10 Tips to Get You from Renting to Buying a Property

Home/Home Loans/10 Tips to Get You from Renting to Buying a Property

You’ve been renting an apartment or home for a good while now but you’re thinking of crossing over to the other side of ownership. This does not have to be a painful process for you. It should be an experience because, after all, there’s that pride and convenience that comes with having something of your own. Here are ten tips to help you find your way into buying property.

1. Beware of selling agents

Let us start off with a word of caution. You need to understand that as much as selling agents hold your hand through the whole process of property hunting, they work for the seller, not you. This simply means they are not there to help you but the buyer.  Their work is to convince you to purchase the property so they will only tell you what they want you to know. You will need to have your research done before you involve an agent. This will make you know what important questions to ask and helps you avoid being taken advantage of.

2. Location

This is basically the first rule for everyone looking for housing property. We all have our preferences and that is what we start with. Look for something that suits your needs. Figure out what matters to you, say public transport, schools, shopping centres, health facilities, entertainment hub and facilities like that. Find what is important to you and what you can compromise then make a decision.

3.  Stamp Duty

Stamp duty is paid by the party buying property and is payable within three months of exchanging contracts. If you take NSW for instance, stamp duty is approximately 4.7% of the cost of the property. It is important to note that the cost of stamp duty will vary from one state to another and that for the NSW, stamp duty is implemented by the Office of State Revenue. You should, therefore, do your math carefully as you plan your budget since the higher the price of the property, the higher the stamp duty.

4. Understand the Market

You need to understand what is happening in the property market in the area that you are interested in. Look for experts who understand it for help and advice. You could also look for locals from the area who are going to help you find out inside information of the area and not from a business point of view. This information can help you understand the area itself and probably give some inner insight as to why a seller really wants to let that property go. You can even find out if the property being sold has some significance to the area because that may or may not affect the pricing of the property.

5. Check Your Timing

It is important to check the timing of your purchase and make use of some opportunities that may arise. For instance, you could look out for periods in the housing market that may be considered cool; periods when not many people are out hunting for houses. That can actually help you find your dream property without much competition.

6. Inspection

Inspect the property you want to buy with a keen eye before you make an offer. It’s only natural that the owners will make the property look nice and attractive when they are selling, so be keen to look for things that may not be seen at a first glance. The sellers should produce a document from a pest inspector proving the property is pest free. And, even if everything seems fine to you and you get the document, go ahead and employ the expertise of another building and pest inspector to make sure you are making a healthy purchase, so to speak.

7. Age of Property and Cost of Renovation

New property may cost more than property that has been around for some time. Look around and find out how old the property you are buying is. Age does not always mean ragged, but property that has been around for a long while may need some retouching. If you decide to, find out the costs. For instance, in Sydney, the costs of renovating within 20 kilometres of the central business district can be in the neighbourhood of $3000 to $4000 per square metre.

8. External Factors Affecting Your Property

External factors such as the property being under a flight path, or beside a school, the property might be too close to a highway to your liking or even the fact that it does not get enough natural light are some to consider. Keep a keen eye and seek expert advice where you are not sure.

9. Neighbouring Property Development

Find out what is in the neighbourhood of the property. You do not want to buy property only for the neighbours to block your view of the sunset by building something twice as big as what you have. It could help if you checked in with the local council about zoning concerning that area to avoid unpleasant surprises later.

10.  Understand the Contract of Sale

Whenever purchasing property, a contract is usually signed between the seller and buyer. This document lists all the requirements, by law and otherwise, that must be adhered to as the new owner of the property. Of special importance is the “Special Conditions” section. There may be restrictions and additional requirements specific to the property you’re buying. Some common clauses in this section are restrictions against having pets such as dogs or cats on the property, restrictions against modifying or repainting your exterior walls, restrictions against barbequing on the property, amongst others. It would be wise to go over the contract to avoid any surprises later.

2019-07-04T20:44:32+10:00

29 Comments

  1. construction dumpsters Austin February 14, 2021 at 7:21 pm - Reply

    East west homes best.

  2. asmr https://0mniartist.tumblr.com April 10, 2021 at 8:10 pm - Reply

    I think this is one of the most vital info for me.
    And i’m glad reading your article. But wanna remark on some general things, The web site
    style is great, the articles is really nice : D. Good job,
    cheers 0mniartist asmr

  3. 0mniartist April 12, 2021 at 8:09 am - Reply

    I was suggested this web site by my cousin. I’m not sure whether this post is written by him
    as nobody else know such detailed about my trouble. You’re wonderful!

    Thanks! 0mniartist asmr

  4. asmr https://0mniartist.tumblr.com April 13, 2021 at 7:16 pm - Reply

    I really like your blog.. very nice colors & theme.
    Did you design this website yourself or did you hire someone to do it for you?
    Plz answer back as I’m looking to design my own blog and would
    like to find out where u got this from. many thanks 0mniartist asmr

  5. j.mp April 15, 2021 at 12:36 am - Reply

    I read this paragraph completely about the comparison of most up-to-date and preceding technologies, it’s awesome article.
    asmr 0mniartist

  6. j.mp April 16, 2021 at 5:57 pm - Reply

    This is my first time pay a quick visit at here and
    i am truly pleassant to read all at alone place.
    asmr 0mniartist

  7. what asmr April 29, 2021 at 9:34 am - Reply

    Wow, this post is fastidious, my younger sister is analyzing these things, thus I am going to
    inform her.

  8. our asmr April 29, 2021 at 6:05 pm - Reply

    A motivating discussion is definitely worth comment. I
    do believe that you need to write more about this subject, it might
    not be a taboo subject but typically people do not speak
    about these subjects. To the next! All the best!!

  9. asmr but April 30, 2021 at 12:25 am - Reply

    I blog frequently and I genuinely appreciate your content.
    This great article has really peaked my interest. I will bookmark your website and keep checking
    for new details about once a week. I subscribed to
    your Feed as well.

  10. gamefly for May 4, 2021 at 10:44 am - Reply

    When I initially left a comment I appear to have clicked the -Notify me when new
    comments are added- checkbox and from now on every time a comment is added I get four emails with the
    same comment. There has to be an easy method you can remove me from that service?
    Appreciate it!

  11. asmr but May 4, 2021 at 8:25 pm - Reply

    Wow that was strange. I just wrote an really long comment but after I clicked
    submit my comment didn’t appear. Grrrr… well I’m not writing
    all that over again. Regardless, just wanted to say wonderful blog!

  12. tinyurl.com May 7, 2021 at 9:14 pm - Reply

    It’s awesome to pay a quick visit this website and reading the views of all mates regarding this post, while I am also zealous of getting knowledge.

  13. asmr for May 8, 2021 at 1:09 pm - Reply

    Keep on writing, great job!

  14. asmr this May 9, 2021 at 7:32 pm - Reply

    Hiya very cool blog!! Guy .. Beautiful .. Wonderful .. I’ll bookmark
    your blog and take the feeds also? I’m glad to search out so many helpful information right here in the publish, we’d like develop extra techniques in this
    regard, thanks for sharing. . . . . .

  15. j.mp May 15, 2021 at 6:29 pm - Reply

    scoliosis
    I just could not go away your web site before suggesting that I extremely enjoyed the standard info a person provide for your guests?
    Is going to be again continuously in order to check up on new posts scoliosis

  16. tinyurl.com May 17, 2021 at 7:19 am - Reply

    scoliosis
    I believe that is among the so much significant info for me.

    And i am satisfied reading your article. However wanna observation on some normal things, The site taste is ideal, the articles
    is actually nice : D. Good activity, cheers scoliosis

  17. tinyurl.com May 19, 2021 at 10:39 pm - Reply

    scoliosis
    If some one desires expert view about blogging and site-building afterward i
    suggest him/her to pay a visit this webpage, Keep up the pleasant job.

    scoliosis

  18. https://785days.tumblr.com/ May 20, 2021 at 4:47 pm - Reply

    dating sites
    Incredible! This blog looks exactly like my old one!
    It’s on a completely different subject but it has pretty much the same layout
    and design. Superb choice of colors! dating sites https://785days.tumblr.com/

  19. dating sites
    Very good post. I will be going through a
    few of these issues as well.. dating sites

  20. that asmr May 21, 2021 at 10:06 pm - Reply

    Hi! I know this is somewhat off-topic but I had
    to ask. Does operating a well-established blog like yours take a lot of
    work? I am brand new to blogging however I do write in my journal daily.
    I’d like to start a blog so I will be able to share my experience and feelings online.
    Please let me know if you have any kind of suggestions or tips for
    brand new aspiring blog owners. Thankyou!

  21. dating sites with May 26, 2021 at 6:16 am - Reply

    Do you have a spam issue on this website; I also am a
    blogger, and I was wanting to know your situation; many of us have created some nice practices and we are looking
    to swap techniques with other folks, be sure to shoot
    me an email if interested.

  22. the free dating sites May 26, 2021 at 8:07 pm - Reply

    I’m truly enjoying the design and layout of your
    blog. It’s a very easy on the eyes which makes it much more enjoyable for me to
    come here and visit more often. Did you hire out a
    developer to create your theme? Outstanding work!

  23. dating sites it May 30, 2021 at 12:16 am - Reply

    We are a group of volunteers and opening a new scheme in our community.
    Your website offered us with valuable information to work on.
    You have done an impressive job and our entire community will be thankful to you.

  24. scoliosis of May 31, 2021 at 4:18 am - Reply

    This design is steller! You definitely know how to
    keep a reader entertained. Between your wit and your videos, I was almost moved
    to start my own blog (well, almost…HaHa!) Wonderful job.
    I really enjoyed what you had to say, and more than that, how you presented it.
    Too cool!

  25. where scoliosis surgery May 31, 2021 at 1:52 pm - Reply

    If some one desires to be updated with most recent
    technologies then he must be pay a quick visit this
    web site and be up to date all the time.

  26. was free dating sites June 1, 2021 at 12:36 am - Reply

    hello!,I really like your writing very a lot! proportion we keep in touch more
    about your article on AOL? I require a specialist in this space to unravel my problem.
    May be that is you! Having a look forward to look you.

  27. an dating sites June 1, 2021 at 3:04 pm - Reply

    Thank you for the good writeup. It in fact was a amusement account
    it. Look advanced to more added agreeable from you!
    By the way, how could we communicate?

  28. http://tinyurl.com/y5wuwldn June 1, 2021 at 10:53 pm - Reply

    This post will assist the internet visitors for
    building up new blog or even a blog from start to end.

  29. http://tinyurl.com/ June 2, 2021 at 11:51 am - Reply

    I like what you guys tend to be up too. This kind of clever work and exposure!
    Keep up the good works guys I’ve included you guys to blogroll.

Leave A Comment