Essential Questions to Ask Before Buying a Property in Brisbane

So you finally made the choice to move out of your rental home and purchase your very own property. Buying a property is a huge decision and probably the most important purchase in your life. But it is not without careful planning. Here is a guide to helping you get started to find a valuable property in Brisbane.

Do I Have A Good Credit Score Rating?

One of the best ways to get good deals for property purchases is through high credit score rating. A credit score is what determines your creditworthiness, your ability to pay off mortgages, once you decide to go for a huge purchase such as a property. The lower your score is, the higher your fees or down payment would be. Maintain a healthy credit score by lowering your credit card limits, make payments on time whether in bills or rent and paying your credit card bills in full.

What Is The Plan?

While setting goals is easy, achieving them may prove to be a bit difficult. You need to have a plan that’s realistic and time-bound. The Brisbane property market has been increasing its prices by 6.8% per annum from 1996 to 2016. If you think about it, if you’re not investing in it now, chances are it will go up an estimate of 6-7% for every year that you’re not buying.

The way to get started is to know how much you need to save before you lock-in mortgage for the property. Consider government fees, subsidies on top of deposit, insurance and solicitor fees are some of the factors you need to include in your budget. An estimate of $20,000 is anticipated as an upfront fee.  Intimidating as this may seem, breaking these down into a weekly savings goal may be doable and right in time before the property market takes another hike. Your finances should be on top of the list prior looking into a property or a property agent like PMC Property.

Do I Have A Good Savings Account?

It’s not enough just to save for your property. Building a healthy savings account actually lets your lender know that you’ve planned ahead prior the purchase. If you have savings covering three to six months of loan payment, you have a higher chance of getting a loan. Not only that, this will serve as a buffer for ‘rainy days’ expenses that you’ve not anticipated.

Am I Pre-Approved To Get A Mortgage?

While it may be an exciting thing to finally go house hunting, it is best to go in prepared. A pre-approved mortgage will help you assess your capacity for a housing loan. It is a preventive measure to help you calibrate your ability to pay off debts as well as the kind of housing that will be able to afford.

Do I Have A Property Agent To Help Me Find The Right Property?

The right agent should know the Brisbane property market. They would be able to give you a thorough analysis whether you’re looking into a property where you can start a family or turning it into a money-making asset such as rentals. Locations such as schools, transportation and even demographics are the kind of details that buyers are looking into – and agents should know about.

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