Recently we’ve been hearing a lot about the so-called property bubble in Australia. But the fact remains that people are continuing to buy and sell property as usual. If you’re thinking about buying property in Australia, here are our top tips:
Be Inspection Savvy
Smart property buyers ensure that they’ve done all their homework before signing on the dotted line. Failing to get all necessary inspections can leave you forced to pay hundreds or thousands of dollars if it turns out your house is structurally damaged or unsafe. It makes far more sense to pay to have a professional check out the condition of your property. This means getting a building and pest inspection so you can have peace of mind and know that your house won’t have any problems with termites or rodents, or structural problems, deterioration or leaks.
Read the Strata Report
If you’re thinking about purchasing a strata property, it’s seriously important that you get a strata report and take the time to read it thoroughly. People are often surprised at just how different strata living is when compared to living in a normal property, and you’ll have to pay different levies, attend committees and obey bylaws. It’s also important that you understand all of your responsibilities and rights.
Do your research
The market is constantly changing in different parts of Australia, so it’s important that you know whether you’ll be buying in a buyer’s or seller’s market as this will affect how much you pay for the property and how much you can sell it for down the line if the market changes. Ultimately it’s a good idea to try and buy in a buyer’s market if possible, but as long as you understand the market and have a good idea of how it might change and the different things influencing it you’ll be able to make an informed decision.
Take your time
If possible, you’ll want to plan your property purchase in a way which gives you plenty of time to look at your options, while still being ready to act if you find the perfect property.
Ideally, you want to look at between 50 and 100 houses in different neighbourhoods and keep a record of how much they’re priced for, if they sold, how long it took them to sell, how close they are to public transport and other amenities, and why you liked (or didn’t like) them. This will allow you to get an idea of the market and you’ll be able to tell how much you should offer for that dream home.
While many people want to live in the city, house prices mean that it’s better to get your foot on the ladder with a property you can afford before paying to live in Sydney, Melbourne or Perth. In Wollongong, house and land packages are well priced and it’s still close enough to Sydney that the commute won’t feel terrible and you can use the train. Check out Lend Lease for your options.