Understanding the Home buying Process
Things to consider when buying a property
Buying a home is an exciting time, but the process may feel overwhelming - particularly if you're buying your first property.
A number of factors need to go into your decision and you'll want to consider them all before you make your final decision.
The old saying 'location, location, location' certainly rings true, especially when considering your new home. Where your prospective new house or apartment is located is not something that you will be able to control or change once you have made your purchase.
This means you'll need to consider a number of practicalities. For example, can you park your car onsite? How close is the property to public transportation links? Are there convenient shops, cafes and supermarkets within walking distance?
Once you have determined the location where you would like to live, you'll need to spend some time thinking about the kind of property that suits you.
It is important to take both your current and medium-term situations into account in this situation - for example, a young couple may want to plan ahead and purchase a bigger home if they are thinking about expanding their family. If this is the case, factors like local schools will also become an important consideration.
Alternatively, if you are purchasing an investment property you should do your research accordingly.
Of course, you'll want to consider your lifestyle preferences as well. City lovers who work long hours in the CBD may prefer a modern apartment close to their workplace, while families and pet owners may prefer to focus their search on leafy suburbs where homes are known for their grassy gardens.
Once you've found the perfect suburb and you know the type of property you want, it is time to turn your thoughts to finance.
It's essential that you find a property that suits your personal lifestyle, is located in a convenient area based on your work needs and leisure preferences, and - most importantly - that you can afford.
It is wise to begin your search by researching comparative sales in the area. Once you have a good idea of the average house price in your suburb of choice, you'll need to plan a realistic budget.
Your LJ Hooker real estate agent will be able to provide you with valuable insight into the buying process and can help you research your options when it comes to practical property matters.
Looking for more Property Buying Tips?
- myMarket Report - Your National and Regional Property Report
- Your Complete First Home Buyers Guide
- Open House Inspection Checklist
- Open Apartment Inspection Checlist
- Your Home Your Mortgage
- Home Loan Glossary
- Your Complete Moving Guide
- Understanding the Buying Process
- Different Ways to Buy a Property
- Buying a Property - The Hidden Extras
- How to Work Out the Budget You Can Afford
- Where to Research the Find the Best Property