How To Buy A First Property/Apartment In Sydney

Purchasing a property is one of the most significant investments that people make in their entire lifetime. And if you are buying your first apartment, you’ll need to do thorough research and planning, and keep lots of patience. With the soaring real estate prices, buying your first property in Sydney could require a loan from a bank. That means you would need to find the right bank and interest schemes, home loan experts, investment consultants, credit scores, and whatnot.

Picking The Right Option

Purchase a property based on your financial capabilities, needs and expectations, and way of living. If you’re unmarried, have one of those touring or demanding jobs, or spend most of the time away from your home, you should consider buying a unit or a townhouse. 

But if you have small kids, senior citizens or a combination of the two, a property with lots of stairs or steep sites should be avoided. Or, if you have a joint family, a property with multiple bedrooms should be your priority.

If you have finalized a property, do not dismiss the thought of buying it because of any maintenance and repair work. While also keep in mind the additional costs that you might incur.

Guidelines For Buying The Right Home 

1. Looking For The Locality Of Your Choice

Choosing the right location to live in should be the first priority of buyers. An investment property consultant or a real estate consultancy would have details of all the localities in your desired area. 

If you have already finalized a suburb, local newspapers and journals would be helpful for finding the right property vacancy for you. Closeness to supermarkets, schools, hospitals and multi-cuisine restaurants is on almost every buyer’s mind. 

2.  Inspecting The Property Properly 

Inspecting a property before buying is a must. Inspect the foundation of the building, condition of walls and furniture carefully. Watch out for leakages or any wiring malfunctions.

Also, inquire about the maintenance costs and facilities that the society is providing to its residents in terms of repair claims and other maintenance needs. You can carry out a pest inspection if you feel that the place requires one. 

3. Having A Close Look At Your Finances

Looking at the funds is a crucial aspect while you’re planning to buy a property. Assess if you will need to take a loan. Will it be a partial loan with some down payment or a full credit loan? 

After finalizing, you should start with the loan application process. Don’t sign contracts with the seller before finalizing your loan approvals or money arrangements. 

4. Exchanging Contracts 

When you are buying a property for the first time, exchanging contracts would definitely require you to get some first home buyer assistance, as the contract is the final legal agreement between the buyer and the seller. The contract specifies all the terms that need to be taken care of during and after the purchase. 

5. Finding The Right Schemes and Paying Deposits 

After the contract is signed by both parties, you have to pay 10% of the purchase amount. The percentage can vary according to the agreement. Also, stamp duty needs to be paid. This needs to be waived off within the first three months of the purchase, and if you are a part of the First Home Plus scheme, then you can be benefitted by partial or even full exemptions from the scheme up to a certain value. 

Conclusion 

Buying your first home in Sydney is a hustle in itself. Finishing all the legal, monetary, and personal needs will end up you looking for insurance for the property. Therefore, taking the major decision of buying needs lots of well-done research and a competent investment property consultant or firm such as Quarter Acre can help you make the smart choice.