Before purchasing your dream home, make sure you have done your own research to avoid any disappointments during an auction or settlement period. Our team at Nanche Real Estate will be happy to assist you with any questions during this process.
Check Your Finances
The first step to buying a property is making sure you have enough money saved up for a deposit, which is normally 10% of the value of the property plus an additional 5% for extra costs such as lawyers/ solicitors, Stamp Duty, Home and Content insurances as well as other various expenses that may arise after purchasing a property.
Once you know that you have that initial sum of money set aside, you may approach banks or brokers and search for an affordable and realistic home-loan for your property. There are many home-loan calculators on the internet, but we advise that you first create a thorough list of all your expenses to make sure that the loan you choose will realistically fit in with your lifestyle.
When buying a property, it is always a good idea to undertake an in-depth research of the neighbourhood where the property is situated. What schools are in the area? What is the average housing price in your street? What are the closest methods of public transport? Our agents at Nanche Real Estate are extremely knowledgeable and experienced and will be glad to share insightful information with you.
Building and Interior Inspection
Before you place a bid on a house, have a thorough inspection of the property, from inside and out. If necessary, you can hire a professional to check for structural soundness and any safety issues of the property. The last thing you want after buying a house,is having to spend more money in major structural renovations. It is also a good idea to take a tape measure into the property to make sure that your current or future furniture will fit the rooms and that all appliances are in good conditions or if you’ll need to budget to purchase new appliances.
Finally, it is very important for you to be aware of the Due Dilligence Checklist from the Consumer Affairs Victoria website for further important property information.