10 Things to Know Before Buying A Property In Australia

Buying property is one of the top arduous challenges that we encounter in our lives.

The main reason behind this is such a decision brings up quality change in your life pattern. Buyers for real estate may be of two types – the first-timer who needs real estate to get rid of hassles like a regular rent payment.

The other types belong to those classes who are looking forward to buying a property in posh areas like Queensland or in the QLD areas. Such calculated investments help them add to their portfolio.

At the same time, there are prospects to earn handsomely with proper utilization of these assets.

You may need to make rigorous searches in this regard. Search with proper keyword – talk to people already having their abode in such areas. Such a conversation will help you become conversant about the legal and other constraints for getting a property there.

Research has no substitute

Make your own preparation beforehand.

Before attempting to hire real estate agents, sort out your preference. From an acute observation of your finances and the probability of managing finances, you are aware of your net financial capacity.

From the data available on the internet, you are informed about the sales price history in your preferred areas. Consulting with agents seems to be profitable after you gather the preliminary information.

Does your job have enough security?

Prior to starting a search on the internet, or looking to hire a Real estate agent for the purpose, check your basic financial capacity. Say, you appear in the real estate market as a buyer for the first time.

You will have to look for a financer who is going to reimburse the seller on your part. You will be eligible to apply for a loan if you have a highly secured and well-paid job. It gives your lender more confidence.

Do you have children?

You will be more prone to own an apartment if you have children. Banks are fully aware of the costs involved in rearing a child. For each such dependent your borrowable amount shrinks substantially.

Points to discuss with the Real Estate agent

At the time you start looking for real estate agents, you need to check their profile. The profile should include:

  • His personal background
  • Professional experience
  • The previous record in the role.

The agent will inform you in detail about the following things:

  • Access to amenities
  • Available transport
  • About any future building plans in the vicinity
  • The distance of the nearest school college, banks, etc.

Avail of pre-approved housing loan

Securing pre-approval for a home loan seems wise for acquiring property in QLD Areas. Banks issue such approval if you have a positive credit history, do a secured and well-paid job, and your account with them shows enough creditability.

Builders too seem satisfied with such records. Therefore, you will be able to settle sweet buyer and seller terms.

Costs involved

In the Gold Coast, the costs associated with buying property mainly comprise stamp duties and legal fees. Besides, you need to pay the commission if there is a need to hire a real estate agent. All these are associated with the cost of the property.

The other costs may include mortgage repayments, utilities, costs of moving strata fees, and council rates. Home and contents insurance and mortgage protection insurance need to be considered.

Are you buying your next home?

Are you the owner of the property already? Want to sell it off and buy a new one? Then settle your position between buyer and seller first. It means it is important for you to decide whether selling or buying is going to be your first preference.

Deciding whether to buy or sell first is a crucial step in property management, and consulting body corporate services can guide in making this important decision. Consulting with a lending specialist will be helpful for you in this regard.

Get a clear idea of property type

If you are a first-time buyer, choose your priority. Preferences have a variable set for singles and people with a family.

Whatever the buyer type, some basic things are kept unaltered. These are:

  • Location of Property
  • Access to amenities
  • Closeness to transport
  • Type, i.e. whether the infrastructure is established or is under development.
  • Nature of locality – neutral or friendly.

Consider Resale Value

You may look to buy a property in QLD Areas as properties in these areas have considerable resale value.

People feel comfortable in the lonely suburban areas after their retirement from the job. Therefore, they like to sell off the property in the posh areas of Queensland or Gold Coast and purchase a new one in the cooler areas.

Consult the estimator to get an exact value for resale.

Decide whether you want a real estate agent or a buyer’s agent

Local real estate agents provide information about saleable properties in the vicinity. These people are apt to set up a proper buyer-and-seller relationship between you and the builder.

On the contrary, the buyer’s agent helps you when you have decided to buy a property at auction.

However, persons belonging to both types are able to find a suitable property for you. They do the negotiation with the seller and check the background of properties on your behalf.

Property Inspection

It is needed if you are purchasing a used property. However, it is recommended for properties under development too. The following things are mainly considered:

  • Check for damp or mold spots
  •  Sagging ceilings
  • Buckling Walls
  •  Fitness and movement of doors and windows
  • Taps are checked for flow
  • Flush the toilets for readiness.
  • Check the condition of the floor
  •  Check the lights, fuse box, and wiring of your apartment.
  • Check under the sinks to make assure that the plumbing is good.
  • Drains, gutter, and roofs.
  • Exterior walls for cracks.

Check the neighborhood to see whether the local temperament suits your type.