Property buyers have been urged by one expert to consider the true cost of their purchase before they apply for a home loan.
Writing for Smartcompany, Metropole Property Investment Strategists director and author Michael Yardney suggested that some of the best unbiased property advice can come from buyers’ agents.
He commented that this individual can often give you detailed knowledge of the geographic region you are thinking about buying in.
If you are planning a property investment, these individuals can provide assistance with background research so that you get the property you want at a fair price.
Banks and home loan providers can also help you determine the value of your new property – although this figure will reflect the amount they can “reasonably expect to recoup” in the event you default on your repayments or they need to take possession of your property.
The Real Estate Institute of Victoria has previously highlighted the importance of careful research so you know exactly how much you can expect to pay for your property.
It noted that first-time buyers are often caught by surprise at the total overall cost – which includes the price of the property, stamp duty, relevant fees and taxes and mortgage fees – but added that proper planning can help you get a more realistic idea of your total expenditure.