PROPERTY UPDATING

A PRIME PROPERTY IN A PRIME LOCATION!

It is true that buying a first home can be scary time. Buying your 2nd 3rd property can also be confusing and stressful but there are many things you can do to improve your odds of making a successful choice. Drawing up a wish list of desired features before you start searching for property, then sticking to it, is one.

A wish list serves as a compass for the new-home buyer and it can help you resist the enticements, sales pressure and even well-meaning family advice that you are bound to encounter.

When creating your list, you might want to ask yourself the following questions and invent a few of your own:

• Do you want a townhouse, apartment or a house?
• Do you wish to live in the inner city, suburbs?
• How many rooms will you need?
• How many bedrooms do you want?
• Will the property accommodate your changing needs over time?
• Do I want to live at the beach?
• Do I want to live at the country?
• Do you want a garden, if so how big?
• Do you prefer an old or modern residence?
• Are you happy to renovate or extend?
• How close do you wish to be to facilities such as schools, shops, childcare, parks, beaches and hospitals?
• How much you are willing to pay?
• Do the neighbours from hell live next door and why?
• Are there barking dogs or crowing roosters next door or over the road?
• Do a family of teenagers live next door?

Once you have decided whether the house meets your specifications and there are no nasty surprises, the next step is to consider its on-sale value, particularly if this purchase is only a stepping stone to another property. Consider the following:

Has a property boom hit the area you in which you are buying? If so there may not be a lot of money to be made for seven years, maybe longer.

Suburb Property Data and Trends

http://www.realestate.com.au/cgi-bin/rsearch?a=sp

Some general tips

• When buying property it’s a good idea to find out what’s going on in the neighbourhood. Talk to neighbours or friends who live in the area.
• Is there any neighbourhood issue that might diminish your quality of life or the value of your investment?
• Have an inspection report completed by a qualified Pest and Building inspector before you make an offer on a property.
• Whether it exposes a major problem or just turns up a few weak spots which do not change your mind, at least you will know about anything that may need repair.
• If the home you are buying has undergone major renovation, it is wise to seek as much information as possible from the sellers, including a list of improvements, contractor’s name and licence number and a record of when the job was completed.
• This may be useful if you decide to do further renovations or improvements
• Most of all is this the property the one i can enjoy life in?
• Buying a Beach House – Making the Great Australian Dream A Reality See link: http://www.realestate.com.au/doc/Resources/News/buying-beach-properties.htm

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