Purchasing real estate property, whether for investment or personal use, is a multifaceted endeavour. It can become overwhelming, particularly when faced with numerous builders and their respective projects. The process of analysing, comparing, shortlisting, and ultimately selecting the dream property can be daunting. However, seeking the expertise of a property valuer in Brisbane can help you determine the accurate value of the property, ensuring that the prices quoted by real estate builders align with market standards.
In this article, we explore the critical factors to consider when shortlisting and finalising a real estate property.
1. Legal Registration
Before making any decisions concerning real estate properties in Australia, ensure that the property is legally registered with the real estate institute of Australia (REIA) it is advisable to shortlist and consider only those properties that are legally registered. Investing in a disputed or illegal property can lead to complications, so thorough research is crucial.
2. Location and Accessibility
The property’s location plays a pivotal role in the decision-making process. If you are purchasing a property for personal use, consider the needs of yourself and your family. Calculate the proximity of your workplace, your children’s school, and other essential amenities. Commute time should be factored in. Choose a location that offers convenience in terms of proximity and lifestyle.
3. Budgetary Considerations
Determining your budget and understanding that cost per square foot are essential steps in shortlisting properties. Gather pricing information for the properties on your list and make detailed comparisons. It’s important to note that there maybe differences between the base cost and the final cost, so be sure to inquire about all associated expenses.
4. Construction plans and features
Compare floor plans and master plans of the properties you’re considering investing in. identify your specific requirements and determine which property aligns with your needs. Assess the number of rooms, bathrooms, kitchen space, garage availability, and the presence of a garden or green space.
5. Builder Reputation
When shortlisting projects, it’s crucial to research the builder’s reputation, consider how many projects they have undertaken, their track record in terms of project completion times, and whether the properties are legally registered. Conduct thorough research into the builders’ previous projects to gauge their reliability.
6. Consult a property valuer
Seek guidance from a property valuer or house valuer. Communicate your specific requirements and request a property valuation for the shortlisted properties. A property valuation can provide clarity regarding whether a property builder/owner is charging a fair price. Armed with information, you can confidently choose the property that best suits your needs and budget.
In conclusion, buying a real estate property is a significant decision, and thorough research, consideration and understanding of these factors is essential to help make an informed decision. Consulting with a property valuer can be a valuable step in ensuring that you are making a sound investment in your dream property.