The 10 Essential Tips to Buying a Property

If you are new to the property market, never bought a property before, never bought an investment before or perhaps have bought investment properties before you will need to be aware is there are a number of aspects to researching that are crucial in the buying process.

 

We at Kathryn Hall Real Estate know that there are many pitfalls when buying property. We know the Sydney Real Estate Market and here are the 10 Basic tips to help you to make the right buying decision:

 

  1. Know Your Budget. Many buyers really don’t have any idea of the various of prices in any one suburb. For example a property located within a walking distance to a train station can be 10% to 30% higher in value than a property that is not within walking distance. By the way the understanding of “walking” distance to a station is accepted as 1 kilometer. Also there are areas that even though they are a “walk” to the railways station it also depends on which side of the railway line the property is located.

 

  1. Check With Your Bank. Check with your mortgage broker once, twice and then again. We have experience that a number of the banks are providing what is called a “pre-approval” loan, however when it comes to the crunch time the banks are reneging on the pre -approval process.

 

  1. Location Location, Location. The need to research and understand what are the main “hot spots” and why the suburb is popular is vital in any buying decision. Ask yourself the question why do you want to live or invest in this location? Take the time to explore the area, the shops and the industrial area. What and where are the local parks? Sporting facilities? Local pools? Etc.

 

  1. Transport Facilities: This is a crucial tip especially in the major cities and especially In the Sydney Real Estate Market. Are there trains, busses, can you walk to work, ride a bike to work? What is the travel time for car commuter?

 

  1. Schools In the location: More people ask us more about schools and the school catchment area, then any other request from people seeking a buyers agent. The strength and reputation of the school can have a huge fundamental attraction for the suburb and location. Especially with some of the Sydney Private Schools and Public Specialist Selective High Schools.

 

  1. Think Number of bedrooms: If you are an investor be careful when looking for investment property. In some areas a studio apartment compared to a one bedroom apartment can be vary in price and value all due to the fact that a one bedroom apartment can accommodate a 2 income earners easier than one income earner

 

  1. Which Side of the Street? Sun, sun, sun, the all-important aspect. A property that has no direct sun or natural light can be devalued by up to 30%. Often those “south facing“ properties mainly come up for sale in the summer months. So knowing where the sun shines or not, how close is the property nestling up against the hillside is an important factoring when choosing the right location Often we have been known to pass by at different times of the day to register the sunshine or lack of.

 

  1. To Garden or Not to Garden? That is the question! Many suburbs and the Local Council Authority have regulatory requirements of a certain size of land. This can range from 100sqm to 900sqm. Land size effect the ability for dual accommodation zoning too. Garden is a wonderful activity but if you are too busy then the garden can become the master and you the slave. This is also important with an investment property as this could be an additional cost to you, the landlord.

 

  1. Road Closures – Road Expansions. Especially in the Sydney area the pressure on car commuters is at a peak of concern. Certain roads are being closed to lead way to major privately funded expressways and the impact of the distance of these express -ways have an impact on property value.

 

  1. Can I live here? The golden rule of all property buying is the very essence of property. Can you imagine living in the property? Is the floor plan, aspect and what the property offers will it work for you? If you cannot feel that you could actually be happy living there, then no matter what sort of “bargain” it may appear to be this is the worst reason to buy. Our tip is the Golden Rule: if you could be happy living in the property then the next person who lives there will be happy too

 

 

If we can be of assistance to you with your Buying property needs in Sydney please give us a call. We at Kathryn Hall Agency welcome the opportunity to discuss your needs

 

 

 

 

DISCLAIMER: The information in this article is of a general nature. While care has been taken preparing this information Kathryn Hall Real Estate does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any other purpose that the article may be used. Kathryn Hall Real Estate accepts no liability for any loss or damage (whether caused by negligence or not) resulting from use of information.

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The 10 Essential Tips to Buying a Property