7 Tips for Purchasing a House

00:00 - Don't buy into the hype of the property
00:15 - Visit the location that you're buying in
00:24 - Consider surrounding suburbs
00:36 - Look for the upside
00:44 - Seek advice from local agents
00:53 - Stay up to date and beat the competition
01:04 - Inspect diligently

Caleb Pikoulas provides 7 Tips for purchasing a House. Learn more about Real Estate in our Collings Tips Series.

Video transcript:
1. Don’t buy into the hype of a property
It is crucial to do your own research and inspections before committing to buying a property. This ensure no unseen nasties after the purchase. To find out about the suburb look at median property prices, expected interest rates and the ratio of buyers to sellers in the area.

2. Visit the location that you’re buying in
Be very clear about what matters to you in an area:
- Major roads
- Public transport
- Shopping centres
- Schools
- Cultural diversity
Check for planned infrastructure and immerse yourself in the community ie, go to a cafe or a local restaurant.

3. Consider surrounding suburbs
If your initial choice of suburb is out of your budget surrounding suburbs may offer a better price for you. Ask some locals about their opinions on surrounding suburbs. If a suburbs value rises, the surrounding suburbs value usually does too.

4. Look for the upside
Keep an eye on interest rates and market trends. Take your time and buy at the best price that the property pricing cycle will allow for.

5. Talk to some local agents for the best expert information on what’s happening in the market
If you really like an area you may consider different types of property such as apartments which are a much cheaper option that buying a block of land in a suburb. Work closely with your agent to develop an action plan and strategy that suits you.

6. Stay up to date and beat the competition
Try to seek off-market opportunities. To stay ahead of the competition look into deceased estates and mortgage sales.

7. Words
Inspect diligently. Look between the lines for issues that may not be immediately obvious. Make a list of possible things to check for. Pay attention to details such as cracks holes or a sufficient amount of power. Don’t let the love of a property blind you to its shortcomings.

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