Just like with any house purchase, buying a house in Australia is investing in your future. So you could say it’s anything but a small decision. One that requires serious consideration whether you’re looking to relocate to the Land Down Under or just step away from renting. Therefore, the last thing you want to do is dive headfirst into buying a house in Australia, only to find that you missed out on a very important detail. So to avoid this being the case, here’s our guide on cutting the hassle out of buying a house in Australia…
Assess your readiness
Do you remember the phrase ‘do not jump on untested water’? Well, it applies to buying a house in Australia too. You need to test the waters, including weighing up the prime factors, before deciding you’re ready to jump. Gauging your financial capacity, ability to transfer out, family considerations are just a few factors to consider.
If you are a first-time buyer, before buying a house in Australia, it’s very important you assess how ready you are. Have you done thorough research? Do you have solid criteria to assess what’s best for you? Even the most experienced house buyers can find new issues. Remember – test the waters before you jump, or you may drown on the first waves of a storm.
Budget before buying a house in Australia
Speaking of testing the waters, before buying a house in Australia, you need to scale up your budget. Determine how much you can pay monthly, if you choose to borrow/get a mortgage from the bank. This is a long-term commitment, so you need to be serious about making sure you get your budget right.
A way of calculating your budget is working out your total monthly income, which refers to all the money you expect to receive each month from your job, business, or other assets. Then, subtract your total expenditure or expenses for the month, including things like food, education, transportation, and bills. The value that you are left with allows you to see how much you can allocate to your monthly mortgage.
Research home loans
With numerous banks and firms offering a home loan, before buying property in Australia, you should weigh up and compare the different options. You should look at which loan can give you the best flexibility, and which offers the lowest interest.
Different types of loans have different pros and cons. You need to look for the perfect fit for you! It’s a good idea to research the different loan options – looking at fixed loans and their security, as well as variable loans and their interest-saving features. Spending some time finding the best fit now will help you in the long run.
Go after advertisements
Ads exist for a reason, and you can use them to your advantage when buying a house in Australia. With such a plethora of ads, it’s fairly quick to be able to find properties for sale.
Ads will also help you find deals within the industry. In the majority of them, you will find terms like ‘low-interest rates’ and ‘surplus repayments’. As you will want to get the best value-for-money deals, looking over ads, when buying a house in Australia, will help you to do this.
Buying a house in Australia is all about knowledge
Surrounding yourself with like-minded people will help you increase your knowledge about buying a house in Australia, and also maintaining it. Listening to first-hand experiences will help you weigh up your options more effectively and will help you get some much-needed advice.
Consult a property lawyer
It’s always a good idea to rely on an expert’s opinion. If you think you need professional help in buying a house in Australia, do not hesitate to contact a property lawyer. They will know the most secure routes in your house-buying journey. Often, they can see a loophole from a mile away, ones which, as a buyer, we tend to ignore. Because of this, consulting a lawyer will help you make the best-informed decisions.
Plus, they can run you through all the essential steps for buying property in Australia from beginning to end. Money spent on their expertise now is money saved on any potential future problems.
Be informed on Australia’s real estate
The real estate industry in Australia is booming. You don’t want to be caught off-guard and ‘drown’ right away.
When buying a house in Australia, it’s a good idea to invest your time into reading helpful blog posts, articles, and books to help you make the best property investment. You can get familiarised with the highest capital gains and average property prices.
Nothing is time-consuming if it helps you to grow.
Explore the area you want to transfer into
Let’s suppose you have found the perfect house to buy – what next?
One of the last things you want is a house so remote that fast food deliveries reach you cold! Accessibility is an important consideration, including the safety and security of the area.
And what about your job? If you work in the city, you may want to live in the suburbs, but not fully in the countryside. Also, it’s important to make sure you consider the neighbourhood of your dream property.
House inspections are a must before buying a house in Australia
You wouldn’t want to buy a damaged house. In all aspects of the term ‘damaged,’ it is a no-no.
Make sure, when buying a house in Australia, the house is inspected for faulty wirings, building code considerations, and pests. Careful inspection will help you invest your hard-earned bucks the right way.
Inspect the contract thoroughly
Before signing the contract, check it from top to bottom. We know this goes without saying, but you must explore all of the terms stated in the contract, before putting pen to paper. You do not want to be blindsided by unclear statements or unfamiliar jargon.
Let everything be explained to you, so there will be no unwanted surprises after buying a house in Australia. A contract is a very powerful document, so you must be sure no mistakes are made.
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Myles is a first class ‘word nerd’ currently working at the heart of the property industry. He’s particularly passionate about all-things property, interiors and D.I.Y.
Be sure to connect with him via LinkedIn.