Top 10 property buying tips for Sydney’s North Shore
Buying a home is one of the biggest financial decisions you will make. Here are our top ten tips from the MMG Realty team for buying property in North Shore Sydney.
- Create a wish list
What are the non-negotiables for your new property? Define what your priorities are and consider what fits within your budget. You may want some features, such as a pool, that aren’t realistic in your price range. Decide what you can’t live without, weigh it up with your finances and create a realistic wish list to guide your property choices.
- Will it meet your future needs?
Decide how long you plan to stay in your next home. Is it part of your 5 year plan? 10 years? 20?
The cost of selling and stamp duty to change locations can be expensive, not to mention the hassle of moving every time.
Is it going to suit your future needs for proximity to transport, schools, shops, friends and recreational activities?
- Are there opportunities to add value? Are you willing to renovate?
The last thing you want to do is over capitalise on a renovation. If you want to add value, get the right advice to make sure your location can absorb the price increase you are aiming for.
Understand what you can do with your house and block of land in the future – you could extend, renovate, add a pool, remove trees and improve landscaping. Buying an original 3 bedroom brick house on a good size block in a middle ring suburb can be a stepping stone to a larger home down the track.
- How’s the commute?
What length of commute can you live with? Think about your daily routine once the shine of a new property wears off.
What about if your family or circumstances change in the future? Will you let your home location decide on job opportunities or vice versa?
- Know the value
Do your homework and understand how to buy at the right price. Research what homes are worth in the area you want to buy, and how many properties change hands. Is it a suburb with lots of buying opportunities or do owners tend to keep their properties for a long time?
Don’t rely on median house prices – they don’t tell the whole story of an area. Look for sales in the last 3 months directly comparable to the type of property you want to purchase. You will see a pattern of the most popular streets in a suburb.
- Get to know the neighborhood
You can get to know the neighborhood and the locals by walking around the area, checking out the shopping, facilities and community feel. Try to visit at different times of day, and take a look at whether the other houses on your preferred street are well maintained or in need of some care.
A great way to get a sense of an area is to chat to the local shopkeepers!
- Know what’s around the corner
Is there new development coming to the area? Is there rezoning planned? A block of apartments or a child care centre being built next to your new home will increase noise and traffic.
Research the local council’s future plans to identify any projects which could impact property values.
- Choose a floor plan to suit your lifestyle
Is the floor plan functional? Is it user friendly? Could it be easily changed? When you inspect properties think carefully about how your own possessions will fit in, and if it will work for you and your family or housemates. Is there enough living space, storage space? Do you need a study nook, a rumpus room for teenagers? What about natural light and warmth?
Trust your instinct on whether the house has the right feel for you. This is your haven, your own piece of the property dream. Take the time to get it right and don’t compromise too much. You don’t want to have regrets.
- Transactional tips
Have your finance and deposit ready so you can move quickly once you make a decision. Line up your solicitor or conveyancer to review the contract once you have negotiated the price.
Try for a balance of interest without being emotional – good selling agents will pick up on your emotion early and use it to up the price!
- Ask an expert buyer’s agent
It will save you money and heartache to consult an expert to help you find your ideal property and guide you through the buying process.
A buyer’s agent from MMG Realty will help you to liaise with other selling agents, research and identify suitable properties that meet your wish list, accurately appraise value, and provide support on decision making.
Contact MMG today to talk about your property needs for the North Shore.