Tips to Consider Before Buying a House in Craigieburn

The process of buying a home can be increasingly challenging. A home purchase involves many factors to take into account. Although everyone goes through the home buying process at their own pace, working with a trusted advisor is more important than ever. By being educated about the process and having an agent at your side, you can make informed decisions about your next steps toward homeownership.

Most importantly, to buy a house you need to research, plan and have the patience to make a successful purchase. So, here are a few tips to consider before buying a home in Craigieburn:

1) Choosing what to buy:

A home purchase should be based on what you can afford, what you need now and in the future, and your lifestyle. It may be more practical to live in a unit or a townhouse if you are single, work a lot, or spend a lot of time away from home. For a large family, the number of bedrooms is important, so buying land and building a house is more common than purchasing an existing one.

2) Ways to buy:

There are mainly 2 ways to buy a property: Private Treaty & Auction.

• A private treaty refers to buying a house through a real estate agent or directly from the owner. In both cases, the agent or owner will try to ‘sell’ you the property by emphasizing its strengths and downplaying its weaknesses. Don’t be rushed, take your time, ask questions, and, if you need to look at the property again or again, do not hesitate to request it.
• Auction: In most auctions of property, a reserve price is set. The reserve price is the lowest amount the seller is willing to accept for a property. The reserve price, however, is not disclosed to the buyers.  At times, the bidding may result in a realistic price being set by the buyers, rather than by the seller.

3) Location:

Ensure that the house is easy to access from the main roads and check the traffic flow. Take into account various aspects of the surrounding area, such as accessibility, location, road conditions, amenities, locality, construction quality, infrastructure development, markets, schools, hospitals, etc.

4) Consider the silent costs:

Make sure you budget for these often ignored costs before signing the dotted line, such as council rates, stamp duty, lenders’ mortgage insurance, loan fees, conveyancing & building, and pest inspections.

5) Rental and Re-Sale Value of the Property:

A house’s rental value as well as its potential resale value is very important to account for. This applies to both those who buy the house primarily to rent it out or resell it as well as those who plan to purchase it and live in it for the rest of their lives. During the process of finalizing a house, you should consider the future gains you may be able to reap. As a result, it’s crucial to understand the location of the property.

Conclusion:

Our homes are our most valuable investments. Almost all of our earnings go toward buying it. As a result, prior to investing, make sure you consider the following basic points. 

Looking at properties for sale in Craigieburn? SKAD Real Estate offers an engaging, efficient, and transparent property management service across Thomastown, & Craigieburn.