Buying your first home can be absolutely nerve-racking and exciting at the same time. Thinking about your budget, the future market value, tax depreciation schedule, and so on.
Since properties are a big investment, there is no room for error in buying one. If you are planning to purchase your first house, you should perfect the first steps in doing so in order to avoid wasting your time and money.
Australia’s New South Wales is home to blooming real estate industry. The housing market in the vicinity is considered by many as competitive and healthy, thanks to several factors including gentrification.
Many houses in nearby areas are deemed prime houses as they are strategically located near the Sydney central business district, and this includes Inner West.
The suburbs of Inner West are commonly located throughout the southern port of Port Jackson and Cooks River.
The housing market of Inner West is mainly composed of medium to high-density housings. Due to gentrification of various parts of the metropolitan area, Inner West real estate has become more active in the past several years.
As it is, many investors and home buyers have flocked the area in hopes of investing on or buying properties.
If you want your first home to be near the Sydney central business district, then a home in Inner West seems to be one of your most practical choices.
However, before deciding to buy an Inner West property, make sure that you do your homework and avoid committing major errors that may compromise your purchase.
Below are some tips that can help you have a hassle-free Inner West home purchase.
Get an idea on how much the houses are
The first step in any house or property purchase is to get about the price. This will set the mood of your purchase as it would help you decide.
You can do a quick search on the listings available in order to know the price range of the houses of sale in the area.
Doing a research online will also help you a lot. Plus, you need to consider the tax depreciation schedule. Simply put, getting an idea on how much the houses are in the area will make your purchase much easier.
Know how much you are willing to spend
One of the rules of thumb in buying a property is not bite what you cannot chew. Avoid financial problems in the future by only purchasing a home that you can confidently pay for in the future.
Get a perspective on the maximum amount you can spend. This is why it is important to use a mortgage calculator in order to have a better grasp as far as your budget is concerned.
Aside from the mortgage, you should also zero in several factors like taxes, homeowners insurance, utility expenses, and emergency expenses.
Work with experienced real estate agents
Purchasing an Inner West home is not like buying a new car as the processes involved can be complex and overwhelming.
Hence, it is important that you hire a good real estate agent who will help you throughout your purchase. Your agent will help you in every step of the way, making sure that you don’t get lost in the process.
This is why you should only hire an agent who has extensive years of experience and has expansive network of connections.
In order to have a hassle-free Inner West real estate purchase, you should consider different factors including those mentioned above.
If you want to learn more tips about your first home purchase, you would want to ask for the assistance of a real estate professional.
Keep in mind that it is always better to ask a professional’s help rather than do things on your own as you may end up compromising your home purchase.