Buying Residential Property in Australia? Keep Following Factors in Mind

Residential Property in Australia

The actual house hunting process starts once a person decides to buy a residential property in Australia. Whether he is buying his dream home or has a desire to make a new addition in his asset portfolio, making extensive research about below mentioned factors is indispensable.

Consider Popular Location – In the last few years, cities like Melbourne, Perth, Sydney and Brisbane in Australia have witnessed the maximum property appreciation. So, primarily step involves deciding the right location for buying a residential property.

Evaluate your Finances – The next big thing is to decide the budget. Knowing budget in a concrete manner helps in shortlisting the property quickly. Moreover, if you are planning to take a mortgage from the bank, do extensive research about which companies are granting the mortgage loan, limit of loan sanctioned, interest rates, fees, maximum loan tenure, etc.

Understand Total Cost of House – If you are buying a residential property for the first time, then it is necessary to understand the total cost of house and what all it includes. It includes other components also like stamp duty charges, finance and insurance cost,  etc. All these factors collectively increase the property price up to 20%. Thus, to get the idea about total cost of house, hire the services of reputed property investment company like Dream Design Property.

The Fee & Tax Component – Buying a house in Australia is a taxing process as it demands approvals from the concerned Authority by paying relevant fee.A person needs to pay Land transfer Registration Fee, local tax, mortgage application fee, etc., while buying a home in the country.Depending upon the kind of property and area of buying, the cost varies from one state to another. So,gather extensive knowledge about the same to avoid falling in any legal trap.

There are other factors also which demand attention of homebuyers. One way is homebuyer enquires about all these factors himself and other way is hiring professional services of real estate advisor like Dream Design Property.  The latter way does dig a hole in your pocket but it ensures to complete all formalities of home buying process in the most hassle-free manner.