Tips for Young Professionals Hoping to Buy a House in Inner West
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As a young professional, you may find the need to take a leap of faith and invest on something big. You may already have a vehicle and you think that it is time to invest on something much bigger – like a home.
The
real estate industry in Australia has been relatively consistently healthy and
reliable, which is why it is not a bad idea to start investing on properties.
Inner West has one of the healthier housing markets in New South Wales. Over
the past decades, Inner West has become the home to suburbs with so much real
estate activities, including Annandale and Lillyfield.
Investing
on Inner West real estate can
be a very practical and feasible move because you will not have a hard time
reselling the property you will buy because the market continues to be very
active and hot. Additionally, because Inner West homes are near Sydney central
business district, you will have an easier time reselling your home in case you
have to sell it in the future. In addition, since there are many houses for
sale in Inner West, you will not be short of options.
If
you have already decided to buy a new home in Inner West, there are several
home-buying tips you need to bear in mind. These tips are meant for young
professionals who do not have prior experience buying a new home in Inner West.
Buy only if you really have to – If you
don’t plan to live in Inner West for good number of years, then buying a
property in the city may not be a practical choice. Given the fact that the
cost for buying and selling an Inner West property is not cheap, you may end up
losing money if you decide to sell your home sooner. However, if you are
planning to stay in the city for years, you will not have a hard time profiting
from selling your home after several years.
Come clean – You will need to apply for
home loan when buying an Inner West property. Banks and financial organizations
can be very particular when it comes to approval of home loans. This is why it
is very crucial to make your credit history as clean as possible. Additionally,
it is recommended to make copies of your credit report months before you apply
for home loan. If you have good credit history, you will not have a hard time
getting an approval for your mortgage.
Settle for a realistic budget – Don’t
commit to something you cannot stand for. You must have a realistic budget. Don’t
set a budget too ambitious that you will end up having a hard time looking for
resources to provide for your home expenses. This is why it is important to
take advantage of real estate-oriented calculators to have a grasp and idea on
how much you may have to spend to support your new home.
Choose a good location – A home that is
beautiful and very stylish is no use if it is located in far-flung area. It is
important to put into consideration the location of the property. You would
want your home to be near your workplace and good schools where your children
or future children will go to. Homes located in strategic areas are also easier
to sell. Hence, if you have to resell your home, you can put it up for at a
higher price.
If
you don’t have any experience in buying a property, it is strongly recommended
that you get assistance from quality real estate agents who will guide and
teach you about the basics of Inner West real estate.
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