It can be hard to know what you need to think about when buying a property, especially when there are so many other things floating around your head. This article outlines some of the most important things that you need to consider – including conveyancing in Melbourne. Read on to find out more.
Figure Out What You Can Afford
This is the first thing you should do before looking for a property to buy. Try using an online spending planner to work out what your income and expenses total per week, fortnight or month. These days, there are also apps you can use on your phone to help you come up with a budget. You can then check how much money you’ll be approved to borrow by using a borrowing power calculator. No matter how much you can borrow, you’ll need to save at least 10% or more for a deposit. Bear in mind extraneous costs like stamp duty and Lenders Mortgage Insurance and factor them into your budget. To get the most accurate costs, it’s best to speak with a broker and find out exactly what you can afford.
Remember Silent Costs
There are many costs that can be easily forgotten about in all the mayhem of purchasing a property. These can include council rates, stamp duty, Lender’s Mortgage Insurance, home and contents insurance, loan fees, conveyancing in Melbourne, and building and pest inspections. If any of these expenses are forgotten, it can affect your peace of mind as well as your bank account. So remember these silent costs and make sure you keep your budget balanced.
Before you buy a property, it’s necessary to do a lot of research into the area you want to buy in. Check out the suburb at all hours of the day to find out how noisy it is at different times. Also look into sold house prices for properties in the area. Consider things that can help boost property value over time, such as school zoning, future council building plans, transport and access to facilities.
Buying Versus Renovating
If you’re buying your first home, you might not have the option of renovating, but if you do, it’s something worth thinking about. However, you may need to live somewhere else while the renovations are going on, and timelines and budgets can sometimes go overboard. It’s best to talk to a broker to find out what you can afford when it comes to buying and renovating.
Find Great Conveyancing in Melbourne
When you buy property, conveyancing in Melbourne is a must. There are two options: hiring a conveyancer, or hiring a lawyer for conveyancing in Melbourne. The benefit of hiring a lawyer is that they don’t just have knowledge of conveyancing – they also have a broad knowledge of law, which can be advantageous as they can give you guidance on your legal position as a whole. For example, if you’re thinking of buying a property but you’re the middle of a divorce, your lawyer can advise you on the best timing to make your purchase to ensure the best return.