If youve been listening to the doom and gloom in the media about the current property situation in Australia, you may be a little concerned- particularly if youre thinking about buying. But its a good idea to remember that so-called experts have been saying that the housing boom is about to bust for almost the last ten years.
Here are some tips for buying property in Australia:
Get an inspection
We all know that in order to make the best and most responsible choice when buying property, we need to ensure that weve gotten all possible inspections. So why is it that so many people skip this crucial step and end up kicking themselves later when theyre paying thousands of dollars to fix properties which are unsafe or structurally damaged? It obviously makes way more sense to pay a professional to give your house a good once-over, and both building and pest inspections will give you peace of mind when you know your property is both safe and critter-free.
Dont rush it
While sometimes the stars dont exactly align correctly and you need to purchase property faster than youd like, its always better to take your time if at all possible. This means looking at as many properties as you can so you can become an expert in the market. You should have a think about what you want long-term so you dont end up regretting your decision or needing to sell a few years down the line when your needs change, and also suss out which features are important to you and which ones you can miss. The best idea is to make a list of all of the absolute deal breakers for your new property- maybe it needs to be close to public transport so you can save on gas, or near a good school for the children.
Read your reports
For those contemplating purchasing a strata property, its crucial that you get a copy of your strata report before you pay any money. Strata living is very different when compared to living in a normal property, with bylaws to obey, committees to attend and levies to pay so its important that you know what youre getting yourself into and understand all of your rights and responsibilities.
Check your finances
Before purchasing property, you need to take a good, hard look at your finances. That means taking the time to look at all your incomings and outgoings. Its important to know what you will do in the event that you or your partner are no longer able to work, and also to ensure that you both have life insurance, property insurance and a nest egg in the event that you cant pay the mortgage for a few months. When it comes to your mortgage, take the time to do your research and be sure to check out so you can enjoy your new property without worrying about your finances.