Choosing a Property
Things to consider
Buying a property requires a considerable amount of research, time, commitment and planning. The process outlined below suggests simple steps to consider before you start your property search.
How much do you want to spend?
First, determine how much you want to spend and If required, speak with your bank or mortgage broker who will give you an indication of your borrowing capacity.
Determine the area in which you wish to buy and research recent sales and the price of properties on the market to give an indication of property values.
Type of property
A free standing house is likely to be the most expensive type of property. You are distanced from your neighbours and will generally have a garden. Semi-detached houses, terraces and townhouses usually have an outdoor area and a degree of privacy but they are likely to have one or two common walls with a neighbour. Apartments are generally smaller and easier to maintain. Put together a shortlist of things that are important to you.
Whether buying a property as an investment or to occupy, extreme care is needed to ensure your purchasing experience is stress free and risks are minimised.
- Freestanding home, a terrace, townhouse or a unit? Or do you want to build?
- How many bedrooms and bathrooms?
- Do you want a new or established home? Do you want to renovate?
- If it's been renovated recently, check with the local council or shire to ensure planning or building permits were approved.
- If you have young children or elderly people living with you, you might want to avoid stairs and prefer a level block. Do you intend to install a pool in the future? Is the garden too big or too small? Will you need more bedrooms in future? Is the location close to schools etc.
- If you are buying a villa, apartment or townhouse, check the strata fees, sinking fund and admin fund.
- If parking is important make sure the property has its own allocated space. Even if you don’t need a car space this feature will add value in the resale of the property.
- If you're buying an investment property, consider the needs of potential tenants, like proximity to public transport and shops. It's a good idea to speak to an agent to find out the types of properties that get the highest returns.
Feel free to contact one of our friendly agents if you have any other questions