceberg. You’ll have to find out what are the prices of the properties around the area and know the actual cost of the property. Taxes, strata rates, council rates, home insurance and other essential utilities are crucial information to navigate you through your budget. Ask your agent about the ‘actual cost’ of the property.
Buying a home is a big deal, not just personally but financially as well. The key to a successful property purchasing outcome is to find a home loan specialist who can help you find the best deal.
If saving money and finding the right home loan is important to you, Wiseberry understands helping our clients to find the right home is a part of us being different in the way we care. In our endeavour to make the experience complete and to get you to owning your dream home, we have partnered ourselves with brokers who have access to a wide range of loans, including home loans, personal loans, car loans, from in excess of 50 different lenders that can provide competitive loans to meet your needs and financial goals.
What’s even better is that we have a really easy process, none of that mambo-jumbo finance jargon. We will connect you with a local broker who is part of your community to help you find the best deal suited to your specific needs. All dealings are dealt with in total confidence and independent of your real estate transaction.
Wiseberry Loan Advantages
Independent local brokers
Deal direct with a choice of lenders
Feel comfortable dealing with trusted, licensed professionals
Prompt response time
Expert advice on products that suit your needs
Guidance from start to finish
Access to personal and car loans at competitive rates