ExecutiveChronicles | Tips For Buying a House in Australia | Buying a house is a serious life milestone that needs proper planning and research. Sure, you can always buy the first house that seems suitable, but in reality, it’s important to take your time and shop around until you find the perfect property. Australia is a country of gorgeous nature, buzzing beach culture, and a laidback atmosphere, which is why it’s considered a great place to live. If you’re already living there, or you plan to move Down Under, here are some home-buying tips that you should know.
Decide on the type of property that you want
The success of your home hunting effort is largely determined by preferences. So before you decide to part with your money, be sure to decide the type of property that you’re purchasing. Is it a condo in downtown Sydney? Maybe a Victorian Georgian home in the Melbourne suburb? There are numerous options, so be sure to take a long look at everything that’s being offered, so you’ll be able to make the best choice.
Make sure that your finances are in order
According to some sources, the recession is just around the corner. It is up to you to decide whether it’s time to purchase the property right now. If you’re definitely up for it, then it’s crucial to ensure that all your finances are in order. In case you’re considering a mortgage, then be sure to consult your banker before you sign any type of legally-binding document. Younger people are faced with ever-rising property prices, which is why nowadays, more and more of them are turning to their parents for some financial assistance. If you’re privileged enough to do so, then feel free to consider that opportunity as well.
Don’t be afraid to ask for help
Some people are unable to view and buy a house in person. For example, if you live abroad, and you’re planning to move to Australia, then it’s best to hire a property buyers agent in Perth, especially if you’re going to live there. The property buyer service helps you find the property, assists with finances and buying process as well as conducts a property inspection for you. This can be a lifesaver if you are personally unable to check out the property and see things for yourself.
If you have a family, or you are planning to start one, then it’s important to find a place that will fit your new lifestyle. In case you are single, then it is also necessary to think and plan long-term. Make sure to answer the questions such as:
- Will I need this exact same property in 10-20 years?
- Will I be able to pay everything back?
Those who feel unsure are then best advised to purchase their property some other time. Long-term planning is of utmost importance as it helps you focus on things that truly matter.
Learn about the additional costs
Believe it or not, the home buying process has a lot of additional costs, so it is necessary to be informed about this. Aside from regular costs such as the loan, there is also the deposit, as well as Lender’s Mortgage Insurance and transfer or stamp duty. However, there are often some others such as utility costs, council fees, and strata fees. Also, they differ from place to place. For example, Brisbane might have different costs than Adelaide, so make sure to consult the experts before you enter the home purchasing process.
Pay off your existing debts
Being in debt is nothing new in today’s economy. However, buying a home is a big step, that will require you to take a heavy loan. This is why it’s important to pay off all of your existing debts. This will leave you more room to negotiate a better loan and plan your expenses more efficiently. Every lender will check out your debt to your income ratio. So the higher your debt, the less disposable income. By paying off your current debts, you also improve your chances of being approved for a loan.
Living in Australia is an amazing opportunity to experience all the amazing things this country has to offer. However, buying a home there will require you to be organized and informed, which is why these tips are so helpful for every first-time home buyer.