As COVID 19 restrictions have taken place in Sydney, most indicators observe house prices continue to climb rapidly because the demand for homes remains surprisingly high and the supply of properties are decreasing in numbers. With Lockdown in Sydney driving price growth for homes and properties, value for money has been a top priority when purchasing a property. With that being said, we have listed the 4 factors that you should consider first before buying.
Have you viewed the full contract? – This is the first important, legally binding document that you need to keep in mind when buying. The contract should state the seller and buyer, it also needs to outline the details of the residential property one is eyeing, the selling price of the property, conditions of its purchase, and most importantly it should contain both the offer and the acceptance.
What does the planning permissions look like for alterations & additions? – If you are wanting to make a major change to a property that you are buying, you need to know the terms for planning permissions first before various forms of construction or expansion can take place. Not knowing about these might lead you to unnecessary stress in the future as home additions or alterations without prior approval from authorities can lead to receiving an enforcement notice ordering you to undo all the changes you have made in the house.
What does the renovation budget look like? – “How much is your budget?” This is usually the first thing contractors ask when planning to remodel a home. Getting an idea of the things that you want to renovate will help you set your budget and determine if the project is possible and if purchasing the property is worth the money.
Has a qualified professional inspected the structure? – You need to get a professional to do a property inspection before buying the property. This way, the buyer will have a much clearer understanding of the property they are about to purchase, such as learning about the major and minor issues with the home. Identifying the problems early on will give you preventative measures to avoid costly repairs in the future, and enable you to make a confident buying decision.