×

Warning

JUser: :_load: Unable to load user with ID: 748544

Print this page

Buying Real Estate In Melbourne

Written by Posted On Sunday, 13 May 2018 22:18

Thinking of buying a house or investment property in Melbourne? We’ve created a buyer’s guide for new property investors and home buyers that want to be buy rather than just keep browsing. 

When selecting a property:

Write Down Your Criteria– Work out what your ‘nice to have’ and a ‘need to haves’ are, for your next property.

Create an Inspection Checklist– It’s common for buyers to feel overwhelmed by the property selection process. Some buyers can take over 12 months and still not make a purchasing decision. Create an open for inspection checklist that’s based on your property criteria, give the house a rating out of 10. Then attached the real estate agent’s brochures to the list.

Walking distance to amenities that improve lifestyle– Homeowners and tenants alike enjoy having shops, schools, trains, trams and coffee shops walking distance from home. For investors, this means higher rent and lower vacancy time. For homeowners, it makes life a little easier and adds value over time to your biggest investment.

Buy a property that matches your temperament - if the thought of paying for trades people to repair or regularly maintain your property stresses you out, then stay away from old houses. It’s common for older homes to require monthly repairs which may be costly. Newer homes are low maintenance and will minimise costs that come with property ownership. 

Which Suburbs Are Best to Buy In– Median house prices in 1988 was $109,000 and today it’s tipping $850,000. The cost of real estate is fast becoming out of reach for first home buyers and it’s wise to just be in the market, anywhere in Melbourne. There are defendant suburbs that out preform others and it’s best to get some professional advice on the best place to buy. Start with property advisors or buyers advocates to see your options.

Free Money– Are you a first homebuyer? According to the State Revenue Office you can receive up to $20,000 with the First Home Owner Grant. If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG). If you are eligible for the FHOG and the home you are buying is in regional Victoria, you will receive $20,000 (please refer to https://www.sro.vic.gov.au/first-home-owner for more details)

The People You Need To Get The Deal Done

Mortgage Broker– Monthly home loan repayments are at a historical high, so having a birds-eye-view across the best loans on the market and choosing one to suit your needs can translate into big savings. The best part of a mortgage broker is that their fees are paid by the bank, hence you don’t pay for their service up front.

Building & Pest Inspectors– The biggest purchase of your life requires risk management; building inspections will ensure you spot a costly structural defect. Selling houses 101 - Most houses for sale will have a new coat of paint to freshen up the property, this can temporally hide movement cracks. Cost = $550 to $850 per inspection. 

Basic Insurance Is a Must– Hopefully this is something you will never need to exercise, but it’s there in case it’s needed.  It would be financially devastating making repayments on an asset that only has half the value due to an unforeseen accident. Hence, home and contents insurance, property investment insurance or landlord insurance is a must

Conveyances or Solicitors - these guys help you with the legal side of buying property. They check the contact of sale, make sure all parties involved do the right thing when it comes to money and settlement terms. Estimated cost: $1,000 to $1500 per property purchase. 

Real Estate Agents:‘Buyer beware’ is a legal term used when purchasing a property at auction, the same should apply when dealing with Real Estate Agents. To counter act issues that arise with Real Estate Agents, hire your own Buyers Agent to represent you. They will make sure you purchase a good property for the right price.

Article provided by Wise Real Estate Advice    

Rate this item
(0 votes)

Latest from

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries