Reality TV makes it look so easy to buy a property! All you have to do is go house hunting and look for a place that has everything you want. Unfortunately, that’s not how it goes. However, those about to buy a property in Sydney are in luck because these tips can make the whole process go smoother.
Write it down
You certainly have non-negotiable features that your new property must have or you won’t buy it. Make a list of it, as well as of the things you feel comfortable letting go of for the sake of the budget. This will help you to navigate the hard questions and negotiations, narrow the search, and prepare financially for what lies ahead. Another important thing to do is to write down the questions you want to ask a seller or person handling the property purchase for you. Keep in mind that there are no stupid things to look for or ask, so write down everything you are curious about.
Consider the neighbourhood
Preferred neighbourhoods are among the most important things to think of when buying a property. For example, if you buy it to open a shop, you want a spot that lots of people can see or pass by every day. If you are looking for a residential property, you want the ones with the best schools, parks, coffee shops, and other things that are important to you.
Some neighbourhoods can be quite expensive for an average buyer to even consider, like the Bellevue Hill or Vaucluse with the median price of millions for a property. However, suburbs, like Northern Beaches and Sutherland Shire, do offer affordable properties that you can buy for under a million dollars.
Be realistic about expectations
There isn’t a real estate in the world that will tick all the boxes on your dream property list. Being realistic is the key to getting your wishes to come true through renovations and further investment in the property. Of course, you can find a place that will cover almost 100% of the things you desire, but there will always be some work to get done.
Go to professionals
Hiring a property advisor and buyers agent in Sydney can give you an advantage in the real estate market and take care of all the stressful administration. Their job is to negotiate a lower price or see if the seller is willing to make some changes before you purchase the property, as well as to participate in auctions. This is convenient for people outside of Sydney or Australia, who can’t personally oversee the scouting and buying, since an agent can do it all for you.
Know your taxes
Most people are not fond of taxes and calculations so let’s break down some of the most important you will have to deal with when buying a property. Stamp duty is what the buyer has to pay within three months after signing a contract and it can be as high as 5% of the final price you paid for the property. Land tax is another thing to keep in mind if the land your property is on exceeds the $3 million value, but if not, you have nothing to worry about.
Other additional costs can be insurance policies, building examinations, and fees for buying your property at auction. Moreover, the permits to remodel the property and the renovations can also be expensive. So, before you sign a contract or even start looking for a property in Sydney, make sure you know all about additional expenses and what to expect from regulations to prepare the budget.
In the end
Whether you are property shopping alone or have a buyer’s agent at your side, you will have to arm yourself with patience. To save money and nerves, write down must-haves and negotiables, prepare for fees and taxes, and you may be owning a property in Sydney sooner than you thought.