Although offshore buyers are hit by vacancy tax and several other restrictions, they continue to invade the Australian real-estate market. So if you’re hoping to buy your dream home or an investment property, you need to know how to navigate your way through the real-estate market and avoid potential mistakes that could cost you a fortune.
Here are 7 Mistakes you Should Avoid
1. Not Getting a Home Loan Pre-Approval
It’s a competitive property market so if you’ll need to move fast if you find a property you like. One way to better your chances of securing a suitable property is to get pre-approved for a home loan. It streamlines the entire home buying process.
2. Switching Job When You’re Making a Purchase
If you’re applying for a home loan, you need to appear financially stable in the eyes of a lender. So avoid changing your job or spending big sums of money just before buying a new property.
3. Not Doing Your Research
An investment in bricks and mortar has the potential to reap excellent returns. As a home buyer, make sure you look for the next booming suburb and check council plans for the area before you buy as these factors can significantly influence the value of the property in the future.
4. Not Selecting the Correct Mortgage
The market is saturated with several mortgage products, each with their own features. It’s important to look for home loan products that offer you useful features like an offset account and the facility to make early repayments. It can save you thousands over the years.
5. Not Doing a Property Pre-Inspection
Houses may look beautiful on the outside and the inside, but they often come with defects that are expensive to repair. Only a professional building inspector can identify plumbing, electrical or other defects that could become your problem after the purchase.
6. Not Getting Legal Help
It’s important to hire a solicitor to go through the contract. These contracts often contain highly technical and legal terms. To ensure your interests are protected, you need to ask a solicitor to go through the contract and explain the terms and conditions to you.
License: jarmoluk | Pixabay
7. Biting Off More Than You Can Chew
No matter how incredible the property is or how well it’s advertised, you must avoid going over your budget. Calculate your repayments and make room for future price hikes to make sure you can afford the home. Interest rate variations shouldn’t affect your ability to repay the loan.
Take all these factors into consideration before taking the plunge and making that initial deposit.
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September 29, 2017
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