Great advice when buying a property is take a long time to find the right property, but once you’ve found it don’t hesitate. This advice is important because the best offers often come in first, and if you’ve found a great property it may not sit on the market for weeks and weeks. But before you rush to put down that offer, there are a few important things you should consider about the property and the area beforehand.
This is a great time where your Buyer Assistant can be invaluable to helping assimilate all the information—even information you don’t have access to as member of the Australian public. While they are putting together a property report for you, you should consider the following points:
1. Find out about your neighbourhood
Knowing about the community you live in can form a major part of how much you will enjoy living there, plus whether the property will increase in value. You should do a general search online, then also do a drive through the neighbourhood and look at community notice boards. This will help to create a picture of what kind of area you are moving into.
2. What schools are there?
Having schools nearby your property is great for property value as this will nearly always contribute to an increase in price. Remember that this is important even if you don’t have kids yourself! But just knowing a school is nearby isn’t enough—do some research and find out what kind of school it is, what the reputation is, how much any annual fees are and if it’s a high school their year 12 performances in previous years. All of this will help paint a picture if this school will help or hinder your property’s performance.
3. Commute to work from there
It may seem out of the way for some people, but any property I am looking at purchasing I always do this. Wake up extra early one morning and drive to the property then commute from there into work. Often experiencing weekend traffic will make you expect short commute times but I often find this isn’t the case. How long does it take? Is it too long to put up with every day?
4. Community Facilities
The next thing to look at is the local amenities in your area. This can be sporting grounds, golf courses or tennis courts, swimming pools, community halls, churches or any local associations. These often form the heart and soul of a community and you want to know what’s on offer for you and your family.
5. Have a long conversation with the sellers
Any seller who is properly motivated to sell their property will be happy to spend time talking with you. And you should do exactly that. Why? The more you chit chat the more comfortable they are with you, and you will often find out more information than you previously had. Ask about renovations, the street and the neighbours, how often they have to mow the lawn. Developing this relationship can often have positive impacts when it comes to negotiations, as sellers are much more likely to make concessions to someone they know and like.
6. Extra expenses
Take into account your extra monthly bills and factor those into your budget. You will have more than just your monthly mortgage bill! Find out about the taxes, insurance, utility bills and any extra fees (e.g. body corporate fees). If it stretches the budget too far, it’s not the right place for you. Remember that variable rate mortgages fluctuate and you need to be able to afford your home in the future when things change in the economy.
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