Are you considering entering the real estate market and searching for the best way to buy a property?
At Noel Jones, we know how important it is to be prepared for the road to becoming homeowners. To give you that extra helping hand, we have put together six important considerations for those looking to buy a property in Melbourne.
1. Are You Eligible for the First-Time Home Owner Grant Scheme?
If you are a first-time home buyer, chances are you’re eligible for the First-Time Home Owner Grant scheme (FHOG). This is when you and your partner have never bought a property and are entitled to financial support to enter the property market sooner. The scheme helps you find a property in an area you love by receiving a one-off payment, often to offset fees like stamp duty.
Remember, you must submit your application for the FHOG scheme within 12 months of buying a property to be eligible.
2. What is Your Budget?
As you prepare to make your real estate purchase, you likely already know what you can afford with your current financial situation. Before looking at properties or new development areas, decide on your budget and consider the extra costs you may encounter. For example, review additional fees like stamp duty, conveyancing and insurance, as well as immediate expenses like the initial deposit. Finding a house to buy is a costly endeavour, particularly if you are looking in the more affluent suburbs of Melbourne; ensure the banks don’t catch you out by having a clearly defined budget in place.
3. Explore Mortgages & Interest Rates
Whether you’re a first-time home buyer or someone with a diverse property portfolio, you will always be impacted by the changing interest rates and how they dictate your mortgage repayments. Monitoring the decisions put down by the Reserve Bank is crucial to maintaining a well-balanced budget and avoiding stressful financial predicaments. You may need to shop around with various lenders to find the best option for your future home.
4. What Type of Property Do You Want to Buy?
We all have our dream homes, but we need to be realistic with our budgets. A common method considered the best way to buy a property is to find a house or property within your price range in an up-and-coming area, and then work your way from there. In doing so, you can renovate your home or invest in remodelling down the road, enjoying a rise in property value while still living in a desirable location.
5. Which Suburb is the Best for Your Property Location?
If you are unhappy with the location of your property, chances are you will never be completely pleased with the house itself.
Be sure to think about how the location will affect your property. Will it suit your lifestyle, being close to work, school, family, or friends? Can you access public transport? Is there a warm, community feel? When you find a house to buy in a location you love, you will be much more content as homeowners.
6. Have You Sought the Best Property Inspections for Your Potential Property
Once you’ve found a location you love and a house that looks perfect from the outside, you need to get inside and conduct a thorough examination. Being extra diligent when at an inspection to identify any issues may save you a lot of stress later down the line.
For example, if you have chosen an area in Melbourne known to regularly flood, look for things like mould, sagging ceilings or buckling walls that may require significant repairs in the future. Investing in a detailed inspection service before you buy will make a massive difference to your budget and your peace of mind.
Contact Us at Noel Jones to Find the Perfect House to Buy
So, if you are ready to become homeowners in your preferred location, get in touch with us and find a property agent today.