With property prices soaring to ridiculous levels over on the East Coast, Perth has long been considered a more affordable area for first-time buyers.
And, thanks to its wonderful location overlooking the Indian Ocean and its laid back lifestyle, it’s considered by many to be the perfect place for raising a family.
So whether you’re looking to buy your first apartment or invest in a new home for your current or future family, let’s take a look at some factors you should consider, as a first time buyer, before taking the plunge.
When buying an apartment, one of the key things to consider is the strata responsibilities.
As you are buying a unit within a complex, you are also buying into the strata title.
You will, therefore, own shared responsibility of all common areas such as gardens and joint facilities.
Before committing to an apartment, you, therefore, need to make sure that you know exactly what your rights and responsibilities are within the building.
Make sure you ask to see the by-laws and have a thorough read through them.
Look for any rules and restrictions, find out what your rights are regarding renting out the property and clarify any issues such as whether pets are allowed.
It’s also important to know what the strata fees are as you’ll need to factor this into your mortgage repayment budget.
When buying an established dwelling, it can be quite a challenge to find a home that ticks all of your boxes.
So when it comes to committing to the purchase, make sure you factor all future stylistic renovations into your budget.
You should also pay close attention to any future maintenance costs that may be required.
Older homes are generally less energy-efficient and may also come with costly upgrades.
Areas to look out for are hot water and air conditioning systems as well as any in-built appliances.
Thanks to its appeal as a relatively affordable and family-friendly environment, residential building construction in Perth has seen significant growth in recent years.
And as such, there are many new build homes currently on the market.
But what exactly should you look for?
As with any property, the location should be at the top of your list.
Many of these new homes have been built as part of a larger development project so it’s important to do your research and find out what transport links are nearby and whether the property is within reasonable proximity to local amenities.
Unlike established dwellings, a new build should have state of the art appliances and systems so you shouldn’t have to consider making any costly upgrades for quite some time.
And when buying a new build, you should also look for something that you don’t need to renovate from a stylistic point of view either.
Whilst, of course, you’ll want to put your own stamp on things in terms of decor, you’re paying for something that has just been built so you don’t want to have to make costly renovations right from the start.
Buying off the plan
Buying off the plan is a fantastic way to get some control over how your home is built.
However, the most important thing to remember when buying off the plan as part of a big development is that you don’t have 100% control.
It’s therefore important to pay close attention to floor plans and designs and to obtain impartial professional advice.
It’s easy to get caught up in the flashy showrooms and model apartments but the reality of your home could be quite different.
Having experienced professionals on your side may cost you a few more dollars, to begin with, but it will help to make sure that everything runs smoothly and give you peace of mind that money simply can’t buy.
As a first time buyer it’s important to have a professional help you understand the options.
Buying a new home is as complicated as it is exciting, and when it comes to advice, there really is no one-size-fits-all.
What you look for will depend on a variety of factors, but if you pay attention to the advice given above, you’ll certainly be on the right track.
With property prices soaring to ridiculous levels over on the East Coast, now is the time for the first time buyer in Perth.