Whether you are buying your first home or investing in residential or commercial property there may be some questions you’re asking like ‘can I afford it?’ or ‘where do I start?’. For help keep reading.
Top tips for buying.
1. Do your homework – Sit down and decide your preferred locations to purchase property. Do your research and find out what price houses are selling for in this area. Even write a list of what you want in a home or investment labeling every item as a ‘must have’ or ‘would like to have’. When doing this be flexible and keep your budget in mind.
2. Budget and finances - it is important to check your budget and speak with your financier. There are multiple lenders around and ideally if you get loan pre approval it will allow you to buy sooner rather than later when you find the right property. Organising finance can take some time, putting it off until you have found the right home might mean you miss out while the bank is getting organised.
3. Keep informed – Once you have done your homework and organised your finances keep informed. Build a relationship with a Property Consultant at Tony Cant Real Estate and they will keep you informed. Also set up a property alert so you are notified whenever a property is listed that matches your purchase criteria.
4. Legal representation - Once you have found the right property and negotiations have been finalised your conveyancer/solicitors details will be needed. A copy of sales information and a copy of the contract will be forwarded to your legal representative.
5. Pest and building inspections - Prior to exchange of contracts (legal agreement to buy property) or during the cooling off period we recommend you organise for pest and building inspections to be completed on the property. This will make you aware of any potential property issues prior to purchase.
6. Your autograph is then required – Once all above steps are finalised you will need to sign a contract for sale. Usually a 10% deposit will be payable at this time the real estate agency which will be held in trust until settlement. The signing of the contract for sales legally secures the property.
7. Prepare for settlement – When settlement takes place you will legally own your new property. Just prior to settlement your legal representative may encourage you to do a final pre purchase inspection. This is to check property condition and ensure all inclusions have been left for you.
8. Enjoy your new home.
Top tips for investing:
Invest and retire in luxury. Investing can bring great benefits offering regular income, capital growth and tax benefits. Over time a well managed investment property can give you the benefits you need to retire in luxury. In addition to the above tips take the following into consideration.
1. Research – Find out the growth areas and hot spots in the market. These areas will offer you greater return and usually have a high demand, making vacancy rates minimal. Speak to a Property Consultant and Property Manager at Tony Cant Real Estate to get some valuable up to date information.
2. Choose location and type – After you have chosen the type of investment you are looking for, residential, commercial, industrial, retail etc. then choose the location you are looking for within your hot spot suburb.
3. High maintenance properties – These should be avoided unless you want to add value to a property buy renovation.
4. Your accountant or financial advisor – You should speak to them about the benefits of negative gearing your investment property for maximum tax advantage.
5. Long term investing - Be aware that property is a long term investment offering solid capital growth. If wisely chosen a good investment can essentially pay for itself in the present and provide a great nest egg for the future.
