There are over 3500 properties available for rent and over 850 properties for sale in Melbourne. As per the latest reports, the median house price in this Australian city has taken a rise of $60,000 from the beginning of 2021. Hence, you must invest in a budget-friendly house, what you can do is contact an agent or new home builders in Melbourne to get you the best affordable houses. Besides that, there are some key financial factors that you must take into account before buying an affordable house in Melbourne.
Managing the budget properly
You should not plan your budget in a range like “between this and that” while you’re about to buy a house that is affordable. Take some time and figure out what amount you’re willing to spend as the prices can escalate quickly while making long-term investments. While discussing the price with an agent or best home builders Melbourne, you must offer an exact amount of money that you’re willing to spend.
Keeping an eye over mortgage interest rates
There can be a situation when the rates are too low but you’re not ready to buy any house at that moment. Then finally when you make up your mind, you’ll see that rates are touching the sky. It is advised that you should never buy a home based on the highest amount that you qualify for. Plan everything in advance so that you can choose the right time to buy the house within your budget.
Checking the property taxes
You must know that the value of a property is also dependent on its location and the current real estate market conditions. If the property taxes are underpaid, you might owe a lump payment and if they’re overpaid, you can get some amount back but it can decrease the value of your property.
Don’t forget the other expenses
You have already fixed the budget and you’re ready to buy a house but have you considered the other expenses that you have to pay till you get settled into your new home. These other expenses include moving costs, builders cut, stamp duty, registration cost, any renovation (if required), water and electricity connections, etc. The extra expenses will come up after paying the down payment and if you’ve hired a real estate agent you have to pay the brokerage fee too.
Nostra has been new home builder Melbourne since 2006 that include luxury homes and affordable houses. Their immense expertise and professionalism in building homes allow you to choose a house that is built using only quality products or material that is affordable too. With their double and single storey house options, you can select the one that falls under your budget and suits your style. You can visit their website https://nostrahomes.com.auto have a look at the designs and the locations.