The 5 Commandments of Buying a Property in Melbourne

Melbourne has been basking in the limelight as the world’s most liveable city for seven years in a row.

Australia’s famous capital city has it all, from economic stability and diverse culture to topnotch education and fantastic infrastructure. It comes as no surprise that Melbourne is a sought-after address for home buyers seeking to find a permanent place to stay in this liveable city. If you’re planning to expand your finances by purchasing a new home, here are the five commandments of buying a property in Melbourne.

1. Choose your location
Researching the latest property developments and trends is crucial. Before sealing the deal on a new home, it’s important to be in the know of the up-and-coming neighbourhoods that are suitable to your lifestyle needs. If you’re planning to raise a family, narrow your search to Brunswick East, West Footscray, Seaford, and Highett. For young city slickers, keep an eye on the newest apartments in Southbank, Docklands, and South Yarra. Choosing a location can make or break your property purchase.

2. Check your finances
Having a clear picture of your financial status is imperative especially when a purchasing new home equates to huge personal investment. When buying a home in Melbourne, the golden rule is to set aside a minimum of 10% deposit that covers purchase costs, stamp duty, and legal fees.

3. Meet your neighbours
Having a quick and friendly chat with your neighbours can offer a glimpse of the lifestyle, safety and environment of the neighbourhood. If you’re moving in with your family, look out for neighbours with kids and ask how they’re coping with basic situations such as morning traffic to school or the area’s overall safety.

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4. Seek legal advice
When finalising the paperwork for your first home purchase in Melbourne, it’s best to seek legal advice. This service might add up to your purchase costs, but it will save you the trouble of overlooked details.

The standard legal procedure in Melbourne requires the hiring of a conveyancer or solicitor to look through the contract. Hiring a legal person to review your contract can help to highlight minor yet important terms and conditions that you should know.

5. Research on environmental hazards
It’s also important for new home buyers to investigate the environmental hazards of the
neighbourhood they choose to live in. Look up for the latest news online or ask the residents in the property area if the location is prone to floods, landslides, or bushfires. Recognising these environmental hazards ahead will give you ample time to check with your insurance company if the property coverage covers these hazards.

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