Whether you are considering purchasing real estate in Wollongong, wider Illawarra or anywhere else in Australia, the importance of completing thorough research beforehand simply cannot be overstated.
In order to ensure that you have selected a house that will gain value and be in hot demand – should you choose to sell it or rent it out to tenants – it is important to utilise all the resources available to you well in advance of making a final decision.
The first step you should take is to thoroughly investigate the location of the property in question, in order to determine whether or not it is primed for future population growth.
It's a good idea to look at any reports from the local government or real estate institutes, as well as relevant population data from institutions such as the Australian Bureau of Statistics.
For example, the city of Wollongong recently announced that it had seen more than $430 million worth of investment into construction in the area's Central Business District over the last 12 months.
News such as this is a good indication that an area is growing and thriving, and that property purchased here will remain a solid investment for years to come.
Once you have done this initial research it's important to thoroughly examine the individual property which you are thinking of buying in order to determine whether it makes for a prudent purchase.
Take care to consider the previous residents, the quality of construction, and any wear and tear that might not be immediately visible.
If you believe that repairs or renovations will be required then make sure you get an estimate of how much this work will cost and factor it into your budget well in advance.
At this stage it may well be prudent to invest in an impartial property valuation, in order to ensure that you are well equipped with all the relevant information you need to make an informed decision.
By doing your research every step of the way and arming yourself with knowledge about the property and the region it is located in, it is very much possible to make a purchase that will continue to benefit you and your family for years to come.