Before you rush into buying a home, have a think about some of these questions –
Q: Should I buy an investment property or a home?
A lot of people want to get a foothold into the property market, but don’t think that you can’t buy a home simply because you can’t afford to buy in the area you want to live in. It’s becoming increasingly common for savvy investors to buy property in affordable suburbs and then use the rental income to pay for their own rent elsewhere.
Q: Can I afford to buy in a good location?
Property is all about ‘location, location, location’, so this should be the most important factor on your property checklist. You can change paint colours and add extensions on a house that isn’t quite right, but you can’t change where it is. For investors, aim for properties in areas with forecasted growth or good rental returns, or if you’re looking for a home then ask yourself whether or not the area has the amenities you need.
Q: Can I expand the property in the future?
It’s worth thinking about what your needs in the future might be when considering the type of property you want. For example, singles and couples might not think they need a lot of space to start with, but if their family unit grows then they will be glad for choosing a property with a bit of extra room.
Q: How long do I plan to hold onto the property?
Property is best looked at as a long-term investment. Generally, the longer you hold onto a property, the better returns you can expect to make. Keep this in mind when thinking about buying, as while it can be very profitable, it might also be a very long commitment.
Q: Can I afford to buy a property?
Before you rush into making an offer, you need to figure out how much you can afford. Don’t forget to account for things like stamp duty, moving costs, legal fees and possibly lenders mortgage insurance too.
If you have any more questions about buying, or about selling, in the Bacchus Marsh area then don’t hesitate to get in touch with the Arbee Real Estate team.