Many have taken the headlong dive into buying their own space, lot or house in Australia. To be sure, many have done so with just a bit of hesitation. However, if you’re planning to purchase new house or condo unit for private use or rental purposes, there are a few questions that you would need to answer.
Take a look at the three big questions below and see if you can confidently respond to them. No right or wrong answers at all, just enough to determine if you know what you’re doing.
Why Is It On Sale?
Most cooks and chefs believe that any food or ingredient that is on sale means that it’s probably stale. Bakers sell their bread at a major discount or bundled with other freebie pastries at the end of the day and some restaurants make their last few orders super cheap just one or two hours before closing time.
What does this translate to when it comes to property? It could possibly mean the previous owner didn’t do well with it as a rental or they simply needed to leave for greener pastures. If it isn’t because of bad neighbours or security issues, then that’s more reasons to consider purchasing it.
What Can I Do to Make It Worthwhile?
When buying property in SMSF, you have to find a means to benefit from such a big investment. Search the area for business or employment opportunities, transportation options, and places where you can relax that won’t be too far from your new home.
How much would you have to change your lifestyle to fit into the neighbourhood? Will it cost more to live in the property you’re planning to buy or will it be a better option to rent it out? These questions, no matter how simple and obvious, have to give you a certain level of comfort to justify your purchase.
Why Am I Buying It?
The answer to this is entirely up to your personal reasons for moving to a new location. Do you want to move out of your old home because you’re too caught up with your usual social circles? Do you want to live closer to friends or family? Do you want to keep your privacy after a long week of working? So many little things determine your decision to buy that it becomes difficult to assess them on the fly.
Take the time to breathe and really think about your plans to purchase. Once you’ve made up your mind why you want the property and feel the reason is worth it, then take the leap. It would always be easier to make these big decisions when you have your personal goals in mind.
Buying property for any productive reason is a rewarding decision, whether it’s for personal use or investment. However, you must be ready for the responsibilities a new acquisition will eventually give you, along with the perks it offers. Being aware of all the aspect of the sale will assure you that your purchase is well worth the investment.