Before You Buy
How much can you afford?
The first thing to do before you begin your search for a property is determine how much you can afford and the area in which you wish to buy.
There’s no point setting your heart on something you can’t afford. Once you establish how much you can borrow and afford to repay you will have a realistic idea of what you can buy.
Researching recent sales and the price of properties on the market should give a good indication of property values and an understanding of the real estate market in the area which you are looking to buy.
Points to consider before purchasing a property
Whether you are buying a property as an investment or to occupy, extreme care should be exercised to ensure your purchasing experience is stress free and the risks are minimised. The following should be considered before you make your purchase decision:
- Think about why you are purchasing the property. If you intend living in the property does it really suit your needs?
- Do you want a freestanding home, a terrace, townhouse or a unit? Or do you want to purchase a block of land and build a new home?
- How many bedrooms and bathrooms?
- Do you want to renovate?
- If a property has been renovated recently you might wish to check with local council to ensure planning or building permits were approved
- If you have young children or elderly people living with you, you might wish 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 the future? Is the location of the property close to schools etc?
- If you are buying an investment property you must consider the needs of potential tenants. It is a good idea to speak to a real estate agent to find out the type of properties that get the highest returns in the area.
No matter what stage of the buying process you are at - whether you have just started researching your options, are househunting every weekend or have just exchanged contracts on your new investment property - please feel free to contact the team at Raine & Horne Two Wells/Lewiston, as there are many ways that we can assist you and are only too happy to help!