01 Jul Tips for Buying a Home in Sydney
An incredibly breathtaking city with beautiful beaches and harbours and an almost all year round sunshine, owning a home in Sydney is every Aussie’s dream. Sydney has made headlines in the recent past as one of the most expensive cities in the world to own a home. However, this should not discourage you because properties located a few kilometres from the Central Business District (CBD) are in the ‘affordable’ range. Whether you are buying a home or an investment property, there are certain issues you need to be aware of in order to navigate the Sydney real estate. Here are some helpful tips to help you go through the whole process more smoothly.
1. Building Inspection
Get a professional to inspect the property before you can make any offer. This also applies to when buying an apartment. Knowing if a building is pest infested prior to buying will give you a clear picture on what to expect in terms of expenses.
2. Stamp Duty
Though stamp duty in NSW have some exemptions when you are a first home buyer, it is important to factor in stamp duty charges into your budget. The higher the cost of your property, the more the stamp duty you’ll have to pay. Visit the Office of State Revenue website to calculate your stamp duty www.osr.nsw.gov.au.com.au
If you intend to bid for a property at an auction, make use of the services of a solicitor/conveyance to review the contract before making any offer. By reviewing the contract beforehand, as the buyer you have a more understanding of what it entails and gives you an upper-hand in negotiating terms with the seller.
Building and renovating in Sydney is expensive. However, it can be an excellent option if you intend to expand the property and resale it. Understanding how you can capitalise on your home or block of land in the future plays a key role. A one bed unit on a sizeable land where you can renovate or make extensions in the future is worth investing in.
5. Examine The Floor Plans
While shopping for a home you need to examine the floor plans to have an understanding of whether you can redesign them to be more user friendly to you and your family. Remember this is going to be your home, check whether there is enough natural lighting and spacious enough to accommodate noisy teenagers while you sit in your quiet corner to finish up on work.