fbpx

What You Need to Know Before Buying in Canberra

Image From: https://static.domain.com.au/domainblog/uploads/2017/04/22070000/2_guxs5n.jpg

Canberra holds a large range of Housing and accommodation, everything spanning from inner-city apartments to suburban home to farm-like properties. Similarly, the cost varies along with the area, age and type of home you are interested in. So knowing your budget and your ideal Canberra home will only help your process. So here are a few questions and answers to help you along the way. 

Is the Space Right for me?

When shopping around keep in mind whether or not each space is adequate for the long term. But also keep in mind building plans for the future – can budget for extensions and renovations? If yes, make sure to consult with Canberra home builders or local building experts. Although it is also important to have a mental image of the design and you also need to be mentally prepared for the disruption. Our advice is to weigh up your options and do your research.

How Do I Buy a House? 

Buying and Building in Canberra are supported by the ACT government. Canberra offers A First Home Owners Grant as well as an affordability housing scheme. Canberra also aims to hold the title of “highest quality buildings in Australia.” Meaning Canberra home builders are held to a high standard. 

 Once you have decided on a property, there are a number of ways to go about renting a property. These include: 

  • Public auctions: Buyers compete with other buyers to bid for a property on a set date. A property cannot be sold unless it reaches the seller’s reserve price.
  • Private sale: Property is offered at a price determined by the seller. If you want to make an offer, the seller’s real estate agent will negotiate on your behalf.
  • Tender Process: A property is advertised with a price range and interested buyers submit offers in writing by a set deadline. The highest and best offer is accepted.

But before you are able to start this process you need to be financially approved for at least as much as a deposit before making a bid or offer.

 

What Are All My Costs?

When buying, along with a few of the above, you will also need to consider:

  • Outright Property price
  • Utility connection fees (e.g. gas, phone, electricity)
  • Furniture and household goods
  • Home and Household contents insurance
  • Future renovations and its various cost
  • Conveyancing and legal fees
  • Stamp duty
  • Building and pest inspection (combined)
  • Mortgage registration fee
  • Transfer fee
  • Loan application fee
  • Mortgage insurance
  • Council and utility rates