Part Four ~ Finding the right home
For most people, finding that ‘just right’ property is the fun part of the process, but like every other step, it can be tricky without some guidance.
1. How to research the market
A great way to do some research is to go to open houses in the areas you’d like to move to.
2. What suburb should you buy in?
First and foremost, the suburb you choose to buy in has to be in your price bracket.
3. What type of property should you buy?
The great Aussie dream of the quarter acre block is pretty outdated these days, as there are so many types of properties out there. Let’s take a look at which types of properties you could consider.
4. Buying to renovate
For those prepared to put in the work, buying the ‘ugly duckling’ property may be the most rewarding way to enter the housing market.
5. Open for inspection process
Going to your first open home should be one of the most exciting parts of your home buying journey. Before you get caught up in the moment, here are a few tips to make it a worthwhile exercise.
6. What is a Section 32?
A vendor’s statement, or Section 32, is a document outlining any issues with the property that are not usually found through pre-inspection reports. These can include mortgage conditions giving lenders certain rights over the property, any covenants the owner is obligated to follow, easements such as for sewerage and drainage another person may have over the land and the council zoning of the land.
7. Common mistakes to avoid
Here are the often-made mistakes that you should try to sidestep.
- Not doing your research into a suburb or the market.
- Following your heart instead of your head when making a major investment decision.
- Being influenced by the market instead of what is best for you.
- Not getting pre-purchase inspection reports done.
Click here to read the full six-part guide to buying your first home.