You have found a property that checks all the boxes for you. It is in a great location, has plenty of room and you can see yourself creating a nice little outdoor entertaining area in the courtyard. Before you get carried away with the excitement of being a new property owner, it might be time to go through the property buyer’s checklist.
How Will the Property Be Sold?
Is it going to be auctioned or do interested parties make an offer? If the property is going under the hammer and you are anxious about the auction process, consider using a buying agent. A buying agency, such as Templeton Property, can assist with selecting a property and helping negotiate the sale for you; they can save you a lot of time and heartache. Click here to read more about how a buying agent could help you purchase your dream property.
Are There Any Ongoing Fees with the Property?
This is particularly important if you are buying an apartment or flat. Body corporate fees can be quite hefty, especially if there are big gardens, pools and fences to maintain. These costs may have to be paid quarterly or even annually, so you need to factor these expenses into your budget.
Is There Future Development Planned for the Area?
Are you going to find your quiet street connecting to a six-lane highway in a few years’ time? Will there be a brand new bus stop just metres from your front door? Knowing what developments and transport plans are currently before your local council can make a big impact on your decision to buy, as well as the price you offer. You can also see if any particular plans have been announced, such as a harmonious set of public private partnerships investing in prime real estate and developing it to its best potential. This will help you understand more about your local area.
Is This an Area Likely to Increase in Value?
While you don’t buy a house intending to sell straight away, circumstances can change. Where you are now may be completely different to where you will be in 10 years. If your home is in a sought-after area, you may find it easier to sell down the track. A property in a slow-moving suburb with little infrastructure will be more difficult to sell and you may be forced to take a loss.
Does the Property Presented Match the Title?
What are the dimensions of the land? Do they match the property title? Speak with a solicitor to make sure you know exactly what property title you are receiving for your money; this will affect your ongoing costs.
Has All Work on the Property Been Approved?
A property with unapproved alterations, additions or renovations can be a problem. You may find yourself having to pay to have them brought up to code or even removed altogether. Make sure any changes are above board.
Have You Checked the Property at Night and During the Day?
Your new street might be quiet during the day, but is the traffic noise almost unbearable at night? Is the afternoon sun glaring through into the kitchen? These factors can make a difference when you purchase a property, so it is wise to look over the area both at night and in daylight if you can.
If you are feeling confident the property still checks all the boxes for you, things are looking good! Make sure you have checked off all the details before you finalise that settlement… and enjoy your new home!