July 26, 2017 Only Estate Agents

The 2017 guide to buying a house in Melbourne and what you need

What do you need to buy a house in Melbourne?

Buying a house in Melbourne is not an easy task as buying a home will require patience, due diligence, and proper research. Here we have the guide to buying your first home that will help you make the right decision.

1-Lifestyle

The first thing to consider when you are ready to buy a house in Melbourne is your lifestyle. You should always make sure the properties you’re researching suits your day to day lifestyle and are within your budget. Selecting a home that does not suit your lifestyle will waste both your time & money as it could become hard for you to maintain the property. Working out your intended length of stay in the home can help you determine whether you’re ready to buy as this is a large investment. Many financial advisers believe that you should only buy a home if you intend to live there for 5-10 years as this allows for the property to appreciate in value and you to earn generate equity in your property.

2-Property Research

After looking into your lifestyle and financial status, it’s researching where you would like to move. You need to work out if you would like to live in the heart of the city, inner suburbs, outer suburbs or rural precinct. In order to make your decision, you need to take into account the climatic conditions you would like to live with every day. If you suspect that the suburb may be prone to extreme weather conditions such as bush fires or flooding, speak directly with the local real estate agent or council. The nearby locations & amenities are very important when you are buying a new home. The area should be near your workplace and other important aspects of your life like schools, airports, stations and entertainment/shopping centres.

3-Type of Property

Once you are clear about the lifestyle and location, it is time to select the type of property. You should pay attention towards the structure of the home in regards to the number of family members that you have. Do you want to live in a town house or a double story dwelling? It is important that you conduct a proper inspection of the house before negotiation and deciding on your future home.

4-Working out Finances and Comparing mortgage lenders

Do not forget to consider your budget when you are ready to buy a house in Melbourne. You should select the home that not only will suit your lifestyle in terms of location and livability, but it must fit within your budget. When purchasing a property there are both upfront costs you need to pay & ongoing costs. Some examples of these:

Up-front costs are; Stamp Duty, Legal charges, Building and pest inspection, Mortgage application fee & Valuation charges.

Ongoing costs; Mortgage repayments, Account-keeping fees, Repairs and Maintenance and Insurance.

5-Purchasing the property

When you’re ready to purchase a property it is best to speak to the experts. Only Estate Agents can help you with any questions that you may have throughout the process. We can also help you with the sale of your current home to make the transition go smoothly.

6-Move in

Once settlement of the house has happened, it is the time to move into your new home. First you need to set a moving date and Book a moving truck or hire professional movers. The next step is to redirect your mail and connect your utilities such as the Internet, Gas, Electricity & Water.

 

 

If you need help with buying a house in Melbourne feel free to get in touch with Only Estate Agents for your property needs.