How exciting! Buying the property right for you requires commitment. So where to start? We’ve put together the essential steps you should include in your property research checklist. Here goes:
- Know your borrowing power
The first step; pick up the phone and make an appointment. We are here to assist. As your finance broker, we’ll help you determine your borrowing power and give you a clear understanding of how much you can realistically afford to spend based on your budget, income and expenditure. During the process, we’ll get to understand your spending habits the calculate your comfortable borrowing capacity.
- Research your desired property
It will be easier to research the property that you’re looking for when you have a checklist. With a lot of quality properties to choose from, it’s easy to fall in love with aesthetics, so it’s important to make sure that the property meets your requirements. Ask yourself when listing down your set of criteria.
- Know your surrounding area
Where are you planning to buy? Why that area? Whether you’re a first home buyer or an investor, the aim is to purchase in a suburb with solid capital growth potential. Get to know about the local transport, schools and shopping centres.
- Research the price
Compare prices with other property sales in the area to ensure that you’re getting a fair deal. Budget. ongoing costs that will be applicable such as council rates, strata fees, and water rates.
- Investors: rental yield
Know the average rental yield of the area and the property. Obtain data that includes details on median prices, growth rates, and rental yields. This part can get technical, and we’ll gladly explain the details to you.
We can’t stress enough the importance of doing plenty of research before purchasing a house or an investment property, but we guarantee that the effort will be well worth it in the long run. And of course, we are here to help you every step of the way!