Navigating the journey to buying your first home can be overwhelming. The plethora of questions, from understanding property timelines to the details of a contract, can make the process seem daunting. This podcast episode takes a deep dive into three such questions, offering clarity and expert insights to first-time homebuyers. Whether you're embarking on this exciting venture or just looking for some real estate knowledge, this episode promises to be an enlightening guide.
The first question I tackle is how long does it take to buy a property? This is a question many first-home buyers ponder. The answer isn’t straightforward; every buyer’s journey is unique. As a reference, a buyer's agent usually seals a deal within six weeks. However, some may take mere days, while others spend months searching for the right property.
The second question is would you prefer living on a main road or 20 minutes further from work? Most people would choose the latter. Living on a main road can be noisy, polluted, and potentially unsafe for kids or pets. However, there are benefits, often including a significant price discount. I go over the pros and cons so you can make the right decision for you!
But there’s a spectrum - from thoroughfare streets to bustling freeways.Properties on main roads usually come at discounted prices, often up to 20%. While you might get a property at a lesser rate, selling might prove challenging, especially in a weak market.
The final question is around Section 32 which is specific to Victoria and other crucial parts of property contracts. The responsibility of understanding these falls on your legal representative so they'll inform you about potential deal-breakers and things that need further clarification. While legal experts handle the contract, it’s important to work with them and ensure you cross-verify property details. I go over the top things to keep an eye on and how to keep communication flowing!
I hope you gain some valuable insights from today’s episode, and begin to feel more prepared as you start the journey of buying your home. If you’ve got questions of your own, please reach out to us and we might tackle them in a future episode!
LINKS:
Check out my FREE checklist 100 Things To Look Out For At Property Inspections here
Connect with Amy:
Website: www.thefirsthomeguidebook.com.au
Instagram: @amy_lunardi_property
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