What You Need to Know About Buying an Apartment

While buying an apartment in an established block or complex takes a lot of the guess work out of what living in a particular apartment will be like, as opposed to buying off the plan [What to Look For When You Buy a House and Land Package or Off the Plan], it still raises other questions that you’ll need to answer before buying.

Strata developments have strata managers, strata fees and sinking funds and you need to be aware of the condition of the entire building.

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Three Things to Consider Before Renovating Your Home or Investment Property

As we discussed in a previous post [What You Should Know About Buying a Knockdown Rebuild], sometimes finding the best home in the best area is not always feasible, whether it’s due to your budget or just a lack of suitable homes that are on the market.

In this case, you may look for an older home that you can renovate to better suit your needs later. If you decide to go down that route, however, there are things to keep in mind.

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What to Look For When You Buy a House and Land Package or Off the Plan

New house and land packages in Newcastle, Lake Macquarie, real estate buyers agent and investment property training

Buying a brand new home often means signing up to a house and land package, or if you’re buying into a townhouse or apartment complex, buying off the plan.

In both instances, however, it’s not quite as simple as it sounds, as no two house and land packages or off the plan purchases are ever the same.

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Purchase Negotiation and Settlement

Once you’ve defined your search criteria and discovered great opportunities and then refined your list the next stage is purchase negotiation. Vendor’s sales agents are often skilled in the art of urgency and compression which means they’re total focus is on highest price and quickest sale, but not always in that order. 

It’s good to have someone who can change the pace and begin negotiations based on your circumstances.

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Property Evaluation fine tunes the property buying funnel

A property sales process tends to move quickly particularly when you are buying from an experienced real estate sales agent. It can also happen if you have all your finances and property checks in order and are able to move quickly yourself to secure a property.

The key consideration at this stage is that you find the best property that suits your needs and budget and that matches your criteria set in your goals!

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Property Inspections, vetted by a buyers agent

The Internet is NOT the Real World, it’s a Sales Agents World

If you’ve ever looked for property on the internet, then you know that very often things are not always what they seem. Bedrooms that appeared light and spacious online often turn out to be dark and cramped; lush gardens overgrown; that short distance to the local shops: a ten minute drive on a street signposted at 100km/hr.

Inspecting a property, especially if you intend to live in it, is an important part of the property buying process. Continue reading “Property Inspections, vetted by a buyers agent”

Stamp Duty Lowers Capacity, BUT NSW Gov Concessions for First Home Buyers

Stamp duty is a “State based” tax levied on certain transactions, including the purchase of real estate. The rate you’ll pay varies in each state and territory.

As stamp duty is a tax, you cannot borrow money to cover it, though it can accommodated for by reducing the amount of your cash deposit and increasing your home loan to cover the difference. This may mean taking out lender’s mortgage insurance (LMI) [What is Lender’s Mortgage Insurance?] to compensate for your reduced deposit.

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First Home Owners Can Now Use Super for a Deposit on a Home Loan!

In last year’s 2017 budget, the federal government introduced a new measure to help first-home buyers gain a foothold in the property market: The “First Home Super Saver” (FHSS) scheme, which lets individuals use up to $30,000 of voluntary superannuation contributions as a deposit.

It’s a little complicated but if it helps you get into the property market you might find it worth it. Here’s the important information.

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Property Search and Discovery – What’s Involved & Who Does it?

Newcastle is the Epicentre of Growth

Sydney’s high property prices have pushed first home owners and property investors further out and increased demand on regional areas. While some people are looking to move out of the city to the Central Coast or Hunter regions, property investors are looking for the next growth area to invest in like the inner suburbs of Newcastle or low priced alternatives like Morisset and Cooranbong, where it is still close enough to commute to Sydney but house prices are low and increasing.

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