Buying a home in Syndey? Take the time to plan

Buying a home in Sydney is a big step and investment that will consume a lot of your time and energy to complete.

We have come up a checklist of 3 key things to plan for when buying a home in Sydney.

Secure your finances before buying a home in Sydney

You need to ensure your loan is approved for the purchase of your property, unless of course you have the funds to pay it in full.

A mortgage broker in Sydney can help you sort things out. Remember that you will not only be spending on the property itself but there will be other costs, including:

upfront costs like building inspection/inspector fees, stamp duty fees
solicitor or conveyancing/conveyancer costs
ongoing costs like insurance, council rates, utilities, repairs and maintenance

All of this will affect your income and the amount you can spare per period to pay off your loan. Other things you need to accomplish when securing your finances include:

borrowing money from the bank or loan provider – you may need to scout for several options before proceeding
Having a loan pre-approval ready before you start looking for property
finalizing the mortgage contract

A mortgage broker or financial broker will be able to help through the entire process. You can also assess the terms better with the help of a professional.

Look for a pre-contractual statement and information statement to know what you can get out of the lender.

Don’t skip on the property inspection when buying a home in Sydney

It is important to check that the home you may be buying is structurally sound so that you don’t later get surprised by major problems and costs. Surprisingly many home-owners skip this step.

Arrange for a building and pest inspection report to be carried out. Some of this will include are

Investigating leak, damp and water problems
A roof inspection
Looking into electrical wiring and plumbing
Examining switches and other installations
Testing exterior and interior walls including roof, decks etc.

For peace of mind, only choose an experienced home building inspection specialist to engage for the job.

Do your research before buying a home in Sydney

You should research properties within your price range and desired local areas. Get to know the local areas well and understand what recent properties have sold for.

If you feel overwhelmed by the entire process or do not want to make a costly mistake, consider engaging the help of an experienced real estate buyers’ agent in Sydney. Look at their track record and references and understand how they can help you find the perfect property. A good buyers agent will have his or her fair share of satisfied customers that you can speak too.

Looking for recommended local businesses in Sydney?

From local tradies, to real estate services providers, property and finance services, the Sydney Top 3 Local Choice directory can help connect with trusted businesses’. Each business has been screened and vetted for your peace of mind.