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Choosing a Property

By Claire Briggs

Knowing what you want in a property before you start can save you a lot of time, so set yourself a clear criteria.
This way, you will be able to eliminate properties immediately that do not suit your needs.

Some important questions to ask yourself include:

  • What can you afford?
  • What are your location priorities?
  • What type of house will suit your needs?

  • Calculate the deposit and repayments you can afford. As a general rule, at least 10% of the selling price will be required for a deposit. Lenders usually base the amount they will loan you on the rule that the monthly repayments do no exceed a quarter of gross income. In reference to location priorities, identify the areas or communities that suit your lifestyle and the people living with you. Try to shortlist two or three suburbs, and assess your needs for transport, schools, sports facilities, easy shopping, etc. Decide if you are looking for a flat, apartment, townhouse or house. The floor plan of a property is a major consideration, so you need to decide how many bedrooms and bathrooms are required, if you need formal and informal living areas, the size of the kitchen and if you require a high or low maintenance garden. 

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