Thinking of buying?
Key Steps to Follow Prior to Purchasing Property
Buying a property, be it your first, fifth or last, is a significant decision. Being organised and prepared in the current climate, however, is particularly important. Qu Property, your local experts, have put together a summarised list of what you need to consider before purchasing property in the near future.
You are welcome to download the contents of this page in a convenient PDF.
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Realistic Expectations
Purchasing a property is exciting but it’s important to consider how much you can afford to spend before getting serious. You will need to take into consideration deposit, stamp duty, inspection fees, conveyancing fees, additional fees and upfront and long term mortgage repayments.
Being well prepared will assist you in avoiding unnecessary financial pressures or surprises when you find your ideal home. With “days on market” at an ultimate low, now, more than ever it's important to have your finances in order.
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Research Government Incentives
Make sure you keep up-to-date with the latest government schemes and grants that will assist you in your buying process. Your mortgage broker can assist with providing valuable information on your eligibility to relevant Government incentives.
Be sure to explore this avenue as once the papers are signed, there’s no backdating and checks coming in the mail for you once a wise colleague at work sheds light on what is/was on offer.
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Understand Interest Rates
Fixed rates are locked-in where term and variable rates can increase or decrease at any given time during the course of the loan.
Selecting which will work best for you is a decision that shouldn’t be considered lightly. Understanding the basic pros and cons of each option will help you decide what is right for your particular financial situation.
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Picture Selling the Property... Yes the one you haven't purchased yet
Whether you are purchasing for the purpose of home or investment, consider your prospective properties as an investment. Without prejudice, consider the pros and cons of the property.
Does the property cater to a majority of buyers and are you likely to obtain a good price should you need to upsize or relocate in the future?
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Visit the Location
Ensure the suburb is right for you. Walk or drive around, do your groceries, grab a coffee, have a drink at the local pub or drive to work. Essentially, just pretend you already live there and work out if the street and the area is “what it seems”.
Have an interest in what infrastructure and development may be expected in the area and how that might affect future property prices.
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Speak to a Professional Broker
Just like a real estate agent is the broker between buyer and seller, a mortgage broker is a broker between buyer and bank/lender.
Your mortgage broker can take the hassle out of this process and provide valuable advice in finding the right loan tailored to your financial situation.
