Investing in real estate is often one of the most important and expensive purchases many people will make in their lives.
How do you go about selecting the right property for you? You could follow these questions as a guide.
Location is extremely important, especially when it comes times to sell in the future. Ultimately your sale price will be determined by the appeal and overall location of your property.
Before going out into the marketplace to find your dream property, the following checklist may be useful in getting you in a position to confidently bid or make offers on your property of choice.
1. Get your finance sorted first. We’d recommend a Mortgage Broker as they will be able to assist you in finding the best deal from all the banks and other smaller lending providers. If you know what you can spend then you won’t waste your time looking at places too expensive, or maybe you can look at something more than what you originally thought.
2. Get your deposit organised. If you don’t have a 10% deposit readily accessible you will need to organise this (10% deposit is the usual deposit). Just because your finance has been approved doesn’t mean you can borrow the deposit. If you don’t have it in saving then you may need to organise a personal loan. Again, your broker or bank can assist you with this but get it organised early in the process.
3. Write a list of your needs and a separate list of your wants. For example having a double lock up garage might be essential if you’re a tradesperson and need this from a security point of view. Therefore you won’t look at any houses that do not offer this (or perhaps have room to put one). On the other hand you might want the home to have 2 bathrooms, but if everything else was perfect, 1 bathroom would work. Then, reflect on your budget and make sure your expectations are realistic given what you can spend.
4. Get to know the area you want to buy in. What has sold in your area within your general price range and what is currently for sale? Go to open homes and start getting a feel for things. We are happy to provide you with a free report on recent sales within a certain price range and area – just give us a call on 03 9390 9002.