Purchasing your first property will probably be the most expensive thing your ever buy. As a result it is important to have a fair understanding of the process. As a first home buyer you will undoubtedly be inundated with many thoughts, questions and be cautious as every step and decision will be a significant one.
Below is a list of four pointers to keep in mind when you intend to purchase your dream property and become a proud home owner.
- Plan Your Budget
Before contemplating to purchase a property it is important that you create a workable budget and stick to it. It is essential that you take into account your current employment circumstances, financial commitments and any possible changes that may occur like an increase in interest rates by the Reserve Bank of Australia.
- Know Your Limitations
In any circumstance, do not proceed to purchase a property that you will not be able to afford with the passing of time. It is easy to believe that you will be able to pay off the mortgage after a few stressful months however that will not always be the case. Also, when making the decision to purchase property, it is vital that you are mindful of the proximity of amenities near your property (public transport, shopping centres, hospitals etc.) and any other property features such as the number of bedrooms and the existence of a garage or carpark.
- Be a Wary Buyer
It is important that you do not fall into the trap of believing everything you are told. As the saying goes ‘not everything that glitters is gold’. In order to avoid falling victim to glittery property façades that really just hide a never-ending list of problems, you should:
- conduct several property inspections,
- carry out thorough building and pest inspections,
- investigate prices of similar houses that are being sold in the same locality,
- speak with the agents and local council, and
- attend auctions.
It is also a good idea to be aware of all the costs associated with buying a property which would include:
- legal/conveyancing fees,
- agent’s fees,
- government charges (Stamp Duty, LPI Fees etc.), and
- other ongoing costs such as strata, council rates and water charges.
- Before You Sign Seek Legal Advice
Make sure you carefully read and understand all terms, conditions and fine print of any document involved with the sale. You should always seek independent legal advice before signing any contract.
At Freedman & Gopalan we provide competitively priced conveyancing services to individuals, families and businesses throughout Sydney and all of NSW. F&G will take the time to explain to you all the stages from start to finish in selling and buying the property or business and we will keep you updated about the progress of your matter.
If you have any questions about buying or selling a property, or would like to speak to someone about a conveyancing matter, give us a call on 02 8917 8700 or fill out the enquiry box and we will get back to you ASAP.