In this video, Hagen Schroeder, Findex Lending Specialist, takes us through tips and common traps to consider when purchasing a residential property in Australia.

Tips when buying a residential property:

• Research and due diligence: Thoroughly investigate the property market, conduct inspections, obtain reports, and consult professionals to understand the property's condition and value.

• Know your budget: Establish a realistic budget, including associated costs, and obtain pre-approval to understand your borrowing capacity.

• Seek professional help: Mortgage brokers, solicitors/conveyancers, and real estate agents can provide guidance and negotiate on your behalf.

• Long-term factors: Evaluate the potential for capital growth and rental returns, considering amenities, transport, schools, and job opportunities.

Common traps when buying a residential property:

• Emotional decision-making: Avoid impulsive decisions based on emotions; thorough research is essential.

• Lack of legal advice: Have a legal professional review the purchase contract to protect your interests.

• Overstretching financially: Consider future financial situations when determining loan affordability.

• Ignoring inspections: Don't skip building and pest inspections to uncover hidden issues.

By following these tips and avoiding traps, you can make an informed property purchase and minimise potential regrets or financial difficulties. Additionally, seeking advice from professionals like Findex Lending and Finance specialists can be beneficial in securing the right loan for your needs. Contact our team to discuss your circumstances and get on the front foot when purchasing your home.

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