This time of year a common brief for me to be asked about is buying for parents of students attending the University of Newcastle. We are a few months out until when Uni returns but the hunt for accommodation will begin soon. With more and more options available on the rental market, it might seem tempting to simply rent a room. However by purchasing a property, not only are you guaranteeing that our children have a stable home base, you are investing in an asset for yourselves rather someone else.
Before you jump in and start shopping, it is important to ensure you have the capacity to purchase. This should involve your accountant, financial planner and banker/broker. Often when I advise people to speak with these first, I get asked why do they need to speak with their accountant or financial planner first. That basically answers the question. You need to know the tax implications and personal financial risk involved in taking on a debt besides your family home. Then you also need to know how to protect yourself should something unforeseen happens.
Once finance and risk assessment is done the next step is to gain finance approval. It is critical to know how much you are able to borrow so you can follow through with a purchase once you’ve found the right property. It is a waste of time and energy, especially if you live outside of Newcastle to shopping for a property without certainty that you can afford to buy it. On the topic of time, it is also a lot of travel if you don’t live within Newcastle to inspect a property. There is an easier way, that is to use a buyers agent.
Newcastle Buyers Agent is a Newcastle Based Buyers Agency or Buyers Advocacy service. We can help you find the right property from both a location and investment perspective.