Typically, the key to finding the right property will be achieved by doing plenty of research. Fortunately, the online world makes this very easy, thanks to the likes of real estate websites, which enable you to search for a home around the clock.
Well-known real estate firms post all their listings on their websites, which simply adds to the amount of research available to home buyers.
We’re all familiar with the mantra “location, location, location” when it comes to finding the right property. Typically, the aim is to buy a quality, well-located property that is as close as possible to facilities such as schools, universities, hospitals and transport services, such as a railway station, decent roads and wharfs.
The right property will also be in close proximity to shopping precincts, popular entertainment quarters and parks.
Whether you’re buying an investment property or upgrading the family home, owning a quality, well-located property could deliver decent long-term returns to owner-occupiers and investors.
Owning a property does bring its own challenges and risks. Therefore, it’s important that you do plenty of research before buying a residential property.
Whether you decide to upgrade the home or buy an investment property will depend on your family, financial and tax circumstances. An owner-occupied home is a capital gains tax (CGT) free asset. An investment property on the other hand, is subject to CGT but certain ownership costs such as rates, levies, mortgage interest and property management fees may be tax deductible.
Consider speaking to your financial adviser to determine whether a bigger home or an investment property is the right wealth creation strategy for you.
To work out how much you can borrow, use the Westpac borrowing power calculator, which can give you an estimate of what you can borrow. Please note that the calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial adviser before making any financial decisions.
Once you know your home loan borrowing power, you'll have a better idea of what your next step will be. You’ll know whether you can afford a home near the beach, in the city, out in the burbs or maybe it’ll be a peaceful life in the country for you and your family.
An experienced licensed real estate agent (LREA) can be a valuable cog in the selling process. Their job is to list and market the property for you and help you negotiate a final price.
To choose the right agent for you, it’s usually best practice to shortlist a selection of agents in your local area who have sold properties similar to yours. You can find them through real estate or agent rating websites.
Comparing the fee schedules of the agents on your list is an important part of the selection process. You may like to consider an agent’s experience, local area knowledge, the quality and reach of their proposed advertising schedule – it’s important that your property is seen by as many potential buyers as possible.
This information is current as at 15/08/2016.
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.
This information provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
The tax position described is a general statement and for guidance only. It has not been prepared by a registered tax agent. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice.
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