Top 5 Tips for Buying Property

Buying property is a glorious time; however, it can become very stressful and challenging if you don’t know how to go about finding your ideal home or sealing the deal on the house you’ve seen.

 There are a few steps to take to ensure a smooth process that we have highlighted below:

 What can you Afford?

 This is the difficult question you need to ask yourself before making any buying decision. What you can afford over what you would love is important. Yes, we all would like the white picket fence with the Olympian swimming pool, but can you afford that property?

 It would be best if you were completely honest with yourself as well as understand that the property price is not the only expense that you will encounter when owning a home.

 Bond repayments along with the rates and taxes and running costs need to be included in your home budget. This will help you to be more realistic about your finances and your property lists.

 Get a pre-approved Home Mortgage

 When placing an offer on your desired home, it’s best to confidently do so by getting a pre-approved mortgage from your bank of choice. Not only will you have realistic figures, and interest rates, but by producing a pre-approved mortgage at a viewing, the agent will more likely accept your offer. The pre-approved home mortgage is proof that you can afford the home, making the buying process more fluid than that of still having to get bank approval and possibly being rejected or receiving exorbitant rates that you just cannot afford.

Location and Size of the Property

Research, research, research. Before setting your hopes on the property, ensure you have a full grasp of the location and size of the property. Is the property conveniently located? Is it a safe area? Are you close to shops, schools, or any other amenities needed? What is the property resale value like in that area, is it the best option for you financially? Consider the size of the property and what your ownership expectancy is as well. Have you purchased an apartment, but would like to start a family in five years and the property size may be too small? These may seem less important to you at the time; however, it may affect you in the long run when you are tied down to a mortgage.

Find out how Long the Property has Been on the Market

This is crucial when choosing a property to buy, as what you see may not be what you get. Some properties may have been on the market for some time, and thus it’s best to understand why before choosing to buy it. Unfortunately, if you do not do proper homework, you may end up with a home in a terrible condition that you had not budgeted for. Be prepared when viewing the home and ask the necessary questions to understand why a house is struggling to be sold.

Research Comparable Homes

Ask your agent for a list of properties that were sold in the area in the last year and compare price ranges. Research whether the asking price is market-related and what the resale value of the home is. You always want to make sure you’re getting the best value for your money, so research as much as you can when buying property. We can help you find the best property buy to match your needs and budget. Contact us today for a stress-free property buying process that will exceed your expectations.

If you're considering buying or selling your property and you need some guidance, don't hesitate to contact one of our real estate agents at Callaghan Property Group.