3 Nifty Research Steps You Must Follow When Buying a Home
With the median price of a home in Australia hovering around the $660,000 mark, buying real estate property is perhaps the single largest investment you'll ever make in your lifetime. When so much money is at stake, there's no doubt that proper research is at the heart of a successful real estate investment. Without doing the right amount of research, you'll end up taking risks that could potentially threaten your financial future. This guide is designed to help you follow three research steps when buying a new home.
Do Adequate Research to Make an Informed Decision About Price
Cutting corners with your real estate research will get you into trouble, especially in hot property markets where buyers need to fight hard for properties. Adequate research helps you know whether the property price is worth it or not. You can only make this decision when you know more about the property. For example, does the price compare with similar houses sold in the area? Does the property come fully fitted or is it a fixer upper? These quick checks alone will prevent you from overpaying. Your research to get a proper price should include information about the following:
- Is the property value similar to others in the area?
- How much repair work is necessary? Or is the home in ready-to-move condition?
- Could you negotiate a better price for fixer upper properties?
- How much can you borrow against the property?
- What is the demand for rentals and property buying in the neighbourhood?
- Does the neighbourhood have potential to grow in value?
Failing to do this upfront research may result in you paying more than you should for your real estate property.
Focus Research on Proximity Indicators
Your research should focus on the indicators that drive you to buy a particular property depending on your specific need to be close to certain lifestyle aspects. Just because demand for housing has increased in a certain suburb doesn't mean that it is the right suburb for your specific travel needs. Use these research proximity indicators to help you make a decision about your real estate property:
- Proximity to your job and kid's schools.
- Convenience to daily groceries and shopping needs.
- Closeness to medical facilities and hospitals.
- Accessibility to sporting facilities.
- Distance to public transportation.
Let Your Research Help You With Neighbourhood Demographics
Research about the neighbourhood you're buying into is as important as research on the house itself. For example, you may want a neighbourhood with small children for your kids to make friends with. If you're a professional, you'll probably want to be in a neighbourhood surrounded by other working professionals. If you're retired, you may not want to be in a neighbourhood with small kids at all.
Use these nifty research steps to help you in your quest to find an amazing real estate property that meets all your needs. For help with your research, work with an experienced real estate company like McGrath Real Estate Group.