Buying Property

6 Tips For Buying A Home That You Should Know about

BY REALESTATE.COM.AU

When you’re buying a home there’s no denying that there’s a lot to think about, but that doesn’t mean that the process needs to be stressful.

Before you embark on the process there are certain things you need to read up on and familiarise yourself with to make the experience as seamless as possible.

These tips can help you steer in the right direction if you’re considering buying a house in the near future.

1. DON’T BELIEVE THE HYPE (GOOD OR BAD)

When you set out to buy a house, you will quickly become familiar with deciphering real estate speak and how people market homes.

The key takeaway here is, do your own research to find out if an area is right for you from a budget and lifestyle point of view. There is several tools available to help you discover a suburbs potential. One of them is realestate.com.au’s suburb profile pages at realestate.com.au/australia/ – this is where you will find up to date data on most suburbs in Australia.

On these pages you’ll find:

• Median property prices • data showing the impact of interest rates • Average number of people looking for property versus the number of properties for sale.

All this gives you a great insight into the suburbs you’re considering for your next move or investment so you can search with confidence into the adventure.

2. VISIT THE LOCATION AND DO SOME FIELDWORK

You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth.

Be very clear about what matters to you such as:

• Access to major roads

• Public transport

• Shopping or entertainment hubs

• Schools

• Cultural diversity

Shortlist suburbs that deliver on those needs.

Do some field work to make sure the suburb’s right for you. Walk around the area you’re thinking of buying in. Grab a coffee, or a meal at the local pub. Pretend you’re already living there and see if distances are what they seem, and atmosphere is living up to expectations.

Look closely at what developments or infrastructure is planned around the area in case your quiet corner is about to become a developer’s haven.

3. CONSIDER SURROUNDING SUBURBS

If your target suburb is out of budget, consider more affordable neighbouring suburbs.

Before you buy, talk to locals to get residents views on the suburb and its best streets. Reading local publications and connecting with local websites, bloggers or personalities can also give you helpful insight.

If you’re attracted to an area because of its rising value, remember that may spill over into next door suburbs.

4. LOOK FOR THE UPSIDE

Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends. An easy way is to sign up for realestate.com. au’s weekly economist updates at proptrack.com.au/weeklyeconomist-update/

Some locations are potentially hitting the bottom of a pricing cycle, so there are bargains to be had. Hint: use the search filters on realestate.com.au to look for oldest listed first to see which properties may have struggled to get up, and may be amenable to negotiation.

5. TALK TO THE EXPERTS

Talk to local agents to find out what’s happening in the market.

You may not get your dream home right away. It’s ok. Consider apartments instead of houses in the location you are wanting to purchase, they are often more affordable and put you in your desired location. Or you may choose a property that needs a little TLC, but ticks other boxes.

Work closely with local agents to develop an action plan and strategy that meets your goals and needs.

6. STAY UP TO DATE AND GET IN FIRST

When looking for real estate it’s important to stay up to date download the realestate.com.au app, create a profile and register for property alerts, helping you be among the first to hear about properties for sale.

For more buying tips visit realestate. com.au/advice