While the Australian dream is driving some millennials to live in vans, there are some people that are closer to buying a home, ready to dive head first into the competitive property market.
But despite rising house prices in Sydney and Melbourne, experts have said it’s important people don’t rush into the process, which requires substantial planning and research.
Zaki Ameer, real estate expert and founder of Dream Design Property, shares what the first steps are towards buying a property.
According to Mr Ameer, here’s what people need to know once they’re financially prepared:
- INVEST OR STAY
“People need to consider, whether they want to buy property as an investment or for themselves to stay in. It’s a major decision because people want to have their own home, but investing can help people to pay off the loan,” Mr Ameer said.
“The next step to buying a property is speaking to a mortgage broker. Speaking to a mortgage broker rather than going to a bank might provide the person with more options, as you can compare what all the banks have to offer,” the real estate expert said.
- BUYERS AGENT
“The third step is getting a buyers agent. This is ideal for those who have a nine to five job and don't have the time to call real estate agents and go to open homes or auctions. This way people can outsource it to a professional with experience in that area. It can also prevent people from getting emotionally attached to a property,” Mr Ameer said.
“Before buying a property buyers might want to get a lawyer to go through the contract. During this process, it is also important to get a reputable pest building company to check for structural issues in case there are termites within the property,” the DDP founder said.
- EXISTING VS NEW
“Deciding whether it’s going to be a brand new house or an existing property is important. If it’s a brand new property being built, you want a lawyer and yourself to ensure when it’s going to be completed - whether it’s going to take a year or two years and to consider what the contract entails. You need to know what your rights are if they don’t complete the property on time, if that means you can get the deposit back. Also, when buying a new property, you want to ensure you're not overpaying for it so you may want to get your own evaluation to ensure you're paying within the market price,” Zaki Ameer said.
Mr Ameer started Dream Design Property to help advise people on how to get into the market, offering a one stop model for buyers from loans to legals.