Purchasing a house is a dream come true for most Australians. It would be unfortunate if you lost money as you buy a home. In the extract below, you will learn a few ways to protect your money as you purchase a property.
Know Your Budget
Find a home that is within your budget. If you wish to purchase through bank finance, visit your bank and inquire how much mortgage you can access. Do not strain your finances by taking out a loan you cannot afford. If you do, you could risk losing the property in the future.
Take Your Time
Do not rush into purchasing the property. Take your time to review the various homes on the market. Some of your considerations should include:
- Is the property appealing? Look out for well-manicured lawns, high-quality finishes, modern appliances and adequate lighting.
- Who has occupied the property in the past? Homes occupied by prominent people in the past have a good resale value.
- Is the property fit for your current and future needs? If you plan to have kids or guests over during the weekends, you may want a house with extra bedrooms.
- Can the property accommodate any special needs? Senior adults or people with disabilities need low-lying shelves, disability-friendly bathrooms and rails to ease their mobility.
Once you are settled on a particular property, ask for a building inspection report to ascertain the structural integrity of the structure. The report will also examine the presence of pests on the property, the condition of the roof, tiles, paint, drainage systems and floors.
Work With Professionals
Work with real estate experts as you purchase the property. For example, a conveyancer will ensure that the property is not under any dispute and that it is registered in the owner's name. Besides, he or she will evaluate the contract of sale and explain its terms. Most conveyancers are skilled negotiators. Your conveyancer will, therefore, negotiate the selling price on your behalf. He or she will also inform you if they think that the property is overpriced.
You will also need a real estate agent to find you a suitable house and invite you for house visits. A mortgage broker will negotiate interest rates on your behalf.
Be Involved in the Process
Some buyers will leave the property buying process to their conveyancers. However, it is essential to be involved in the process. For example, attend the house inspection and ask the inspector what renovations he or she would recommend. You could also attend negotiation meetings.
When buying property, determine your budget, take your time when looking for a house, work with professionals and be involved in the process. For more information on real estate processes like conveyancing services, contact a local resource such as West Legal & Associates.