Buying a house in Kyogle
Have you been thinking of buying a house, unit or farm in Kyogle? Perhaps you’ve been eyeing off some of the surrounding areas and want to buy a house in Woodenbong or Cawongla? You aren’t alone in your dreams of an alternative lifestyle and the Kyogle region is a beautiful place settle down, retire, or raise the family.
Below are a few vital steps to consider before jumping in and purchasing a house, farm or property in Kyogle.
Can I afford to buy a house?
The first thing you need to secure before purchasing your dream home is your finances. Most property purchases require a minimum of 10% deposit, plus stamp duty and legal fees, so you should make an appointment to speak to your Financial Advisor, Mortgage Broker or a bank to calculate how much you can realistically afford and the amount you’re able to borrow.
It’s a good idea to get pre-approval for a loan before you get too serious about house hunting. This means that once you’ve found ‘The One’ and your offer is accepted, your lender will be able to arrange unconditional finance. Note that if the lender’s valuation doesn’t match what you want to borrow on the property, unconditional finance may be declined for that particular house. Don’t totally despair, as another lender may be willing to offer you a mortgage, sometimes with additional requirements such as mortgage insurance or a higher interest rate.
Some buyers who want to get their foot on the property ladder may find it is more realistic to rent a property where they want to live, and buy an investment property in a more affordable suburb. Others may find that continuing to rent makes the most sense for their finances and lifestyle, and don’t feel they need the security (and responsibility) of owning their own place.
Know the Kyogle and surrounding area
Kyogle Council is a large area, so make sure you’ve decided on where you want to live (rurally or in town) before making the commitment of purchasing in the region.
Some of the areas around Kyogle that you may consider buying a property in are:
- Collins Creek
- Green Pigeon
If you're unfamiliar with the Kyogle region, do your research. Get to know what your potential home town has to offer, as well as any downsides to the area. Existing and proposed infrastructure, employment opportunities, council restrictions, schools, community amenities and services, crime rate and overall lifestyle factors should all be considered.
Visit your proposed neighbourhood regularly to see what it’s like during different times of day, days of the week, or weather conditions – some areas can be considerably noisier than others, or some may be more prone to flooding or bush fires (making insurance costs considerably higher).
Also consider aspects such as road conditions or public transport if you’ll need to commute – do a dummy run during your normal commute times to make sure you can handle the drive/ride/walk each day.
Check out some community groups to get a better idea of the town’s vibe, and try to talk to locals to get a better feel for the area and your specific neighbourhood. The more you know about an area, the more sure you can be that you’ll be happy with your move!
Get good advice from Real Estate Professionals
Home buying can be overwhelming for anyone, especially if it’s your first home.
The team at PRDnationwide Kyogle really listen to your individual needs can help you find the right property at the right price. The clearer you are in your own head about what you want, the more likely an agent is to know if your wish list is reasonable for the area and your budget. However, compromise is an inevitable part of buying a home, so it can pay to be open-minded.
You’ll also need to get some solid legal advice on your side, so find a solicitor or conveyancer you can trust. They’ll help you navigate the finer points of the contract and ensure the whole process can go smoothly.
A professional pest and building inspection can also ensure that the property you want won’t come with any nasty surprises.
Take the emotions out of it
When it comes to buying a dream home in Kyogle, it’s only natural to get swayed by your feelings. However, that character home you’ve always admired could be hiding a host of structural nightmares. Or that big, beautiful new home you’ve always dreamed of – but can’t comfortably afford – could be potentially ruinous to your financial stability. Or your dream property could escape your reach if the vendors change their minds or accept a better offer.
Don’t let your heart overpower your head. Get all the facts, make an educated decision, be patient, and then let yourself fall in love with that house.
Ready to make the leap and purchase a Kyogle property? See our current listings or get in touch with us now: