Whether it is the first time home-owners or people venturing into the real estate market for the second time, buying property is turning out to be the most favourite hobby of Australians.
Being one of the biggest financial decisions you would ever take, don’t be blinded by the crowd while you buy your home. Think wisely with a firm head on your shoulders and keep emotions at bay.
Buy right by checking for some simple things before you take the plunge.
The why, when and where – The three most important factors to consider while investing in property.
Ask yourself ‘Why?’ Do you want to stay in the house for the next few years? Are you planning to rent it out? Are you looking to generate cash flow in the near future or planning to build your wealth?
Property investment is a sound way of building future wealth. Investing wisely now can ensure a comfortable future for you later.
When should you buy? Honestly, there is no better time than when you think it is the right time. If you can budget (our calculator can help) and think you can squeeze in monthly repayments, cash in on the low interest rates and buy your home now!
Where should you buy? The location of the property is the most crucial decision to take. It is advisable to go for areas that have historically performed well and have future growth potential. Proximity to public transport, schools, child-care facilities and your work are other points to consider.
Know your Budget
Before you start scouting for properties, decide on how much you are willing to spend. Use the repayment calculator to check your borrowing capacity. HashChing advises you to take a pre-approval for your loan to prevent any disappointment later.
Keep your eyes open
Thoroughly inspecting a property before buying can save you tons later. Keep your eyes open and look for any signs of damage carefully.
- Check the closets and drawers for pests or moulds.
- Check toilets for any signs of leakage.
- Are there any cracks on the walls?
- Do you see any damp spots on any of the walls?
- Are the roof lines straight and not damaged?
- Walk around the house to check if drainage is proper.
Spotting these small signs of damage prior to purchase can save you money on huge repair works later. It might be attractive to buy a run down house for less, but any seasoned renovator would tell you that the renovation costs would far exceed any benefit.
Family and Friends may not be the best people to consult
Unless you have some experienced property investor in your circle, do not go by the advise of your friends and family. While they have your best interests at heart, they are not experts at buying property and little knowledge can often be harmful.
Investing in property is a big financial decision that will impact your future in a big way. Take help from professionals in making the right choice. At HashChing, our verified partner mortgage brokers can help you find great home loan deals to suit your investment strategy and guide you for free.
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