Oct 16, 2011

3 Tips on Buying the Right Home

Buying a home is an investment which will enable you to accrue assets at a steady and reliable rate. Finding a good buyers agent in Sydney will enable you to find the home of your dreams and be sure that it will fulfil your every need. A real estate agent should have a solid knowledge of the area in which you hope to buy and they need to be skilled at both negotiation and communication throughout the sale. This brief article will suggest some of the areas you should consider with your agent when buying a new home.

Location of the Property
The location of the property will play a huge bearing on the price you will have to pay for your home. Houses on the North Shore of Sydney are much more expensive than buildings in the Western Suburbs of Sydney. Each area and suburb has its benefits and will offer a different experience of life as a Sydney Sider. The proximity of amenities will have a large baring on your lifestyle once you are settled in your new home, so it is important to note how well provided for the area is. Some things to consider with regards to the location of your property are:

· House prices
· Local schools
· Entertainment facilities
· Access to hospitals
· Proximity to main roads
· Public transport networks
· Flight paths of planes overhead

All of these factors will have a direct bearing on the experiences you have in your new home. It is always worth thinking of the future and considering the possibility of additional family members being born so that you may invest for the future when buying a home. Travelling a long distance to work every day will take its toll on you and your family so be sure that your property is in an accessible place where you can meet your obligations and achieve happiness at home.

Condition of the property
The condition of the property will have an effect on the price but it will have a greater effect on your experiences living in the home. Whilst home repairs do increase the value of a home at times, they do not usually add value to the property greater than the investment. When moving into a new home it is essential to understand what you are buying and what costs will be involved in refitting any areas in need of improvement. Make sure you seek quotes for any repairs that need completing and consider these costs within your budget.

Utilising a mortgage
When buying a property you have the added benefit of being able to borrow money from the bank to help with your purchase. This means that you are able to make much larger investments than you would be able to if you were investing in other markets. It is important to get the balance of mortgages right. If you take too large a loan then you may find yourself with negative equity on your house. What this means is that the value of your debt is greater than the value of your assets and such a situation could cause you to lose more than just your home if you are unable to meet the repayments. Make sure that you are able to meet your mortgage repayments before committing to a purchase and remember that owning one property outright will enable further investment in the future.

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