The Sydney Harbour Bridge, Sydney Opera House, and Bondi Beach are just some of the beautiful tourist spots that Australia is known for. Also known as “The Harbour City”, Sydney is home to national parks, botanical gardens, scenic cliffs, and numerous beaches bordering the area. With all that the city can offer, it is no surprise that buying house and land packages in Sydney is a good investment.
Buying a house for yourself or rental is always a good thing. And now is as good a time to purchase property as any. There were numerous real estate and financial articles before the COVID-19 scare, with almost all of them saying that property prices in Sydney will skyrocket. But as per the Australian Financial Review, it is highly likely that the costs of property this year may fall by around five up to twenty per cent while the current pandemic exists. Cities like Sydney will have a small hike in price percentage, but still a good thing to invest in.
What should you consider when buying house and land packages in Sydney?
Type of Property
If the house and lot already exist, you need to check on the structural make and quality of the property. Plumbing, electricity, and insulation are just some factors that need checking. Is there any damage to any part of the house? You need to ensure that it does not cost as much to renovate too.
Property size is also a consideration. How much space do you need for a family room? Are the halls of a standard size or do you want bigger ones? If you are looking at one or two cars, then you may need a multiple car garage with the house. When you are looking at house rental as a business, the size matters as well.
Is the house single attached or detached? A detached property leaves more room for future renovations. They may be more expensive, but they also do not lose the value that easily.
Location
It will be costly to choose a house in a Sydney suburb but decide to move a couple of months later. So selecting the right area at the start of your purchasing journey is essential. Neighbourhoods from the north and south of the central business district such as Surry Hills, Austral, and Crows-Nest Waverton are some of the most livable parts of the city as per Sydney’s Urban Living Index. Your lifestyle, safety, commute times, and the community culture are just some of the considerations when it comes to location. Your length of stay is also a matter to consider.
Budget
Designating a home budget is probably the trickiest of them all. A home loan can help out if you are trying to get properties from suburbs in and around Sydney. Consulting and computing with your accountant or bank is the best way to decide how much you are allowed for a home loan. Existing debts, estimating costs, government charges, inspection, and application fees are also considerations as to the mortgage amount. But before doing so, you should research the properties that would fit in your budget.
Sydney is close to almost everything – the Royal National Park, the secluded beaches of Manly and North Head, the Sydney Airport, and the CBD. So if you plan to focus on both work and play, Sydney is a great place to stay.