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10 tips to researching property

We are buying our first home and want to get it right. We are married and our first child will be born over Christmas, so we want to have everything settled before then. What would you advise?

It’s nice to have a goal about moving in before Christmas, but never let non-economic matters cloud your judgement. Here are some tips for buying property:

  1. Set a house price and loan amount so you won't be stressed out if interest rates rise two per cent or so.
  2. Do a future budget to understand what your life will be like with a mortgage.
  3. Go to two banks and two mortgage brokers to find the best deal. Listen to what they say and read any documents you are given.
  4. Go to websites and buy books on how to buy property wisely.
  5. Take an older, wiser person to an auction or to a viewing to ensure you don't overbid.
  6. Get the property inspected for faults and pests.
  7. Talk to real estate agents about the area.
  8. Go to websites such as Residex where you can get average prices for suburbs.
  9. Do your homework, become an amateur property expert and buy with your head and not your heart.
  10. Finally, look for the worst house in the best street and you could end up with a capital gains tax-free goldmine when you wisely do it up over time.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Monday, July 26, 2010

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