Buying any type of property requires strategic consideration, but even more so when you've never done it before. If you're looking to buy an apartment for the very first time, you will need to consider a range of factors to ensure you're making the right decision. Here are some guidelines:
Study The Suburb Profile
Many homebuyers make the mistake of simply looking at the property itself without giving much consideration for the suburb. Don't make this mistake. Study the suburb and find out all you can. For example, if you're planning to live in or rent out the unit, find out more about the type of people in the area, their work profiles, crime rates, and proximity to public transport or schools. This could impact your lifestyle or the type of tenants you're looking to attract. You'll also want to find out more about the growth rate of property in the area, which will serve as a good guideline if you plan on selling in the future. This research will make a big difference to the value of your property investment.
Find Out About Strata Fees Within The Building
Rookie investors often make the mistake of not finding out about strata fees; only to be saddled with these unforeseen expenses after their purchase. Strata fees are quarterly contributions used to fund maintenance, gardening, electricity, plumbing and cleaning of common areas within the building. In return, the strata company must ensure timely repairs and maintenance of common properties within the building. These strata fees are separate from council rates, so make sure you can afford them before you buy a unit in a particular building.
Invest In Pest And Building Inspections
Issues with insects and structural problems could be expensive for you later, so make sure you invest in pest and building inspections before you purchase the unit. Conducted by licensed professionals, pest and building inspections help to determine damage to the structure from termites, insects and other factors – allowing you to make a sound decision when it comes to the eventual property investment. For example, if the unit is filled with termites or if the structure needs a massive renovation, then perhaps you could re-consider the purchase. Without these inspections, you could end up with expensive and unaffordable repairs later. As a guideline, combined pest and building inspections will cost you approximately $500. This could vary based on the type, size and location of the unit.
Always keep your eyes open when making a significant real estate investment, especially when you're a rookie. Follow these guidelines to avoid making mistakes.
Moving from New Zealand to Australia is more life-changing that you may think. It never entered my mind that starting over in Australia would present challenges when it came to finding a new place to live. I have filled this blog with informative advice about renting and buying a home in Oz you are a newly arrived immigrant. I want to share information about how to convince rental agencies you are a viable tenant. I also want to share details on what you need to do to make yourself look attractive to a mortgage lender. This advice will help you get on the right path to a new home the moment you step off the plane.