When it comes to buying a property in Perth, it is fair to say that it is going to be a big purchase and for some it will be the biggest they will ever make. Not to mention, it is a complex buy. It’s important to take your time and gather as much knowledge as you can before you go ahead and sign on the dotted line. The biggest pitfall here when it comes to buying a property in Perth is the fact that people are not doing their research.
You need to take a step back sometimes and ensure that the decision is a well-researched and logical one, not a rushed and emotional one.
Here are a few matters that you need to understand before you start your property search:
Consider the type of property that you can afford
Don’t start looking at suburbs or homes before you know how much money you can afford to spend. Don’t get confused here in thinking about the maximum you can borrow. This is more about how much you can afford to pay back each month. The home loan repayments in Perth are costly, and it can impact your budget greatly even more than rental properties. Ensure you are planning your budget with the home loan repayments included. You will also need to put money away shall you move in case something needs to get repaired or unexpected circumstances unfold. If you are buying a house for investment purposes, property management fees must be considered.
Research the local area
There is no such thing as too much information when buying a home. Take your time to learn as much about the suburb as you can. Research the prices and the trends happening in the local area. Have a chat with real estate agents and brokers which will help you to get an idea of what is going on in the market and precisely what figures you are going to be dealing with.
Take your time to look for problems with the property
Once you have found a home that you like, it is time to look for any hidden surprises. Do a good check over for mould and animal odours. Knock on the walls to see if they are hollow. Does the air-con and heating work? Is the flue for the fire functioning correctly? Does the toilet flush as it should? Is there council approval for any extra work that has been added on? These are all essential considerations to think over.
Work with professionals
When you are dealing with such a big purchase, it is essential to surround yourself with professionals. Hire a termite inspector and a building inspector that can help identify any issues that could incur costly repairs. Book an appointment with a financial advisor to talk about the realities of owning a home. Be sure to check first that the advisor is not also representing the seller.
Use your head and not your heart
Many good things come when you follow your heart. Buying a property is rarely one. Walk away if the deal is not right. There will be more properties available. Your terms must be met as this is a financial transaction.
Ensure you are not operating on another person’s timeline as you don’t want to make any commitments that will end up creating a challenge if the property hunt takes longer than you thought. Do your research and check with others before making any decisions or signing any paperwork is the most important thing to remember when looking at property. Perth property advice is essential before making any purchase.