What you need to research before you buy a home

There are a lot of factors that need to be considered before purchasing a property and every buyer needs to do their own research to ensure that important details don’t fall through the cracks.

The amount of research that needs to be done can seem overwhelming, so we have broken down a few key areas of research to look at to get you started on the right foot.

Financial research

Before buying a home you need to determine what you can realistically afford. Talk to a few different lenders or a mortgage broker to work out your borrowing capacity and to get pre-approval.

It helps to have a solid budget in mind when you go home hunting so you don’t waste time looking at properties that are out of your reach.

Neighbourhood research

A lot of people buy in areas they already know or have lived in, but even if you think you know an area it is worth finding out as much as you can about it and exploring options further afield (because they may make for a better investment!).

Property magazines and websites such as CoreLogic, REA and Domain can help you find useful information about individual suburbs such as growth rates, vacancy rates, supply and demand and more. This can help you figure out the popularity of an area and whether it will make for a smart home purchase.

You should also look up things like transport, infrastructure, amenities, schools and trendy hubs or cafes, as these can all influence your enjoyment of an area as well as being good indicators for long-term growth.

Don’t forget to also look up the local demographics for an area and what types of properties are most common. It may be harder to resell a property in the future if it’s not common in the area, for example if you bought a 400sqm block in an area that is popular for its acreage properties.

Property research

Once you know your budget and where you want to buy it’s time for the fun part – property hunting!

This is when you should start chatting to agents and keeping a close eye on property websites.

Let local agents know what you want and that you are ready to buy so that you have as many people as possible helping you find the right property.

For each property you’re interested in check sales and rental history to get an idea of the property’s story. It’s also worth looking at things like school zones, council overlays and distance to things like transport or shops.

If a property meets all of your criteria and you’re ready to purchase then it’s also wise to get a building and pest inspection carried out and possibly other site reports if you intend to renovate or build, however this may depend on your negotiation strategy.

If you’re looking to find out more about properties in Werribee then get in touch with Professionals Triwest Real Estate for a chat.

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