When purchasing any type of property, be it a unit, home or vacant land, it is incredibly important to do your research and make sure the property is exactly what you’re after.
There are many differentiating factors that influence our purchase choices, including our budget, the property structure, the position of the land, and neighbouring noise levels, which all contribute to the decision as to whether or not we sign the purchase contract.
Here are the top five things that you need to consider when considering a purchase of real estate to ensure that the property is best suited for you, and your needs;
1. Determine what you can afford, and start there.
When it is time to start looking for a property, the most important thing to consider is your budget. This will guide you in the right direction, leading you toward a particular property type, location, or size.
It’s important to stay within your financial limits to ensure that all contracts and financial documents are executed in a timely manner. Unnecessary delay can often make a purchase a lot harder than what it needs to be, so be sure to discuss this step with your financial advisor, broker or banker before taking the plunge and signing any documents.
Start within your budget, and let that show you the way.
2. Is the building structurally sound?
It’s incredibly important for you to double check that the property you are interested in buying is structurally sound.
When inspecting a property, check to see if there are any cracks in the walls, moisture on the ceiling, or buckling of the roof or windows. Noticing any of these deficiencies should be cause for further investigation, and a thorough building and pest inspection.
It’s quite easy for a fresh coat of paint, and a delicious smelling candle, to hide the mould and structural damage that a homeowner may not want you to see.
Do some investigation and make sure the property is exactly what the agent and owner say it is.
3. What is the neighbourhood like?
If you are serious about purchasing a particular property, it’s your priority to make sure that the location is exactly what you are after.
Do you want to reside within a quiet town? Or would you prefer a property that is located closer to the hustle and bustle of the CBD?
Either way, you need to get your detective hat on to make sure that what occurs within your property’s suburb is something that you’d want to become part of your day-to-day life. The neighbouring noise levels could impact your decision as to whether you buy, or continue looking for a more suitable location.
The same advice applies to neighbours and neighbouring properties such as schools, shops and vacant land. There are pros and cons for every neighbouring property type, so be sure to choose an area and location that works best for you, your family and your lifestyle.
4. The Land
One of the most important things to look for when purchasing a property is the land. Not just the size of the land, but the position, restrictions and direction of the structure that is located on the land.
While the Section 32 and accompanying Title documents may be helpful in providing some background information, it’s imperative that you properly research whether the property boundaries that are outlined in the official documents are accurate, and whether there are any easements or covenants that could jeopordise future building plans (including extensions, or subdivisions).
It’s also of major importance to determine whether the property is located within a high-risk fire or flood zone, as this will help you to consider exactly what insurances you may need should you wish to purchase the property in the future.
5. What does your conveyancer say?
Once you’ve decided that the property is what you’re after, it’s time for you to send the property documents to your conveyancer so that they can be sure all the legalities, finances, Title, and associated property concerns are in order.
Your conveyancer is worth their weight in gold, so utilise their knowledge and get them to review your documents so that you know you are getting exactly what you are promised.
So be sure to take the time to do your research, and move on to another property if things don’t seem to be adding up. There will always be another opportunity to buy, and there will always be help when you need it.
Contact Genuine Conveyancing for more insight and information as to what you need to do before you grab the pen and decide to sign.