5 Helpful Tips to Buying Properties in Melbourne

Buying a PropertyMany individuals are quite confused whether to get a single detached home or an apartment instead. Personally, I know how they feel. However, buying apartments or single detached homes should not really be that difficult if you really know what you want. I know this already sounds cliché but it really is highly dependent on what you want. I know it can be quite tricky at first but the tips I am going to share with you require some sort of understanding of this very basic premise. So, even before we start looking for the hottest property news on Twitter you might want make sure that you know what you really want.

So, here are some tips we hope will help you in choosing or buying any property that you want.

Always consider the size of your family.

If you are living alone and don’t consider yourself getting married anytime soon or is seriously contemplating on becoming a bachelor or even a spinster for the rest of your life, I don’t think getting a single detached home will be a good idea. You will fare a lot better with an apartment style of home. Now, if you already have a family and is really a family-oriented person, then you might want to consider the living space of each member of your family. Will you expect your children to stay with you until they get married? Or will you expect them to stay with you even after they get married and have children of their own? Like we said, it all boils down to understanding what you really want.

Always get pre-approved even before you have not considered the property to buy yet.

If you are planning to buy property cash, then there simply is no point getting pre-approved. But if you are like any other average Melbourne resident, then you simply just have to make sure that you have an idea of your working budget. A great number of prospective home buyers I meet end up not getting their dream property because they were not approved of their home loan. More often than not their credit score is simply not sufficient to cover the kind of property that they have in mind. I know this is tedious but it will definitely save you a lot of trouble. Now, understand that getting pre-approved is different from being pre-qualified. Everyone can get pre-qualified but not everyone can be pre-approved. Being pre-approved simply means that the bank or your lender has already checked every bit of financial information you have. This gives them the ability to inform you of your working budget as much as how much the bank or financing institution will lend you. That said, you now have an idea of what type of property to look for or to eventually buy.

Always do a valuation of the property you want to buy.

If you are going to buy a property from an individual, it is ideal to get the services of an expert property inspector or valuation expert so you know that you will be paying the correct price. The valuation expert will determine whether the property is overpriced or underpriced and whether it is a good buy or not. He will give you a valuation report including the how such valuation was arrived at. I know this might offend the seller but it is your right. Remember to keep the valuation report so that you will have a bargaining tool. Additionally, it will give you an idea whether you are within the working budget as preapproved by your lender.

Always inspect the property before you decide.

Never skip visually inspecting the property you are going to buy. Unfortunately, if this is simply your first time buying a property or you clearly don’t have any idea about buildings, then hire an experienced property inspector to come with you during the inspection. The property inspector will have to look at all the nooks and crannies of the property so that you will be sure there are no hidden defects which might give you headache after only a few months of stay in the property.

Always get legal advice.

I know what you are thinking. The term legal is like an alarm signal. Remember, buying a property is no laughing matter as it is a very significant investment. Always make sure to have the contract reviewed by a qualified solicitor even before you affix your signature to the contract. This is to avoid any legal issues that might occur in the future.

These are the tips that we know should help you in buying a property in Melbourne. I should know because I observe all of these myself when I acquired my own home. In case you plan to buy a property in the future, you might want to apply these guidelines so you would end up spending for a worthy investment.

Leave a Reply