When it comes to property buying, a mistake is always a pricey one. To avoid making these costly mistakes altogether, it’s good to know what to watch out for in the buying process. This knowledge will serve as your compass so you can be directed to the more lucrative options.
If you are choosing to end up with a property lender, it is even more important to stay clear of certain houses. If you are planning to buy any time soon, you may want to find a good mortgage broker. Mint Equity is one of the top Sydney mortgage brokers that can help at no extra upfront cost. Plus, its team has some of the most knowledgeable and experienced brokers in the industry, which is crucial when you are laying down a large amount of cash.
So which properties should you stay well away from? Here are some of the ones to avoid.
Properties To Avoid
- Buying A Property Without A Strata Title
If you are considering somewhere that doesn’t have a strata title, tread very carefully. Somewhere down the line, every property will be required to have one by the developer. If your developer sticks around this, it is okay but you cannot bank on this. A title is like a piece of identity such as a birth certificate, you don’t want to be without one. Doing so can make it harder to refinance and sell in the future.
- Something That Will Be Auctioned
Some properties might seem very alluring but if you find out they will soon be auctioned by a bank, stay away. It starts to become far more complex when this happens and the ownership automatically transfers to the bank involved. So it’s not worth the trouble as you may even lose your deposit which will be devastating.
- Something That Will Be Auctioned With A Warning
Unless you have some experience in investing in properties, it’s best to stay clear of homes that will be auctioned. This is the case even if it has a caveat as this makes the process even more complicated.
You may even have to end up paying for the lawyer and the whole process is more trouble than it’s worth. Even if they end up being auctioned, the properties nearby can still affect the buying process. So, if you catch wind of anything in the area, it’s best to stay away.
- Properties That Don’t Have the Relevant Certificates
Whether it’s a certificate of fitness or compliance, you want to make sure you buy a property with it all. The paperwork give you peace of mind as they confirm the property reaches the standards of safe living. If not, it will raise questionable doubts on your mind and rightly so.
Getting into good habits by checking then staying clear of the above will help guide you to the right property.