If you have been pounding the pavement on the ‘home open’ circuit for a while and think you have finally found your dream home, here are a few questions to ask yourself before you submit an offer:
-How long has it been on the market?
If the property has been on the market for a very long time – is it overpriced? Is there a catch? Do your homework!
-How does it compare with similar properties that have sold in the area?
Compare your property with others that have recently sold in the same area. Are they comparable in size, quality and price? Are you getting value for money?
-Is the property located in a well performing suburb?
Check out the median house price of that suburb for the past five to ten years. Has it increased steadily? If not, why not?
-Does it need much maintenance or renovations?
Factor any renovations or maintenance that needs to be carried out into the purchase price of your property – don’t leave yourself short if you haven’t budgeted for renovations and repairs.
-It is structurally sound?
It is always wise to make the sale subject to a favourable building condition report and pest inspection if you have any concerns about the state of the property.
-What are the strata levies or additional costs associated with the property?
If the property is part of an apartment building or complex, be sure to factor in strata fees and any additional costs. Don’t leave yourself out of pocket by budgeting incorrectly.
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