As the federal budget is revealed, how does this impact young Aussies.
Buying a property may be one of the biggest financial decisions you will ever make. Whether you’re a first-time buyer or an experienced property investor, we know the process can be daunting and overwhelming.
With so many factors to consider, it’s important to conduct your due diligence and take the time to research and understand the property, market, and buying process.
In this blog post, we’ll share 7 tips to help you navigate the buyer’s market by making informed decisions and minimising risk before you buy property.
1. Get to know the neighbourhood
Before purchasing a home, it is essential to get to know the neighbourhood. It’s important to take the time to check out the streets, schools, shops, and public transport options. Have a wander around the area to get a feel for the local community and see what amenities would be available to you. Checking out what’s around, like restaurants and shopping centres, can help you determine if the area has the desired amenities. By scoping out the area you can make an informed decision about whether the neighbourhood is a good fit for you and your lifestyle.
2. Get your finances in check
When it comes time to start the process of putting in offers on a house, it is recommended to have at least a 20% deposit saved. The higher deposit means great long-term benefits, such as reduced mortgage repayments. Remember to do your research on home loan options with different banks and lenders to find one that suits your needs. Also, be informed of government initiatives that aid in property purchasing that could apply to you, for example, the First Home Buyer scheme in NSW.
3. Check for developments in the area
Think you’ve found the perfect property in a great neighbourhood? Doesn’t mean it always will be. It is important to check out the zoning and development plans for the area. The last thing you want is in 5 years to have high-rise buildings looking into your backyard. A development application report will inform you of any pending and current works that are being performed within 400m of the property. It will identify how far away the works are, the location, the latest update to the list, and the specific ID and summary of each development application.
4. Look out for environmental factors
Environmental reports are used to identify contaminated land, natural hazards, liveability, and planning constraints. In areas prone to bushfires, a Bushfire Risk report helps to determine the likelihood of any bushfires occurring and the potential impact they could have on the property. A Contaminated Land Search provides information on any environmental hazards and contamination that may exist on or nearby the property.
By obtaining these reports, you can make informed decisions before any bids are placed.
5. Invest in pest, building and strata reports
Once you’re in the market to buy a property, it is important to conduct due diligence, so you know exactly what work may be required (i.e. how much money you need to invest) before you commit to the biggest purchase of a lifetime. The duty of a building and pest inspector involves conducting a thorough examination of a property and generating a report that outlines the property’s state. The report covers details of any issues or imperfections present in the building, including termite infestations, mould, decay, movement in walls, faulty roofs, safety hazards and more.
A strata report is a full review of the Owners Corporation records, financial state of the body corporate as well as proposed strata expenditure, defects, insurances, rules (e.g. pets) and disputes.
6. Check the pipe locations
Don’t forget about piping! Did you know you can’t build on top of any pipelines? That means you could be limited in expanding your home down the track or adding in that dream pool for those hot Aussie summers. Be sure to check out Sydney Water Service Location Print, Hunter Water Service Location Print and Sewer Diagrams, depending on the location of the property.
7. Check the property with a title and plan search
A Title Search is a public and legal record of land ownership, including interests and restrictions on the land. A plan is a diagram which defines the legal boundaries of a property on the date it was registered. Plans are generally developed from a survey of the land conducted by a registered surveyor. A plan maps out unseen boundaries, physical site features and other title information to help you understand the size and shape of the property, rights of way and easements, dimensions, and distances of features on the property, and location and description of markers. Plan types will depend on the property and can be called a few different types such as Deposited Plan , Strata Plan or Survey Plan.
Regardless of whether you’re on the hunt for a new place to call home or a property to add to your investment portfolio, these 7 tips can serve as a valuable resource to help you sidestep potential hazards.
The content provided in this blog is intended solely for general information and awareness around our product offerings. It does not constitute personalised advice for any specific individual or organisation and should not be solely relied upon. All information within this blog post is generalised and does not consider the unique situations, circumstances, or requirements of any individual or organisation. Always seek professional advice and consider the suitability of the information to your specific goals and needs before taking any action based on the information presented.
Saving for something big?
Perform your due diligence and start searching to see what reports we have available.
