Things to Remember When Buying a House in The Northern Beaches
The Northern Beaches is a district within Northern Sydney spanning three local council areas. It is a sought-after destination for tourists, especially surfing aficionados. However, with the suburbs pushing right up to the edge of the water, the Northern Beaches is also the perfect place for families who want to be closer to the beach. It is far enough from the CBD to be peaceful and quiet, but close enough to have a thriving economy.
If you have plans of moving to Sydney, then you should look for the best houses for sale Northern Beaches has to offer. But before you make an offer on your dream house, here are some things you have to get out of the way.
Know the Taxes Involved
Aside from having the funds for the property, make sure you have enough left over for the necessary taxes. First is the stamp duty, which you have to settle within three months from the day you exchange contracts with the seller. In NSW, the stamp duty is around 4.7%. However, take note that it increases with the value of the property, so you must factor this into your budget.
If the land value of the property goes over three million dollars, get ready to pay for premium property duty called the land tax. If you have plans of renting out the property, you would need to pay the land tax as well, even if its value falls below the set amount of three million dollars.
Building and Pest Inspection
Before making an offer on a house, make sure you know what you are getting into. Have the property checked with a Building and Pest Inspection. If it is in an apartment complex, do a strata search in addition to ensure that the property is well-funded.
Review the Contract
Before taking the plunge on a house for sale in the Northern Beaches area, make sure you have the contract reviewed. This is also your opportunity to negotiate the terms such as length of settlement or the amount of the deposit.
When buying a house from a seller, you are both allowed five days to withdraw from a contract. If you do, you must pay the seller 0.25% of the agreed amount. However, if you are buying property from an auction, there is no cooling period. You will be asked to pay the deposit once the auction ends. It is usually at 10%, so make sure that you have the check or the deposit bond ready.
Get Insurance for the Building and Its Contents
When looking for houses for sale in the Northern Beaches area, take note that your transaction becomes legally binding once you exchange contracts with the seller. As such, the agreement would still take effect despite unforeseen events after the sale. For an added layer of protection, make sure that the seller has a building and contents insurance. If not, you can take one out yourself upon exchange of contracts.
Check for Development Applications On Adjacent Properties
If you are buying a property with a view, make sure that you check first if the neighbouring houses have a pending application for home improvement. This will give you a chance to see if any development would block the view that piqued your interest in the property in the first place.
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