Now that your search has ended, and you’ve finally found a property which ticks all of the boxes, you probably think that you are guaranteed smooth sailing from here. While in most cases, your biggest problems will be packing and organising the removalists, sometimes things don’t always go to plan. Unfortunately, some buyers find themselves in difficult and uncomfortable situations when it comes to the purchase of a property, so we’ve put together a list of 5 potential pitfalls to avoid.
Buying a home near or on the beach in Sydney’s northern beaches may be a dream for many, but it is also a purchase that should be made with care. Coastal homes are subject to many more environmental factors than the average home, which can make a purchase much more expensive than originally planned. Take into account the upkeep or replacement costs on shutters and other fittings that can suffer corrosion from the salt air, for example. There are also other problems that beachside homes can face that are not always apparent at first glance.
If you’ve been thinking of escaping the city to a place that is a little slower-paced, perhaps the regional centre of Geelong will tick all of your boxes. This beautiful port city, located just 75 km from Melbourne, offers buyers a range of lifestyle choices. Inner city-style living, suburban homes, seaside getaways and country vistas are on offer – all without having to conquer the congestion experienced in big cities. So what benefits does Geelong have to make your property purchase worthwhile?
Termites are the bane of homeowners all over the world and if present on a property, can cost thousands of dollars to eradicate. These tiny insects can live for years in your home, destroying it from the inside out, and you may not even know they are there.
With multiple bidders vying for popular properties at auction, it can be more difficult than ever for buyers to get a foot in the door and make a successful purchase. Recent data suggests that homebuyers are getting fed up with competing for properties at auction, and are getting in early with high pre-auction offers to get ahead of the competition.
With property prices rising and increases in the cost of living, many young people find it difficult to get on to the property ladder. According to recent reports, more and more parents are stepping in financially to allow their children to get into home ownership.
When you are buying a home, the costs can soon mount up. Legal fees, inspection report costs, and many other expenses may leave you tempted to cut corners to save money. But when it comes to safeguarding your financial investment in a property, it’s never a good idea to skimp on the details.
Most people who are in the process of buying a home know that it’s essential to do all the necessary paperwork and ensure that their future investment is a sound one before they commit themselves. One step that should never be skimped on is the pre-purchase inspection. Sydney’s property market is competitive and getting the necessary reports can take a few days, but it’s better to wait and risk losing out to another buyer, than to get in quick and cross your fingers that there’s nothing wrong with the property.
Most properties are sold one of two ways, by private sale which is where a buyer looks at a property and negotiates a price with the seller or the seller’s agent, or by auction where buyers bid for a property on a specified day. Buying a property at auction, particularly a strata property, is a slightly different process from buying through a private sale. If you are purchasing a strata property at auction, it’s important to understand what you need to do before sale day arrives.
Whether you are buying a home or an investment property, settlement day is the date that you legally become the owner of your new property. Settlement usually takes place 30-60 days after your offer on a property is accepted, and for everything to go through smoothly, all the paperwork needs to be completed, checked and double-checked.