Melbourne Real Estate - 4 Easy Steps to a New Home
Entering the Melbourne real estate market brings a mix of emotions - the excitement of living and owning a home in such a vibrant city and the apprehension of the cost. Whether you want to buy property in Melbourne or another part of the country, scoring your own home can be either a fun or stressful experience. In many cases it’s likely to be a bit of both, even if it’s not your first home.
The process of searching for and visiting different places is enjoyable, however without knowing how to choose a home that’s right for you, leads to that feeling of being overwhelmed and confused. You’re also likely to waste precious time not knowing what to ask or what information to obtain.
Melbourne Real Estate - How to Choose a Home
Melbourne is a beautiful and exciting city. With a number of great suburbs all offering their unique blend of culture and amenities, you’ll find many that appeal. Deciding where you should live can be a struggle however it’s important to identify your preferences. Before you get swept away by Melbourne’s charm and eccentricity, keep this handy guide in mind.
Stick to your budget.
Love fashion and all things refined? A residence in South Yarra or Prahran might interest you with their art deco apartments and streets lined with designer labels. The question is can you afford it? If you don’t want to compromise on the health-conscious culture, trendy vibe and artsy liveliness, then you should consider staying closer to Brunswick. Looking for more of a sun and sand lifestyle? You’ve got great options between St. Kilda and Elwood.
Buying a home is always a big financial decision that most don’t have the cash at hand for, especially when it comes to Melbourne real estate and other highly-valued places to live. When considering your loan options, determine how much you can afford to borrow, including interest. The total loan amount you’d qualify for depends on your earnings, assets, other outstanding loans, dependants and whether anyone else will be assisting financially for the property. Also, include in the calculations other possible expenses involved in acquiring the property such as stamp duty bills and lenders mortgage insurance (LMI). Plus don’t forget the expenses for regular maintenance.
Look at multiple options.
Eenie, meenie, miny…if only choosing a house was as simple. But where would the fun be then? With Melbourne real estate, there’s a lot to consider such as your lifestyle and which neighbourhood would match it, within your budget. Do you know exactly what you’re looking for? Will this be your everyday home or your weekend retreat? If you’ll be travelling daily to and from the property for work, then define your limits of travel comfort. How long would an ideal-to-tolerable, regular commute be for you? What would you consider to be manageable? Do you expect guests often?
It would be best to sit down and discuss this with a buyer’s agent familiar with Melbourne real estate. Partnering with the right buyer’s advocate, who will look out for you and your interests will go a long way to ensuring you find your dream home. Knowledge of market deals and the buying process is critical to securing a property at the right-value. A good buyer’s agent can identify what property types are the best ones with the highest chance of growing in value.
Inspect the building.
Do your research. It’s tempting to skip going through the various building and pest reports when a property is already appealing to you. To save yourself from any nasty – and costly – surprise in the future, make it a point to adhere to this tip diligently. You might be in one of the best cities in the country however that doesn’t, exclude Melbourne real estate from housing problems caused by poor maintenance, shifting terrain or other factors. Records can tell you things you can’t easily determine at first glance such as structural problems. An issue with a building’s foundation is difficult and expensive to repair if it’s in poor condition. Having the discipline to go pay for and through the paperwork will save you money and prevent future headaches.
Make a purchase at the right price.
If the property is priced fairly, you and the seller might be able to walk away with a deal that could be greatly beneficial to both of you. Be warned however that the selling agent represents the vendor and their role is to extract as much information and money from you as possible, so its buyer beware..
Buying your dream home often has its own troubles, especially in a coveted location such as Melbourne which is highly competitive. Smooth sailing is rare however, so it’s all about knowing what to keep an eye and ear out for and having a trusted expert ( licensed buyer’s agent) with your best interests in mind. Once equipped, entering the Melbourne real estate market could just be at the tip of your pen, poised to write that cheque.