The Australian Dream: The Key To Buying The Right Property Down Under

Buying a house is likely the most consequential financial decision you’ll ever make. Home ownership represents stability, success, and prosperity. There’s an even larger emotional stake involved if home ownership in Australia means upping sticks from the UK and shipping your entire life halfway across the world. The Key To Buying The Right Property Down Under, The Australian Dream!

Whether you’ve been renting here for a while as you suss out the housing market, or already have your dream suburb in mind, the all-too-important moment where you sign your name on the dotted line takes months of careful, considered preparation.

To score your dream residence, you’ll need plenty of introspection and preparation. Continue reading if you’d like to find out how to choose a house that’s perfect for your lifestyle, with our tips on buying the right property down under.

Identify Your Goals

Before you hire a realtor or look up today’s variable home loan rates, define your priorities and objectives. Ask yourself a few questions to help you with the process. These can include:

  • What does the perfect house look like to you? 
  • Are you searching for a place just for yourself, or do you plan to have a family? 
  • Will this purchase be an investment and not your primary home? If so, are you hoping to flip the property for profit soon, or lease it out for ongoing income? 
  • Which amenities are essential to you?
  • How big do you want your home to be?
  • Do you prefer a standalone house or a condominium? 
  • What styling and layouts are you interested in? 
  • Would you like to live on the outskirts of a major city centre, or do you prefer a lively downtown atmosphere?

These questions will help you figure out if you want a certain house, and if you can afford it. This will save you loads of time as you can narrow down your search by filtering out those that aren’t relevant. The Key To Buying The Right Property Down Under, The Australian Dream!

Evaluate Locations

There are lots of factors that go into property value, but the most important is location. You’ll also want to get a suitably placed house for your own lifestyle’s sake. Think about how long it would take to get to work, bring the kids to school and visit family and friends. Typically, property is more expensive in cities, although it’s still possible to find affordable accommodation if you’re prepared to settle for something smaller. 

Evaluate your lifestyle and hobbies to find your perfect neighbourhood. Would you prefer sprawling parks and nearby outdoor recreation centres, or do you crave the hustle and bustle of a big city?

Do plenty of research on planned developments in the area you’re looking at. This can include roads, shopping malls and public transport facilities. A rapidly-growing area is probably a good investment, not to mention a great place to live both now and in the future. You’ll also want to find a place with easy access to hospitals and clinics, in case you run into a health emergency. 

You can save plenty of time by using the internet to gather information about area demographics, crime rates, future real estate planning, road construction and average property value and rental pricing trends. Look for advice from family and friends who live in the area, or who have prior real estate experience.

Clarify Your Budget

Lenders need a clear picture of your financial health before approving your loan. Begin the process with a thorough accounting of your current income sources, savings, recurring expenses and outstanding debts.

Also, factor in the associated costs of the home purchase. Your stamp duty payable, for instance, might be a substantial expense, depending on the state or territory, as well as the property type and price. Account for legal fees, including contract reviews, assistance with title preparation and conveyancing.

You also need to assess the structural integrity and pest risks associated with the properties you’re interested in. You should enlist qualified technicians to assess any potential defects with the house before you make a purchase.

Consider your down payment, too. Most lenders will want at least 20% of the total price of the home. You will probably also need to purchase lender’s mortgage insurance to protect them from potential loan defaults. Factor this expense into your budget preparation. And when considering your income, remember that you’ll be paid (and paying) in Aussie dollars, so get to grips with the exchange rate.

Once the lender is happy with your application, they’ll issue a loan pre-approval, which lets you know how much they’re willing to lend you. At that point, you will have a better picture of your financial constraints, allowing you to narrow down the property options that fall within your means. The Key To Buying The Right Property Down Under, The Australian Dream!

Making Bids and Bargaining

Once you’ve visualised the sort of house you’d like to have, figured out where you’d like to live, and found an actual house you’re interested in, you’ll need to start the negotiation process. 

Before making a bid, be sure of the home’s fair market value. Compile price data from recent sales of similar lots in the area. Take into account factors like the house’s condition, and whether or not it’s a corner lot. Gain an unbiased property value assessment from your real estate agent or assessor.

Make your first offer slightly below the seller’s asking price but still within the range of the property’s market value. If there’s lots of competition or the seller doesn’t necessarily need to sell, expect some tough negotiations.

Don’t let the negotiations devolve into fighting: remember, this is business, not personal. Stick to your original budget, and don’t fall into the trap of spending more than you can afford. Take factors like existing furniture and future repairs into account. Finally, walk away if you absolutely can’t come to an agreement. The right house will come around.

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When buying a home in Australia, there are loads of factors you’ll need to take into account, such as investment opportunities, your own lifestyle and how much you can afford to spend. Expect to spend lots of time and effort when looking for a new place to live. Browse the internet and reach out through your network to find the perfect home for you.

If all this becomes overwhelming and exhausting, don’t forget that you’re embarking on an exciting new adventure, which is sure to open up an entirely new lease of life. Living in Australia offers plenty of sunshine and great weather all-year round, proximity to some of the world’s most beautiful destinations and road trips, and a high-quality of living that offers better, more affordable access to home ownership than in many parts of the UK. So keep at it, and it won’t be long before you’re putting shrimp on the barbie in your very own backyard.