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Tips for Buying a House in Melbourne

Deciding to live permanently in Melbourne is a major life decision. As you may already know, the city is not a cheap place to live in. However, as a major urban centre in Australia, Melbourne offers great benefits to residents. You will have easy access to a job in the city, schools, entertainment areas, and some of Australia’s best shopping regions.

There are many ways to buy a house in the city. You can browse through house and land packages Melbourne offered by real estate agencies in the city. These are ideal for those who want to buy land along with a property at a single rate. You can also search for individual houses with a realtor in the city. Regardless of the option you choose, here are several useful tips to follow when buying a house in Melbourne:

 

Assess Your Needs Thoughtfully

Before you seriously consider buying a house, you need to understand your needs soberly. For example, you could be a young professional that only needs a single bedroom house. However, would that be sufficient five years from now on? You may have a family, and you will have to move to a bigger house, which will cost you more money. So, don’t buy a house as you would a TV set. The house should be sufficient for your needs for decades to come. Think of your long term goals before you make the final decision.

Choose the Neighbourhood Wisely

When it comes to property of any kind, location is a key. The value of your house will largely depend on the area it’s located in. You may be able to buy a house for a cheap rate, but only if the neighbourhood is bad. Make sure you buy property in an area with adequate facilities, safety, and ease of commute. Read local newspapers and talk to local residents about what a certain neighbourhood is really like. Local websites and bloggers are also good sources. Check the property prices history for the area as well. If the prices have been plunging for years regardless of high demand, then it’s a good idea to look elsewhere.

Don’t Be Too Keen to Buy the Sales Pitch

Real estate agents often exaggerate their claims. So, don’t take anything your realtor tells you at face value. While real estate agents can be a valuable source of information, it’s important to do your own research as well.

Research the Property Thoroughly

Before you buy the house, you need to do your research first. As mentioned before, look up the neighbourhood and the median property prices for the area. You also need to be aware of interest rate information and the demand for property in the area. This information will give you a good idea of whether the asking price is reasonable. For example, if the median property price in the area is $100,000 for the average property, a realtor should have a very good reason for asking $1,000,000 for a regular house. You should also look up information on the previous owner. Ask your lawyer to check the title deed as well.

You need to have the house professionally inspected before buying. You can conduct the inspection yourself, but there’s a higher chance that you will miss certain problems only experts are adept at spotting. Also, don’t forget to compare prices for the property with several different sources.

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