Property buying tips
How to buy a property:
Buying a property is probably the biggest and most expensive purchase that you will ever make. It is really important to do your homework and to get it right, so that you and your family can enjoy the lifestyle that you want in the right location.
Whilst most estate agents act on behalf of the vendor (seller), Ham Kerr Property also understands the importance of assisting prospective purchasers. We know about the time and effort that can go into trying to find a property in your desired location, price range and with the required features. We therefore give you the following pointers and questions to assist you in your home buying process:
- Make a list of your preferred suburbs, taking into consideration the time and cost of travelling to your workplaces, schools, shops and other activity venues.
- Do you need to be close to public transport and if so, what type?
- What sort of property do you require? A new home in an estate or an established suburb, a period home in a well established suburb, a “renovator’s dream”, an inner city warehouse, an inner city apartment, a town-house or a community living complex? There are so many choices, but the end result must meet the needs of your family and lifestyle, both now and in the future.
- Make a short list of your accommodation requirements – the “must haves” and your “wish list”, and take it with you when you inspect properties. (The longer the list, the more expensive the property will be!) Tick off the corresponding features. If visiting multiple properties, take a digital camera, or use your phone, to take photos to remind you later of the features of each property.
- Know how much you have to spend and be prepared to pay a little more if necessary to secure the property. Visit your financial institution to discuss your loan/finance requirements and once you have done this, know your price range.
- Budget for all the extra hidden costs like State Government stamp duty, conveyance costs, mortgage registration, and financial institution costs such as valuation fee and/or establishment fee. (N.B. Read all contracts thoroughly before signing, to make sure that there are no cancellation fees or costs, should the contract not go ahead.)
- Check out the council and water rates, insurance costs for the area, (insurance is often zoned) and get quotes for removalists. (Consider taking out insurance whilst your goods are in transit.)
- Register your details and property requirements with as many agents as possible in the area in which you are planning to move.
- Attend as many open for inspections and auctions as you can, even if the properties are not suitable for your needs, to get a feel of the market, prices and the buying/selling process.
- When you buy your property, take detailed photo’s of the condition of the house at the time of sale. Arrange a pre-settlement inspection and photograph again to make sure that the property is in the same condition with the same appliances, fittings, and that the garden is in order and that plants have not been removed, etc.
- If energy usage and light is important to you, consider the orientation of the house that you buy. You will need a house where the main family living rooms face north to maximize entry of winter sun and minimize heat entry in summer. Look for minimum windows facing west and reduced windows facing south. Good house orientation can save you thousands of dollars for heating, cooling and lighting over a number of years.
- Consider the size of the garden and whether you wish to maintain it. Is it drought resistant or high maintenance? Is there room to install rain-water tanks? Consider the extra costs for creating what you want.
- If you are planning to renovate your new property, keep in mind that you will need between 30 – 50% of the building cost to complete the project, for furnishings, floor coverings, appliances, decoration, etc.
Ham Kerr Property wishes you successful purchasing. If we can help you in any way, contact us on (03) 9830 0990.
Prized Position:
140 Winmalee Road, Balwyn
Private Sale $2,400,000 to $2,500,000
Expression of interest.
More details about here.
