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Things to consider when buying a house

Things to consider when buying a house

In Australia, owning a property is a coveted dream we all grow up with. And why not, considering the increasing property prices and the financial and emotional security that comes with owning your own abode, buying property is definitely a favorite hobby for Australians, and with good reason, too.

Undeniably a great tool to build your wealth, it is also important to remember that all properties are not made equal and not exercising the right amount of caution before your purchase may leave you high and dry with an unwanted loss generating asset on hands.

To ensure your biggest investment decision is a profitable one, here are few things you must consider when buying a house:

 

  1. The location – Where to buy a house is an important factor to consider when you are buying one. Choosing a property in a family friendly area with amenities such as public transport, malls, parks and schools in the vicinity mostly ensures the property is tenant friendly and popular with buyers as well. While buying property in popular suburbs may be an expensive dream, it may be a good idea to go for the next booming suburbs to get max appreciation on your property in the future.

 

  1. Property growth and investment strategy – Whether you are a first home buyer or an investor, it is important to buy a property that will grow its value in near future. Are you looking for steady rental income or a quick gain by selling the property in near future? Think what is more popular in your chosen area – flats, units or homes? Even if it is your first home, you might want to use the equity in your home later to build your investment portfolio and it helps to have a property that will grow in value.

 

  1. The building and construction – Apart from pre-settlement inspection, it is a good idea to spend some more on a building inspection before buying any property to find out any inherent building defects or leakages that can cost a fortune to fix in the future and bring down the value of a property significantly.

 

  1. The costs – While you get ready to purchase your dream home, remember to save at least 5% of the purchase price to cover costs such as mortgage fee, stamp duty, taxes, loan application fee and other associated costs. Very often, buyers forget to account for these accessory costs only to find themselves short of funds at the last moment. Avoid this situation by accounting for the costs up front. Your mortgage broker can help you understand the associated costs and you can also calculate the stamp duty payable. Also, don’t forget to check your State website for FHOG and other discounts available to first time buyers.

 

  1. Financing – The mortgage rates in Australia are at an all time low and with stiff competition in the market. Borrowers can get low interest rates on home loans with all the essential home loan features they need. It is advisable to get a home loan pre-approval before you start looking out for properties to avoid disappointment at a later stage. Before you apply for a home loan, check your borrowing capacity and we provide you the checklist of loan documents you need for your home loan application.

 

  1. Council plans and environmental zones – Another important thing to check before buying a property is the future development plans for that area. You don’t want a flyover running ahead of your ‘now’ serene property or a high story building blocking the sea view, reducing its value considerably. Further, if the property lies in a flood or fire prone area, your insurance may not cover you against these natural disasters or the premium may be too high for your liking.

 

Buying a house is an important financial decision with long-term implications. We help you get the max for your money by offering the best home loan deals and low home loan rates through online mortgage comparison. Compare mortgage rates for most competitive rates in the market. You can also get in touch with our expert brokers and have your home loan queries answered free of cost.

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Siraj Ahmed
Siraj Ahmed
2020-11-18
Trustindex verifies that the original source of the review is Google.
Excellent service. Got us a great loan option and also worked with the bank to get the loan approved during the heights of COVID.
Malaka Ekanayake
Malaka Ekanayake
2020-11-10
Trustindex verifies that the original source of the review is Google.
We have had a very pleasant experience working with Opulent Finance. We did not have that much experience with house loans as we were first home buyers but working with Opulent  Finance team specially with Ishara, made that experience stress free one. She helped us secure an incredibly competitive interest rate and offered her guidance so we can take advantage of the future interest rate drop. Thank you Ishara, Dayan and team for your incredible support and we have no hesitation what so ever in recommending Opulent Finance for your financial needs
Uma Gunaratne
Uma Gunaratne
2020-11-04
Trustindex verifies that the original source of the review is Google.
Ishara is highly knowledgeable and if you are a first home buyer and new to the intricacies of all that home loans entail, she will really take you under her wing and impart her knowledge and experience and treat you as one of her own. She is also extremely patient but will also be very truthful and upfront in situations which is honestly what you need. She did a very complicated loan for us, and was so incredible efficient and organised with all the paperwork that was required. Not only that, she helped us secure an incredibly competitive interest rate! Ishara has probably spent hours and hours explaining to me details and giving me really good guidance through this momentous period in life! During the cooling off period and settlement, she was constantly chasing up our loan and honestly took a personal interest in the outcome. Our solicitor was also very happy about working with Ishara as she was following the entire process, was always up to date and very easy to work with. Considering that our entire process happened during the covid-19 lock-down and work from home environment, we have nothing but good things to say about how professional Ishara was as she didn't let a single thing slip. We are so glad that we have both Ishara and Dayan in our corner. We will definitely be using them for all future financing needs. Thank you Ishara, Dayan and team!
Harsha Ill
Harsha Ill
2020-10-11
Trustindex verifies that the original source of the review is Google.
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
S P
S P
2020-09-22
Trustindex verifies that the original source of the review is Google.
I have been dealing with Ishara at Opulent Finance for over 6 months now and she has been faultless. She has helped me secure a loan pre-approval in no time and assisted me with my property purchases. I could not recommend Ishara highly enough.
Afshin Koohestani
Afshin Koohestani
2020-09-22
Trustindex verifies that the original source of the review is Google.
Good service and offers.
Janaka Kumara
Janaka Kumara
2020-08-22
Trustindex verifies that the original source of the review is Google.
A big shout out to Dayan and his team for the seamless service provided during the refinancing process. Thoroughly professional team that pays attention to every detail and has been extremely transparent throughout the process. A team that always has the best interest of clients in mind and makes all efforts to provide the right advise and outcomes to the clients. Highly recommended!
Rakesh Mistry
Rakesh Mistry
2020-08-19
Trustindex verifies that the original source of the review is Google.
They called me back with solution