First Home Buyers Guide from Austral Mortgage
Step 1: DO YOUR RESEARCH
If you’re looking to buy a property in an area you’re not familiar with, talk to local real estate agents.
They live and breathe the local property market and its worthwhile seeking their opinions on market movements and prices. This will help you determine whether the type of property you want is in your price range.
Depending on where you want to buy, Austral may be able to assist you further by providing you with a free Residex Report. These reports contain valuable information on the services available in many suburbs and the projected capital growth in property values for the area.
• TIP- Make a list of your absolute ‘must haves’ in a property.
• TIP- Don’t simply buy a property because it looks great.
• TIP- Consider the things you want in a property such as the number of bedrooms, bathrooms, car spots, off the street parking, backyard, proximity to public transport, shops & schools.
• TIP - Consider factors like the possibility of traffic noise and pollution caused by a busy road nearby…
• TIP- By knowing exactly what you want you’ll avoid wasting your time.
Also spend some time researching the neighbourhood and consider inspecting properties in adjoining suburbs or different areas altogether. This way you'll get a feel for alternative properties that may be just as suitable and may even represent better value for money.
You can also get a feel for prices of different properties by checking out real estate sections of newspapers and property publications, although agents don't always list the price, so if you have time it is worthwhile attending a few auctions too.
This is will not only give you an insight into purcahse prices and 'value for money' but will also help you get familiar with the auction process and give you a feel for the property market in the area generally.
You can also make a wish list of desired non-essentials you’re looking for in a home as this may come in handy if you shortlist two or three properties and are undecided about which one to make an offer on.
Once you’ve done your research and feel confident about your newly acquired knowledge, it’s time for some number crunching …