5 Golden Rules for Buying Property in NSW
When the market is booming, buying a property may seem like an easy decision. But purchasing the house of your dreams requires careful planning to avoid costly mistakes. At Access Law Group, we set golden rules from our extensive experience when taking the plunge on property of any kind.
Author:Tom Ellicott
16 May 2022
Have a Clear Picture of your Strategy
Are you looking to buy a home, renovate it and then sell it for a profit? Is this a long-term investment? Do you plan to live in the home you are purchasing? These are just some of the questions to ask yourself before making a big decision. Savvy investors have a clear picture of why they are making an investment, and each person’s decisions will be based on their goals and personal circumstances.
Do your Research (we can help)
When choosing the fitness of a property, be sure to get a building and pest report to check the construction quality, wiring, plumbing and the overall condition of the target property. Only doing this will let you know what you’re getting into. Major issues like termite infestation cost a lot to fix, so any repair, maintenance and renovation work should be factored into what you pay.
Off-the-Plan Properties are Best Avoided
Off-the-plan properties are built quickly by developers so they can be sold at a high margin. Properties which come with rental guarantees should raise red flags since well-built homes don’t require guarantees. Older properties may sometimes be a better option since they have likely stood the test of time and have a documented history which can indicate quality.
Always Stay Within Your Budget
One of the golden rules of buying property is to stay within your budget especially if it is your first home. By remaining firm on your number, it will allow you to choose the right mortgage broker for a home loan and to determine a preapproval amount that suits you. An investor must always be prepared for additional expenses when buying property and staying within your budget can help prevent costly surprises.
Insurance
Safeguarding your financial future means making sure that you are comprehensively insured. Unforeseen events can happen to anyone and can severely limit income or cause extremely costly damage to any property. Natural disasters, disease or death can place a property in a tenuous situation which can greatly complicate matters.
Property Conveyancing and Property Lawyers in NSW
Access Law Group’s highly experienced team includes expert building and construction lawyers, and we have provided NSW residents with the means to safeguard their property investments through quality legal services. Call now to speak to a member of our team.
