Buying your first property can be a nerve-wracking experience, which is why it’s always worth being as prepared as possible. By asking questions, you’ll be able to educate yourself on the finer details of the property market and inevitably end up making better decisions.
But which questions should you be asking yourself? In this article, we’re going to take you through the top 5 questions that first-time buyers should be asking.
1. Can I actually afford a property?
Sadly, having the budget for the initial deposit is far from the end. Before committing to the home-buying process, you should make sure you have enough budget to cover your mortgage payments, as well as other costs such as stamp duty.
If you’re unsure, you should seek professional financial advice before moving forward.
2. Should the property be a home or an investment?
Not all property purchases need to result in you settling down and making a home there. In fact, the strength of the Australian market means that now is a great time to buy an investment property.
By buying a property for investment purposes, you’ll be able to get a great foothold in the market. Further down the line when you come to sell the property, chances are you’ll have made enough money to reinvest in a property of your own.
3. Is location all that important?
In short, yes. Location is an absolutely crucial part of finding the right property for you, as it can have such an impact on your day-to-day life. Although properties in close proximity to local amenities will cost more, living further away from them could inconvenience you on a daily basis. Saving money is great, but don’t let the location of your property affect your daily routine.
4. Should I purchase a new property, or one that’s already established?
Both of these options have their pros and cons, so it’s largely down to personal preference. Would you rather have an established property with a history in the market, or a new build property in top condition?
Established properties are going to come with a pre-existing character and charm and they’re often much cheaper than newer properties. A new-build, however, is going to be much more modern and might save you having to pay out for renovations.
5. Can I get involved at Auctions?
If you haven’t been to one before, auctions can be seriously daunting. Don’t let that deter you, though. Regardless of their experience or market position, anyone can get involved and bid at auctions. Just make sure you’ve got your finances in order before moving forward.