Buying a property is one of the most important financial decisions you will make in your life. Melbourne has become an increasingly popular destination for people looking to buy their first home or relocate their families, despite rising property prices.
Why Buying a Property in Melbourne
Melbourne is ranked as one of the top cities in the world to live and work; it is also consistently ranked among the best places to raise children.
With all these amazing benefits, Melbourne property prices are high – but that doesn’t mean they’re out of reach for everyone! We hope this blog post helps with some questions you might be having.
What do you need to do before you buy a property in Melbourne?
There are a lot of things to consider when buying a property in Melbourne. A great place to start is by asking yourself if you can afford the repayments and how much money you need upfront for your deposit, stamp duty and other associated costs, such as conveyancing, insurance, renovations and repairs.
A great place to start when starting your property hunt is with a professional mortgage broker and/or financial adviser.
A mortgage broker will help you understand your current financial situation and if you are likely to be approved to borrow from the banks to assist with purchasing a property in Melbourne.
If you are concerned with the numbers the mortgage broker is giving you and feel like you need a plan to better save your money to be in a better position to buy a property in the future, a financial adviser can help you better plan for this process.
If you need help being connected to quality and trusted mortgage broker or financial adviser, reach out to Tick Box Conveyancing.
With over 100 years of combined Melbourne conveyancing experience within our office, we have worked with a massive number of trusted professionals in this space, and would happily refer you to our preferred panel of professionals to help get you on your way.
Location, Location, Location: Understanding where you can buy property in Melbourne
Melbourne is an increasingly sprawling metropolis.
Whether you fancy inner-city living or are happy to be a little further removed from the Melbourne CBD, there are a range of suburbs that you might consider living in.
If you’re looking for an affordable Melbourne property, take a look at Melbourne’s outer suburbs. If you can afford to be a little further out of the CBD, there are some great opportunities in Melbourne’s growth corridors.
The inner-city and middle-ring suburbs offer more expensive properties but come with a higher level of convenience and amenities.
Of course, within each suburb, there are different types of properties that attract different types of prices.
So, if inner-city living is critical to your happiness, but your budget is stretched, then an apartment might be the best type of property for you.
If space is of greater importance, then you might want to look in the outer suburbs or urban fringe for your property.
Of course, each type of property comes with certain things to look out for.
For example, if you’re buying a home on a large block of land, you might want to consider if there are any covenants on the title that restrict future development or work on the property.
When buying off-the-plan, it’s important to consider the builder who will complete the project and the track record of the developer you are buying off.
If you are purchasing a unit, townhouse, apartment or any type of strata-titled property, you’ll want to investigate the Owners Corporation records.
But more on all of that later.
Starting the hunt: Finding the perfect Melbourne property to buy
Now the fun starts!
Searching for a property in Melbourne can be an arduous task, but if you’ve taken the steps above, you should have a very clear understanding of your:
- desired location
- preferred type of property
Once you’ve located three or four properties that interest you, start scheduling inspections.
When you are inspecting a property, you should look out for:
- Evidence of damage to the property
- Evidence of pest infestations (termites, mice, ants etc.)
- Fixtures and fittings
You should ask the agent questions like:
- How long has the property been owned by the current owners?
- Are there any material facts that you need to be aware of?
And finally, if you really like the property and want to consider taking the next steps…
- Can I have a copy of the Contract of Sale?
This takes us to our final step…
Pre-Purchase Contract Reviews: A Must When Buying a Property in Melbourne
When it comes to purchasing a property in Melbourne, a pre-purchase contract review should be a non-negotiable.
A pre-purchase contract review is where you pay a Melbourne conveyance solicitor to check over the contract of sale.
This step ensures that all parties are protected under what’s known as “legally binding” terms and conditions.
Your Melbourne property conveyancer or lawyer will be able to spot anything that isn’t consistent with your understanding of the deal, or that may be disadvantageous to you.
They will also check the contract for any special conditions or covenants that might affect your Melbourne property purchase.
If, after conducting a pre-purchase contract review, your Melbourne conveyancer identifies any areas of concern, they can then help you negotiate with the vendor and their agent to have these changes incorporated into the contract of sale.
Doing this ensures that you are not caught out by any financial or legal problems down the track!
At Tick Box Conveyancing, we specialise in high-quality, fast-turnover pre-purchase contract reviews that ensure you get the full picture.
Contact us today to discuss your next property purchase.