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What are the key considerations when buying a property? (Part 2)

Oct 25

Posted by NoAgentSales.com.au in Key considerations when buying a property? | No Comments

When buying a property it is important not to let your emotions interfere and to keep practicality in mind.

Here are a few more items you should consider since part one was published:

1.  One of the first factors to think about when buying a property is the location. Capital growth of the property can rely on a number of factors such as roads, bridges residential developments.

2. Furthermore, always think about the property’s location in relation to schools, eating hubs and public transport.

3. Familiarise yourself with the location/area and know how much you can afford to pay each week to ensure that, when interest rates rise, you’ll be able to keep up with the repayments.

4. Lastly, think about the direction of the property. Consider the sun aspect as well as prevailing wind patterns in the area.

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What are the key considerations when buying a property?

Jul 5

Posted by NoAgentSales.com.au in Key considerations when buying a property? | No Comments

Buying a property is not easy and one of the most important factors to consider when buying a property is position, position and position!

Here are a few ideas to run through before taking that plunge into property:

•    It’s a good idea to research proposed infrastructure developments, such as roads, bridges and residential developments, as these play an important role in capital growth.

•    You should consider the proximity to schools, shops and public transport. These are major factors that are often not taken into account by the prospective buyer. Become familiar with the neighbourhood if you haven’t lived there before. If you are not familiar with the region, drive around the area to ensure that you are happy with the surroundings.

•    Know how much you can afford to pay each week and ensure you will be able to pay more when interest rates rise, which there will in the future.

•    Furthermore, consider the other costs associated with the property such as rates, electricity, water, insurance and telephone/internet. Also, are these likely to increase while your own the property? What about the stamp duty? What about the costs of  a solicitor or licensed conveyancer?

•    Do you plan to renovate the property? What are the restrictions in your area?

•    If you are happy with the property, consider a building and pest inspection to set your nerves at ease.

•    Buying a property is probably the largest transaction you will make, so it’s important to get it right.

•    Lastly, don’t let your emotions interfere with your judgement when inspecting.

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