Buying property is a huge investment, and it’s important to make sure you are making the right decision. Here are a few important things you need to know when shopping for a property and choosing the most suitable for you.
When shopping for your ideal property, location is one of the most important factors in determining its value. A good location will always make it easier when you decide to re-sell or rent it out.
Accessibility and amenities
These are important factors which help determine the property value. If there are no public transport options nearby, this can often reduce demand in that particular area and prices will generally be less. Equally, if public transport links are available, there will always be an increase in demand for housing which of course means you will need to pay a little more. It’s always worth it though as the capital growth in these areas is more significant.
Think about the amenities nearby, how often you may use them as well as future owners and tenants. For example, local pool, gym and yoga studios as well as cafes, restaurants etc. These examples make a particular suburb more liveable and enjoyable
Also, very important. Of course, many of us (but not everyone) wants a nice quiet street high and dry, facing the right direction for the heat and those summer breezes. Ideally sizeable with a good layout, nice entry and low maintenance.
Of course, these things need to be on your list as a priority for resale. It all comes down to your budget and price though. As a buyer, we would love to tick every box but this comes at a higher cost. You may need to narrow down your list. Prioritize the most important things. Sometimes you can make changes later to floorplans etc to achieve more from your property.
Remember if you buy in a growth location, even if properties are not 100% perfect or the prices dip more because they are not perfect, remember, they will aways come back and the high yield and capital growth will always return.
This really doesn’t matter. If the house is
maintained well, many buyers are loving houses that were built in 1800’s. Some brand-new houses are built very poorly so it’s not an indication of a good solid house. Just make sure you are aware of any structural issues as well as termite infestations. Remember these problems can be rectified so it all comes down to the price. If you secure it for a good price and have a rough idea of the costs involved to fix, you may well jag yourself a bargain.
This is a good question to ask the selling agent- if they are leaving because the house has issues you will need to know. If they are sad to be leaving that’s a good thing.
The most important item on the list- look at everything we have just gone through and write down what it has and what it lacks, what is important and what’s negotiable.
Of course, if all of the above boxes are ticked then perfect - Everything else can be worked on. Most of the time not all the boxes can be ticked as it doesn’t meet the budget. so, figure out your priorities and offer a price indicative of the offerings.
Fact: Properties always rise in value over time, however here’s a good to know
● If an area is expected to see significant development over the next five years, then it’s likely that property values will increase accordingly. If there is a construction boom in the area and new homes are being built, this will have a positive effect on your property value.