We know there’s a vast amount of developers, agents and properties out there recently in the “Off the Plan” market. We also know that certain decisions you make during the process can mean the difference between a smooth process or a stressful one. That’s why we’ve listed some of our top “Dos and Don’ts” when buying a newbuild property.
DO
Research the area
Research the area where the development is located, to make sure it’s a desirable location. Consider factors such as school zoning, public transport, and local amenities. Whether you’re a home buyer looking for easy living, or an investor looking for an easily tenanted property, this is always a step that we recommend.
Research the developer
Research the developer of the project, to make sure they are reputable and trusted You could check their website, ask for testimonials or information on previous projects, or ask around people in the industry to hear feedback.
Determine Your Budget
Have a clear budget and know what you can afford before starting your house hunting. This is when we would always recommend a mortgage broker. A mortgage broker is a free service to you, that will help you figure out what you can afford and which bank will be the best fit for you.
Consider the Long Term Potential
Consider the long term potential of the townhouse. This could include it’s resale value, or potential to rental income. As we said, it’s a good idea to choose a property that is amenity rich and built by a reputable developer.
DON’T
Rush Into a Decision
Don’t rush into a decision without thoroughly researching the townhouse and the surrounding area. Take the time to consider all of your options and make sure the townhouse is the right fit for you.
Forget about Resident’s Association Costs
Don’t neglect to review the townhouse’s Resident’s Association rules/ costs before purchasing. These rules can impact your ownership and use of the townhouse, so it’s important to be aware of them. Resident’s Associations will sometimes cover insurance, so you don’t want to be paying twice.
Overlook Red Flags
Don’t overlook any red flags or warning signs during the buying process. If something with the agent or company seems off, it’s important to carefully consider whether the townhouse is a good fit for you.
Of course, these are just a few of many pointers, but they’re important ones to remember that will make all the difference in your property journey! For more tips on home buying, visit our Instagram or download our First Home Buyers Guide here!
We’ve got a handful of other handy blogs, all the way from home buying, to mortgage applications, investing and government schemes. Make sure to check them out here!
Feel free to talk to one of the SM Property team today. We can help knuckle down your needs and walk you through the process.
