Hi,
We are a family of 3 looking to buy a house in Brisbane and save on the rental we are paying. We really have no idea of suburbs apart from what we read up. But we have ended up liking a house that has a pool and spacious bedrooms – two things that we have been looking for. The house is 23 years old. The median price in the area is 460000 but the owner says someone has made an offer for 499. We are confused about several things and have no idea how to go about buying. What is the price to quote ? Is it sensible to buy a house that is 23 years old ? We have no idea about the things we need to check out. Do we need to get someone to check out the house before quoting a price ? What do we need to look for ? I heard termites are an issue in Forest Lakes , is that so ? Thank you in advance for any help offered. We are absolute novices and have been spending sleepless nights thinking about this and having no idea about the next step to take after seeing a house liking the way it looks.Hi Aru,
It sounds to me like this is a house you are buying to be your own home – is that right? Will it become an investment later, or do you plan to live in it for MANY years?Some of the basics are the same (re getting a building and pest inspection, and checking what is happening around the area – new infrastructure, etc).
First thing, do you know you have sufficient finance to be able to afford a $460k property (or even $500k?). If you don’t know this yet, I would recommend that you find out BEFORE you start looking for a home. See, there is no sense looking for a $500k home if your finances will only allow you to borrow $350k (unless you can borrow the rest from “Mum and Dad” ?)
The median price in the area is 460000 but the owner says someone has made an offer for 499.
Dont worry – this is a common ploy to push up the price you offer. Of course, if you WANT this house as your own home, you may be willing to spend more than if it was an investment. But, it still comes back to “can you afford it”? When you complete a contract, I suggest you take it to a conveyancer/solicitor to have them check it BEFORE you sign it. They should go through each of the conditions (e.g. subject to finance, subject to satisfactory building/pest inspection, etc).
If you take things SLOWLY, you should be able to buy a nice home that will serve you well for many years. A 23 year-old house is no issue to me – there can be benefits in these as they may need a reno to bring in the best price. If you buy it at a lower price, later do a reno, you will likely create some Equity for YOU to use down the track.
Good luck – and don’t be in a hurry, ;)
BennyHi Aru
Welcome to the forum and hope you enjoy your time with us.
Sounds like you are new to the City but I will assume that you know the Western Suburbs.
Nothing wrong with Forest Lakes but yes termites and fire ants are an issue around the area but like anything preventative care and regular maintenance will cure this.
If you have that amount too spend i would suggest Augustine Heights or Springfield itself although the homes there tend to be newer.
Nothing wrong with a home that is 23 years old as it will have plenty of chance to cure and any building issues will be evident.
As Benny mentioned before you rush off and make and offer sure you can definitely service such a loan. Maybe get your Broker to run some numbers beforehand to be sure.
Finally, in Qld a standard Contract is subject to a “cooling off” period of 5 business days and also subject to “Finance” and a “Building & Pest inspection”.
Just because you make an offer at a particular price doesn’t mean you have to settle at that price if either your offer of Finance or your Building Inspection is not satisfactory.
Feel free to give us a shout or drop us an email if you want any other info on the area.
I am in Chapel Hill which is only a good 3 iron away.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
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