Buying First Property In Melbourne? What To Look For

Buying First Property In Melbourne

So, you want to get into real estate and you’re all set to acquire your first real estate in one of Melbourne’s suburbs. At the end of a long day, you don’t want to be reminded of the sights and sounds of a skyscraper jungle. You have got your eyes set in an area that’s serene where you can relax after work. Regardless of where you invest, buying your first property is always a daunting task. Here are a few tips on the process of choosing the right property for you.

The way you locate the property

Internet is the quickest way to find a property these days. Most real estate agencies will either have their website or they will put the advertisements on some real estate websites. The websites will give you most of the information you need about the property along with the information about the locality. You can also get information about a property from the newspapers, promotional magazines, or direct contact. Do your research well before deciding on anything.

Inspect well before buying

If possible, make several visits to the property before you decide to buy it. Try to visit at different times of the day and in different seasons if time and opportunity permit that. An issue that is not so apparent at one particular time of day or year, may be a deal-breaker found at a different time. If visiting the property in person is not an option for you, technology can be your friend. Use phone calls, video chats, augmented realities, virtual maps, etc. to get the idea of location, age, size, condition, and access to facilities. Employing a qualified professional building inspector can also be a good option.

Assess the sustainability

The features and locality can be a good reason to buy a property, but sustainable housing features like rainwater harvesting or solar hot water can make your long-term stay comfortable and cost-effective. In Melbourne, a new home such as one in Aurum Casey Field must have 6-star energy ratings for the building fabric including roof, walls, floor, and windows. A 6-star energy rating is mandatory for the lighting solutions as well. For new apartments, the average is a 6-star energy rating for a block with a minimum of 5 stars for each apartment.

Know your rights as a buyer

Only do business with a registered builder. Most of the large projects, like Aurum, have domestic building insurance so that in case of the owning company becomes insolvent or unable to take responsibility for repairs after handing the building over to you, the insurance can take up the cost. The cover is limited to six years of structural defects and two years of non-structural defects. The owner must also get a defect inspection report before selling and any defect occurring after or are not listed in the report, will come under the domestic building insurance.

buying a property for the first time can have a mixture of feelings. If you are buying it in Melbourne, now you have some knowledge about the process to make it stress-free.

Description: Buying a property in a big city like Melbourne can be a challenging task for a first timer. Even if you get the finance and the best of agents, you should know some things before you choose a property.