Bannockburn, located in the southwest of Melbourne, is a small charming suburb with stunning countryside views. If you’re looking to enjoy a peaceful and rural lifestyle, this is just the place. It has many properties varying from standard block size to acres. Inverleigh, near Bannockburn, is another spectacular rural township snuggled within an arch of the river Leigh. Inverleigh presents ideal options for first-time home buyers or those who want to invest in a property portfolio.
Finding a good property for sale in Bannockburn or Inverleigh is challenging, especially for first-time buyers. They have so many expectations from the dream property and many questions about being able to find one.
So, whether you are exploring Bannockburn or looking for property for sale in Inverleigh, here’s a look at some tips that will help first-time buyers find a good deal.
- Fix a budget beforehand
One of the first and most essential steps for first-time or any other home buyers is to set a budget. Buying a house is a huge investment, and it needs thorough planning and sourcing of funds. While shooting up the budget a little is common, it should be marginal. Overspending beyond your budget will only add to your financial woes.
The property’s price varies based on the location and type of property. If you wish to buy a property in a posh area, it will be expensive. Having a real estate agency on board will help strike a balance between desired property, good location, and budget. As a rule of thumb, the EMI of the property should not be more than 40% of the family’s in-hand income.
- Determine the type of property
The type of property you buy depends on your budget and lifestyle; hence it is the second step. Most people look for standard block sizes, but several other housing options are available. Some factors to consider are the number of rooms depending on the family members, children, and older members’ needs. Try to find the best fit considering all the factors.
The buyer should also be clear about the purpose of buying a home. If the house is for personal living, aspects such as how long you plan to stay must be considered. Target tenants and their preferences must be considered if the house is an investment.
- Focus on the location
The work location, distance from public transport, leisure places, hospitals, schools, etc., should be considered. Yet another factor to consider is a good neighbourhood and vicinity from the markets. Budget and location go hand-in-hand; therefore, it will play a role in selecting a location.
- Amenities
Buyers must make a list of the required amenities. There should be amenities that are mandatory and others that are secondary, as it can be difficult to get everything under one roof. Every buyer’s needs can differ depending on whether they are a bachelor, living with a spouse, or have kids and elders at home. Some families might need a garage or parking lot.
Thus, the property should be chosen carefully based on the amenities required. Good real estate agencies know all the existing and upcoming projects at any location. Therefore, they can help in finding the desired property.
- The reputation of the builder matters
Investing in real estate is a huge commitment, and it’s difficult to back out. However, it can help to check the credentials of the builder and the projects they have developed in the past. Speak to their customers about the experience and quality of the project. Try to gauge if the developer lived up to the promises. It is suggested to avoid developers with no significant track–record and just promises. At times, ready-to-move-in properties are better than the ones still under construction.
- Home loan
Once the desired property has been chosen, planning for the home loan is essential. Explore different financing options and compare the rates offered by each of them. Having a home loan approved is a huge milestone for first-time buyers. It also offers several tax benefits!
One needs a good understanding of several aspects while buying a property in Bannockburn or Inverleigh, given it is one of the biggest financial investments you’ll ever make. Because of the many different factors to consider, buying a home can be difficult.
When exploring the property, hiring a reputed and experienced real estate agency that can simplify the process is a wise decision. Reputed real estate agents can assist in finding the best properties with a great deal, along with thorough verification of the desired property.
Keeping the tips mentioned above will help in finding the right property. The tips are all the more beneficial for first-time home buyers as they lack the required experience and understanding of how the real-estate arena works.