Tips for Finding a Melbourne Home on a Budget
Getting started in the property game should be a time of excitement and aspiration. But for many in Melbourne, the first glance into property can be met with horror upon learning of exorbitant prices. The good news is that with some clever thinking and inside tips, you can find affordable houses for sale in beautiful Melbourne suburbs.
First of all, look into alternative listing options. There are countless additional fees paid to a whole crowd of people when it comes to selling a home. Real estate agents, auctioneers, marketing initiatives; the list goes on. From the perspective of the seller, all of this money isn’t just plucked out of thin air. In order to fund their campaign it is common practice for vendors to incorporate all of these fees into the house price. Look to the lesser known listing sites, as well as small budget advertising spots like the newspaper. If you are a first home buyer looking for a newly built or custom built home, then you can apply for a $10,000 grant for homes under $750,000. This is a huge incentive to get first timers to consider building their own place.
Don’t get carried away at auction. It sounds simple enough, but in the heat of the moment it can be easy for your judgement to be clouded, and to convince yourself that you can afford a figure you would have otherwise dismissed. Always go into an auction with a strict limit that is the absolute maximum you could potentially bid. Always keep in mind all of the stamp duty and other expenses involved in buying when coming up with this estimate. In all cities, but in Melbourne in particular, it is becoming more commonplace for realtors to list a reserve price that is grossly below what they expect the property will fetch at auction. The result is a gathering of hopefuls, who are then shocked at the high bidding. This is not the most responsible way of selling a home, but it seems to be the done thing. All this is not to say to avoid auctions. Who knows; you may happen to stumble across something with little interest, and the low reserve is too good for you to pass up, nabbing yourself a bargain.
Determine what you think the word ‘affordable’ means. Buying a home is a big investment, and for many, the best deal on a house actually refers to how much profit they can expect to make when they sell. Some relatively affordable areas which are popular with young families have become hubs of renovation and expansion. Thornbury is a fantastic example. Less than 15 years ago, houses in this area went for around $320,000 on average. As people grabbed this opportunity and upgraded their homes tastefully, this exists now as a highly sought-after location. Oh and the average home sale figure? It’s risen to about $850,000.
Then again, don’t let the location rule you entirely. Of course, a suburb on the rise is generally a safe bet for buying, but there are exceptions to every rule. Buying a run down, unsuitable property because it was a bargain and in a ‘good neighbourhood’ is not a wise choice. After all, this is to be your home and somewhere that you will need to feel at ease. Chat to a trusted advisor or real estate agent for more tips. Alternatively, begin your search online to get an idea of your priorities and visit Bid Rhino at http://www.bidrhino.com.au/vic/houses-for-sale/ for a list of exquisite houses for sale in Melbourne.