But with low interest and an increasing pressure to get into the market before property prices skyrocket, we’ve found that a lot of people are in a rush to buy – but before you do you should always take the time to ask yourself some key questions.
Should you buy to invest or live in?
If you can’t afford to buy where you want to live, then it could be worth buying an investment property to help build your wealth. You might be surprised what you can afford if you look outside of your own backyard.
Have you found a good location?
Property is all about ‘location, location, location’. Look for properties in areas with potential growth and if you want to live in the property you buy then ask yourself whether or not it has the amenities you need.
Can you expand the property in the future?
If you’re buying as a single or as a couple then you probably won’t need a lot of space right now, but it’s important to ask whether or not you could expand your property in the future, just in case your family expands too.
Can you afford it?
It’s best to figure out how much you can afford before making an offer (and preferably getting pre-approval). Make sure you account for things like stamp duty, moving costs, legal fees and possibly lenders mortgage insurance too.
There is a lot to think about before buying a home, but when you find the perfect home for you, it’s all worth it in the long run.
If you have any questions about buying in the Bacchus Marsh area then don’t hesitate to get in touch with one of the Arbee Real Estate team.