Quick Guide to Making Your First Property Purchase a Success

It can be quite challenging buying your first property. Chances are, you may either go for the first property that’s within your price range or just continue to rent because of the hefty fees you have to pay on top of the initial payment. If you’re still lacking conviction over this major purchase, here’s a quick guide to help you come up with a clearer decision.

Save For The Reservation Deposit

The initial deposit would account for at least 5% of the full price of the purchase. Meaning, this would require your biggest consideration compared to the rest of the payment later on. Know what your budget is prior looking into properties. This way, you can anticipate the savings you’ll need to set aside until you can afford the initial deposit.

You can start creating a financial plan by recording all your savings and expenses for the past three months. Make sure to note the usual expenses that you keep buying from the list. Once all savings and expenses are accounted for, list your savings goal with enough margins for unanticipated fees like insurance, government fees, mortgage fees and the likes.

Market Research

Brisbane’s growing population may also mean a growing demand for properties. Doing a market research first will help you find the ideal location at the right price. You can look it up online for Brisbane properties being sold in a certain area. Attending open inspections and asking for friends or family members who just happened to move to a certain area of your choice can be a good start. You may also find factual assessment coming from Reserve Bank of Australia (RBA) that looks into the interest rates so you can anticipate the cost of your overall purchase.

Search For Local Buyers Agents

Look for trusted buyers agents Brisbane property specialists to help you find the right property that suits your needs. Since looking for a property is not a ‘one-size-fits-all’, it is essential that you know the purpose of owning a property. Do you intend to make it a home? Or would you want to take advantage of the market and profit from rentals? Where in Brisbane are you likely going to settle? These are some of the details that property agents can readily answer for you.

Property Valuation

Your purchase should be worth your money. If you get it cheap, you’re lucky. But it would be worse on your end if you’ve got the property at a high price. In this case, if your budget allows it, you can hire a property valuer to make an assessment of the land you have chosen.

Property valuers check the current price to that of the fair value in the market. They will send a detailed report about the property and see if it is a good buy – or not. You will often see the following in their report: historical prices of properties, trends (supply and demand) and upcoming projects that can increase the market value of the property. The service fee for property valuers varies so it’s best to negotiate first for the price before availing their services.