“Location, location, location.” When it comes to real estate clichès it’s an oldie but a goodie.
Location is crucial to your lifestyle and to your property’s potential resale value.
How far are you willing to travel to work?
How good are the local schools, shopping centres and other public facilities like parks and sporting grounds?
How convenient is public transport? If you’re prepared to renovate, think about that other real estate clichè that’s stood the test of time. “Pick the worst house in the best street”.
MAKE A LIST:
What do you really want in your home? You’ll save hours if you make a list ahead of time and only check out those places that meet those of the requirements on your list. Focus on the features you must have, would like to have, and would prefer not to have.
What you like about where you currently live?
What you don’t like about where you currently live?
The number of bedrooms you want?
Do you want a garage, a fireplace, a view, a bathtub, loads of storage?
You might not find everything on your list but at least you’ve narrowed the field.
DO YOUR HOMEWORK:
Check out recent home sale prices in your preferred areas. Look at market trends, houses for sale and suburb statistics.
There are lots of websites out there to help. Another good way to get a feel of the market value in the area you’re interested in is to go to auctions and keep an eye on auction results.
GET PRE-APPROVED FOR YOUR HOME LOAN:
It can be heartbreaking to find the perfect place only to learn that you can’t afford it. Even worse is losing your deposit because you won at an auction but couldn’t secure finance for the balance of the purchase price. Don’t risk it.
With pre-approval you’ll know how much you can borrow and how much you can spend and you won’t waste time looking at places out of your range. Talk to a broker or a lender and apply for a loan before you start the hunt.