Doing your Home Work
When you’re about to venture into the real estate market, doing some homework beforehand will ensure you are fully prepared.
Begin by talking to a finance professional, who will help you find and pre-approve the best home loan for your circumstances. Having all your finances in place will help avoid the disappointment of missing out when you find the right property.
Once you have established your financial limitations, research your preferred suburb(s). Many suburbs have good and not so good areas, familiarising yourself with these will enable you to pin point streets you would or wouldn’t consider. This will save you a great deal of time when it comes to the viewing process.
Look into the accessibility of amenities such as; schools, transport and shopping centres, as well as the suburb’s proximity to motorways, airport, city centre, etc. Also, find out about any planned developments. Council initiatives, such as landscaping, precinct upgrades etc. can enhance the suburb’s appeal and positively charge property prices. It’s also a good idea to check the history of house prices in the suburb; this will enable you to gauge how well it is doing in comparison to others.
If you can’t afford a property in the suburb that you would like to buy in, concentrate on researching the suburbs adjacent to it. It is not unusual for these to benefit from what is called the ‘ripple effect’. Popular suburbs command ever increasing house prices, because of this, the suburbs surrounding them often attract an influx of developers and investors to keep up with demand for the area as a whole. When this happens it inevitably leads to a rise in property prices, so getting in early can be very beneficial.
For help with loan selection and pre-approvals, call Coronis Finance on: (07) 3105 5584