What You Need to Know Before Purchasing Real Estate


Purchasing a new home is a massive undertaking. There is so much that you need to think about and plan for to ensure that you have a smooth property buying experience. Before making the decision to purchase your new property, there are a few things you should consider first. Take a look at the top 5 things you need to know before purchasing real estate.

 
 

Always work with experienced professionals

 
When it comes to making such a big purchase, it pays to have the professionals on your side. Hiring licensed experts can save you a lot of stress and time. Having professionals such as pest and building inspectors, solicitors and mortgage brokers helping you from day one can help prevent costly repairs and mistakes down the road.
 
 

Think about your finances realistically

 
Knowing what your budget is beforehand is important. This will dictate what areas you explore as well as what homes you initially look at. If possible, you should also get pre-approval from your bank before you start your home search. This will allow you to go into negotiations with the confidence of knowing how much your bank is willing to lend to you. Pre-approval can also be the deciding factor for many sellers, as there is a good chance that your loan will be approved.
 
 

Know the area you want to buy in

 
Doing some research in the areas you wish to buy in is important. Look at the local infrastructure, which amenities are nearby, future building projects, school districts and public transport. Knowing what is going on in the area as well as what is planned for the near future can have a large impact on property values. Take your time to learn about the suburb; there is no such thing as being too well informed when it comes to buying property.
 
 

Factor in unexpected costs

 
When working out your finances and budget, you should always factor in some spare cash for unexpected costs. Unfortunately, they are more common than you would think when purchasing property, so it pays to be prepared so you aren’t hit with an important bill that you don’t have any spare cash for. From conveyancing fees to stamp duty, having some money put aside for unexpected costs before you purchase is always a good idea.
 
 

Check the house before signing your unconditional contract

 
Once you have found your property, you need to make sure that it is up to scratch. You don’t want to discover hidden issues after you have signed that unconditional contract. Take the time and spend some money to do building and pest inspections. Check everything you can think of. You ideally will want to make sure that the property is in good structural condition and that it isn’t harbouring pests. You shouldn’t sign an unconditional contract until you know that that you have checked everything beforehand.
 
 

Talk to the Experts at First National Real Estate Port Macquarie!

 
Being prepared before you start looking for the right property will save you a lot of time and stress. With the right help and knowledge, you can make your property buying experience a positive one. If you’re looking for a professional team to help you with your next property purchase, why not give us a call? We’re your Port Macquarie property experts.