Finding a property can sometimes be the hardest part of the home loan process, so we’ve put together some useful tips to help with your property search:
When looking at potential properties, the location is going to be one of the biggest considerations. It pays to think about how far you’ll need to travel to work, the location to local schools and supermarkets, and whether there is access to public transport.
Make and Take Notes
Before you begin the property search, it’s a good idea to think about and write down what you want from your property. There will be some elements that are non-negotiable, others that you can work around and some that are an absolute no-go. Bedrooms, bathrooms, car parks, storage and parking are some of the common elements to consider. It’s also a good idea to take notes while you are viewing the properties – what you do and don’t like, items of interest, new ideas etc – as your notes will be a lot more reliable than your memory.
Research the Market
Keep an eye out for other properties for sale in your area, and head along to any auctions. This way you can see what the market is doing in your preferred area. There are also some great websites out there that can tell you the statistics for your suburb, what properties are for sale and what the trends in the market are.
Pre-approve Your Home Loan
Getting pre-approved for your home loan will give you the peace of mind that you meet the criteria for a home loan. Your mortgage broker will be able to talk to you more about this. Please note that pre-approval is indicative only, and is subject to a final assessment by the lender.
A Buyers Agent is a worthwhile consideration as they research properties based on your criteria. Even though they’ll cost you money in fees, they may save you money with your property purchase and knowledge of the market in your desired area.