Whether it's an investment property or your first home, buying and selling a house can be stressful. There are many factors to consider in regards to real estate sales, and if you make a mistake, it could cost you dearly. So, here are a few things to remember before you start the process to make your purchase as hassle-free as possible.
Set a hard budget
Before you even start searching for a property, you need to have a set budget in mind. This ensures you don't book viewing for houses you simply can't afford. However, remember, there's not just your deposit to pay for, you need to work out if you'll be able to comfortably afford the mortgage repayments. There are plenty of calculators out there to help you figure out what your mortgage repayments will be based on your income, outgoings and deposit, such as this one from Finder (https://www.finder.com.au/home-loan-repayment-calculator).
Always get inspections done
Anyone can spot cracks in the wall or broken roof tiles, but what is under the surface is significantly harder for a layperson to discern. Therefore, both general and specific building inspections should be carried out. Depending on the inspections you choose, these will cost between $400-$1,000 each. Although this can seem like an added expense, especially when you're already parting with a large amount of cash, it will give you a complete picture of the property you are buying. This includes the plumbing, electrics, the roof and much more. In the long run, it could also save you money on expensive repair work.
Don't rush
Finally, the most important step is a psychological one - you shouldn't feel obliged to make a quick decision. Even if it's your tenth property, it's still a big decision to make, and one that should be made carefully. Do your research and consult with experts such as real estate agents and property managers (the latter especially for investment properties) to ensure that you are fully armed with the knowledge you need.
Remember, finding the right house is going to take time, so you shouldn't expect to have everything sorted in a few days or weeks. Never rush the process - if you skip out on inspections because of time pressures, you may find critical flaws in the property that could cost tens of thousands of dollars to repair. If you have already signed off on the purchase, it will be too late to do anything about it.
Summary
Buying a property can be stressful, but if you remain calm, take your time, have a clear budget in mind, and complete all the research required (such as inspections), you have the best possible chance of finding a great home. If you have any questions about the house-hunting process, give House Estate Agents a call today.