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18 Jun, 2021

Complete Guide To Buying Your Dream Home In Sydney

Nothing can be more gratifying than buying a dream home in the capital city of New South Wales. However, the home buying process is not at all easy because Sydney is one of the most expensive cities in Australia.
As per the new insights, residential property prices have surged in Sydney during May 2021. The increasing demand from home buyers will show a further hike in housing values.

Despite this, people are moving to this beautiful and lively city to live a quality life. According to the experts, the population is expected to grow to 345,255 by 2041 with slight change in the age structure and household types. The constant boom in the real estate market will be a game-changer when it comes to buying a new home in Sydney.

Make sure you do proper property market research, discover your preferences, estimated budget and of course, location. This will help you find the most suitable option, and you can move into a dream home with the help of professional Sydney Removalists.

Here is a complete guide that will help you in hunting your dream home in the capital city of NSW.

1. Set Your Financial Criteria

Finding and purchasing a dream house is a challenging process, especially in NSW, where property prices tend to be higher than other states in Australia. When it comes to Sydney, the median price for a house stands at $1.1 million and units at $800,000. This means that a typical house in this city is around $117,000 more expensive than it was in the month of February.

Setting the estimated budget can help you find the most suitable home in the hotspots of Sydney with ease. You can also take guidance from a local real estate agent and get a price range depending on your specific needs and preferences. Inquire about the property price range in different potential locations. They will help you give realistic estimates for better clarity.

2. Choose Location Wisely

There are many factors to consider when it comes to buying a first home. Location is one of the most crucial aspects. An abode may look so beautiful and perfect. But, if it is situated somewhere in an inaccessible location, then there is no use of buying it.

Limit your search options depending on your preferences. Whether you want to live in the inner city with the close proximity to the CBD or want a peaceful yet classy suburb area. Consider these factors while finding the location for your new home in Sydney:

Public Transport Accessibility

A home should be located close to the public transport modes. If you are a working professional, then ensure you buy a home where you can easily get buses and trams.

Proximity to Basic Amenities

Most of the suburbs in Sydney are brimmed with local amenities, such as schools, hospitals, restaurants, cafes, shopping complexes, retail stores, playgrounds, etc. So, you can also live in a suburb, such as Darlinghurst, Surry Hills, Hunters Hill, and much more.

Safety and Security

Do not forget to check the security and safety of your home location. It is good to research about the crime rates in the potential area. Also, check the street lights at night and ask locals about the safety from burglary.

3. Know the Home Type You Desire

You can make a list of features you and your family want in your dream abode. Whether you want a lavish apartment or a spacious 3-bedroom, 2-bathroom house, you can decide it according your needs.
You can have a copy of the floor plan to compare each house or apartment and see what suits you the best.

4. Consider Hidden Expenses

This is an important step while buying a new home in a big city like Sydney, NSW. You should pay attention to hidden expenses involved in the home buying process. It is good to keep 5 to 8 per cent extra above the cost of your residential property to cover purchasing costs, such as pest inspections, stamp duty, conveyancing fees and other expenses.

Also, prepare for your home relocation ahead of time after buying a house. Do not forget to create a realistic moving budget to keep a close track on your overall expenses.

5. Look for a Home Loan

Buying a new home is an expensive investment. You need to educate yourself about the different home loans along with the interest rates. Determine which loan features you need. If you know the exact amount of your repayments, then choosing a fixed loan can be an ideal option for you.

If you think that interest rates could decrease in the future, then opt for a variable rate. Home loans which offer redraw features are great because it allows you to repay more than the minimum mortgage repayments and withdraw extra repayments.

6. Inspect the Property

Make sure you thoroughly inspect the new house in NSW. You can also hire a professional home inspector who can assist you and make things easy for you. Do a final check before making a final decision. Inspect the property for moulds, damages, dents, water leakage and other issues you don’t want to face. Consider these different inspections while buying a house:

• Building inspections
• Electrical inspections
• Pest inspections
• Strata inspections
• A property survey

Always remember that minor damages can be repaired, but it is good to fix the issues as soon as possible.

7. Final the Sale

There are different ways you can buy a house in NSW. These are:

Private Treaty

This is a condition when the vendor fixes the price of his/her home for selling and the real estate agent negotiates individually with buyers to finalise a sale as close to the desired price. You can directly fix the deal with the vendor and buy the property.

Auction

Register with the vendor’s agent to participate in the NSW auction. The seller nominates a reserve price and commences the bidding process. If you bid the highest price, then sign the contract of sale immediately and pay the deposit.

8. Sign the Contracts of Sale

This is an important document to consider before you buy your dream home in NSW. It includes some crucial information related to the property, such as:

• Zoning information
• Sewerage details
• Land and property documents
• Information related to the restriction on the property
• Strata information

These are exchanged when you agree upon buying a home in Sydney. After that, you will have to pay a deposit of 5 to 10 % of the property’s value to the vendor.

Endnote

Buying a dream home in Sydney can be daunting and overwhelming. You can do your part of research and follow this guide to find your ideal home in the capital city of NSW. Make sure you prepare ahead of time and hire trained removalists in Sydney for the safe and damage-fee relocation of much-loved possessions to you new house.