Whether you are a first-time buyer or you are looking for attractive rental properties, investing in real estate is a big thing and not something you should rush into. The first thing to remember is there are many properties up for sale and in order to make the best decision, you need to have access to all the listings.
Here are a few important aspects of property acquisition to consider.
- Finances – It is oh so easy to think optimistically when buying property; of course, you want the house of your dreams, but you have to stick within your price band. Let’s not forget the numerous expenses when buying property in Australia; legal fees, building surveys, taxes and the relocation expense, not to mention new furnishings and fittings.
- Location – If you travel to work, this would be a consideration; cutting down travel time also saves you money. As a general rule, the more rural the property, the cheaper it is and buying property in an underdeveloped area is a good long-term investment. Land prices are never going to go down in price, it is rather a question of how much the value will increase. There are online portals where you can view the best properties, which are usually snapped up in no time!
- Type of property – Whether a small studio apartment or a 5-bedroom mansion, there are many different types of real estate. A single person can live comfortably in a studio apartment, yet even a small property is expensive and joint ownership is becoming a popular way to get your foot on the property ladder.
- Structural integrity – When buying property in Sydney, you need to carry out a few building surveys to determine whether or not the building is in good shape. The real estate agent would be able to arrange the surveys and you wouldn’t sign on the dotted line if there are structural issues.
- Title deeds – You need to check that there are no debts tied to the real estate for sale and that the owner is actually the seller. The same goes for commercial real estate.
- Fixtures & fittings – When viewing a property, do pay attention to fixtures and fittings, while assessing the décor and what you have to change, if anything. If a house is in need of surface repairs, this is a good negotiating point that you should exploit.
Buying real estate is likely to be the biggest single investment you ever make, so you should approach the project with a great deal of forethought – making mistakes is costly.