There are a number of things to consider before you set out to buy a home. It will help if you know where you want to buy, and what size and type of home you want. These factors will affect the price of the home, which in turn will affect the amount of deposit you will need. It usually takes some time to find the right home so this will give you an opportunity to organise your finances and apply for a loan that you can afford in the long term, if you need one.
House or unit
Units are particularly suitable for individuals living alone or for couples without children. They require little maintenance compared to many houses and are available in most areas. When buying a unit, you should be aware of any strata or community title provisions that may limit alterations or prevent you keeping a pet.
Strata and community title arrangements oblige you to take shared responsibility for the maintenance of common areas, such as gardens, roofs, parking areas and so on.
The purchaser of a strata or community title unit will be given information about the strata or community corporation as part of the purchasing process.
Strata and community title arrangements oblige you to take shared responsibility for the maintenance of common areas, such as gardens, roofs, parking areas and so on.
The purchaser of a strata or community title unit will be given information about the strata or community corporation as part of the purchasing process.
Property searches
The Land Titles Office maintains public records that can be accessed for a fee. Various land information and property searches can be conducted including: ownership details, sales details, sales history and valuation details.
PropertyAssist is a State Government website that can provide agents and members of the public with a package of information about a particular property including, certificate of title details, property valuation details, a graphical view of the allotment boundaries, as well as property and building details. A search fee is payable for this service. Visit http://www.propertyassist.sa.gov.au/
PropertyAssist is a State Government website that can provide agents and members of the public with a package of information about a particular property including, certificate of title details, property valuation details, a graphical view of the allotment boundaries, as well as property and building details. A search fee is payable for this service. Visit http://www.propertyassist.sa.gov.au/
Attend open inspections
Attend as many open inspections as you can to gain a better understanding of the layout and amenities you want in the home.
Consider:
• whether you need a unit, townhouse, apartment or a house
• how many rooms you will need including bedrooms
• how your needs may change over time
• the size garden you want or indeed whether you want a garden
• whether you want an older or newer house
• costs and time if you are planning to renovate
• council regulations on renovations or extensions, and
• council services.
If you find a suitable property, inspect it thoroughly and speak with the selling agent to check if there are any easements, caveats, covenants or other encumbrances that may prevent future alterations to the house or affect how you may use the property.
Keep an eye out for potential structural problems:
• Cracked walls or sloping floors could mean subsidence or that stumps need replacing.
• If there are large cracks, seek advice from a structural engineer.
• Damp brick walls can indicate rising damp or salt damp.
• Mouldy walls, lifting tiles, peeling paint or pools of water in wet areas could mean excessive moisture or poor drainage.
• Blisters or bubbles on paintwork could indicate termite activity.
• Fretting or cracked brickwork could indicate major structural problems.
• Sagging roof framing, or cracked or broken roof tiles may involve costly roof repairs or replacement.
A person who is selling a property, or a real estate agent acting on their behalf, is required to give all prospective purchasers an information notice or checklist to assist them in finding out whether there are features of the property that may adversely affect their enjoyment, or safety or value of the property e.g. the presence of asbestos, structural problems due to termite or salt damp, illegal building work, property close to live music venue, whether the property has a septic tank and so on. The checklist should also prompt people to think about a number of other issues including energy efficiency, alternative water connections and sources, and the possibility of illegal additions or alterations.
Consider:
• whether you need a unit, townhouse, apartment or a house
• how many rooms you will need including bedrooms
• how your needs may change over time
• the size garden you want or indeed whether you want a garden
• whether you want an older or newer house
• costs and time if you are planning to renovate
• council regulations on renovations or extensions, and
• council services.
If you find a suitable property, inspect it thoroughly and speak with the selling agent to check if there are any easements, caveats, covenants or other encumbrances that may prevent future alterations to the house or affect how you may use the property.
Keep an eye out for potential structural problems:
• Cracked walls or sloping floors could mean subsidence or that stumps need replacing.
• If there are large cracks, seek advice from a structural engineer.
• Damp brick walls can indicate rising damp or salt damp.
• Mouldy walls, lifting tiles, peeling paint or pools of water in wet areas could mean excessive moisture or poor drainage.
• Blisters or bubbles on paintwork could indicate termite activity.
• Fretting or cracked brickwork could indicate major structural problems.
• Sagging roof framing, or cracked or broken roof tiles may involve costly roof repairs or replacement.
A person who is selling a property, or a real estate agent acting on their behalf, is required to give all prospective purchasers an information notice or checklist to assist them in finding out whether there are features of the property that may adversely affect their enjoyment, or safety or value of the property e.g. the presence of asbestos, structural problems due to termite or salt damp, illegal building work, property close to live music venue, whether the property has a septic tank and so on. The checklist should also prompt people to think about a number of other issues including energy efficiency, alternative water connections and sources, and the possibility of illegal additions or alterations.
Researching the market
Make a list of the locations you would like to consider. Don't forget about the facilities available close-by such as shops, schools, public transport, parks, childcare or recreation centres. Nearby commercial premises may also affect your decision. Check with your local council for zoning regulations.
Check 'Real Estate For Sale' advertisements, recent sale and auction results to work out if you can afford a home in the area(s) you have chosen.
Many agents now use online marketing technology through specially designed web sites. Some sites take you on a virtual tour of properties listed for sale, and enable you to complete a very specific property search. Some may also provide information about locations, house values and how to assess the condition of a home.
In determining the value of a home, it pays to compare prices of similar homes in the immediate area. Check on:
• homes that are currently being offered and advertised for sale in the paper or at your local agent's office, and
• prices achieved for comparable homes recently sold in the area.
Always remember that a real estate agent is usually engaged and paid for by the vendor (seller) and therefore acts for the vendor - not you as a buyer.
Check 'Real Estate For Sale' advertisements, recent sale and auction results to work out if you can afford a home in the area(s) you have chosen.
Many agents now use online marketing technology through specially designed web sites. Some sites take you on a virtual tour of properties listed for sale, and enable you to complete a very specific property search. Some may also provide information about locations, house values and how to assess the condition of a home.
In determining the value of a home, it pays to compare prices of similar homes in the immediate area. Check on:
• homes that are currently being offered and advertised for sale in the paper or at your local agent's office, and
• prices achieved for comparable homes recently sold in the area.
Always remember that a real estate agent is usually engaged and paid for by the vendor (seller) and therefore acts for the vendor - not you as a buyer.
No comments:
Post a Comment