Researching for your next property

What’s the most important thing you need to do before buying your next property? Research of course. Robin Lim, Head of Mortgages Product Management at National Australia Bank says “the most important thing to do when you are looking to purchase a new property is to prepare.”

Lim recommends researching the following categories in order to make an informed purchase when you buy your next property.

The Area

Lim says you need to ask yourself “what area suits your needs, what area suits your lifestyle.” Get organised. Write out a list of all the things you are looking for in your next property and then research how you are going to achieve this.

• What are house prices like in the area?
• What are the local infrastructure options available to you, such as parks and schools?
• What kind of lifestyle will the area provide you? You can check out Domain’ suburb profiles here.
• How have Auction results been tracking in your area?

The Home

Once you’ve looked at what’s going on in your preferred suburb, it’s time to scope out the house itself. “What are the needs you bring to the home?” asks Lim.

• Have you attended an auction?
• How many people will be living in the home?
• How much space, how many bedrooms do you need?

“Make sure you’ve got the specific requirements for your household, in your household checklist,” says Lim.

Home Loans

Understanding the borrowing requirements is the next step. “Home loans are very complicated things,” says Lim.

• What home loan is best for your needs?
• Which repayment schedules are available?
• Do you know the jargon?
• Have you talked to an expert?

Where can you get all this information? Domain’s Senior Economist Andrew Wilson says the internet has a wealth of knowledge for those that are buying and selling.  Everything you need to know is online, what’s available, pricing, general market information, interest rates, and on costs such as repayments and stamp duty.

“People should be aware of the market environment, because estimates are only just that.  It’s important to know the big picture, current clearance rates in the area, which gives you a good weekly indicator of how the capital cities are going currently. It’s always good to be monitoring the auction clearance rates,” says Wilson.

“Home Price Guide is a good tool because it gives you the opportunity to get an estimate, of current market value. That of course reflects the number of sales recorded on that property.” says Wilson.