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Score Your Dream Home: The Best Cheap Houses for Sale in Melbourne

8 mins read
melbourne house for sale cheap

Melbourne, the vibrant capital of Victoria, is home to some of the best urban landscapes and scenic views in Australia.

If you’re looking to settle down in the city or invest in real estate, you’ll be pleased to know that there are plenty of affordable houses for sale in Melbourne. You don’t have to break the bank to score your dream home in this thriving metropolis.

1. The Best Suburbs for Affordable Houses

Depending on your budget, some Melbourne suburbs offer more cheap houses for sale than others. For instance, if you want to invest in a property that’s under $500,000, you can consider suburbs such as Werribee, Frankston, or Melton. While these suburbs may be considered as outer suburbs or far from the city, they offer great value for money and are quickly becoming popular hotspots for real estate enthusiasts.

2. Government Programs to Help You Buy Affordable Houses

The Victorian government offers a range of programs to assist first-home buyers in purchasing their dream home. For instance, you can apply for the First Home Owner Grant, a one-off payment of up to $20,000 to eligible applicants who are purchasing or building a new home in Victoria. There’s also the HomeBuilder Grant, which provides a $25,000 grant for eligible contracts signed between 1 January and 31 March 2021, for building or purchasing a new home.

3. How to Find the Best Deals for Cheap Houses in Melbourne

The key to finding cheap houses for sale in Melbourne is to work with a reputable real estate agent who has local knowledge of the area. They’ll be able to advise you on the best suburbs to invest in, based on your budget and lifestyle preferences. Additionally, you can browse through real estate websites such as REA, Domain, and Maz Real Estate to see the latest listings and price trends in Melbourne.

4. Common Mistakes to Avoid When Buying a House in Melbourne

One of the most common mistakes first homebuyers make is to overstretch themselves financially. Just because a bank may approve you for a specific mortgage amount doesn’t necessarily mean you should take on that debt. You should also avoid buying houses that require extensive renovations, unless you’re prepared to spend time and money on fixing them up.

5. Additional Costs to Consider When Buying a House in Melbourne

Aside from the purchase price, there are additional costs to consider when buying a house in Melbourne, such as stamp duty, legal fees, building inspections, and moving costs. You’ll need to budget for these expenses on top of the house price, so make sure you factor them into your overall budget before making an offer.

6. Benefits of Investing in Real Estate in Melbourne

Melbourne’s property market has proven to be a safe and sound investment option for many buyers over the years. Real estate in Melbourne typically appreciates over time, especially when located in a desirable location. Additionally, rental returns from investment properties can generate passive income for investors, making it a smart long-term investment strategy.

7. The Role of Real Estate Agents in Buying a House in Melbourne

Real estate agents play a crucial role in helping buyers find their dream home in Melbourne. A reputable agent will listen to your needs and budget and work tirelessly to match you with houses that meet your requirements. They’ll also provide guidance and advice throughout the buying process, ensuring that you make a confident and informed decision.

8. The Importance of Property Inspections Before Purchasing a House in Melbourne

Before purchasing a house in Melbourne, it’s important to arrange a thorough property inspection. This will help identify any existing or potential issues with the property, such as pests, structural damage, or faulty plumbing. A professional inspection will give you a realistic idea of the actual condition of the property, enabling you to make an informed decision on whether to proceed with the purchase.

9. Common Questions Asked by Homebuyers in Melbourne

What is the First Home Buyers Grant and am I eligible?

The First Home Owner Grant is a one-off payment of up to $20,000, offered by the Victorian government to eligible applicants who are purchasing or building a new home in Victoria. To be eligible, you must be an Australian citizen or permanent resident and must not have owned a property previously.

How much do I need for a deposit when buying a house in Melbourne?

The deposit required to buy a house in Melbourne can vary, depending on your lender and the purchase price of the property. Generally, you’ll need to have at least a 5-10% deposit of the total purchase price to secure a home loan. However, some lenders may require a higher deposit, depending on your financial circumstances.

How long does it take to buy a house in Melbourne?

The process of buying a house in Melbourne can take anywhere from a few weeks to several months, depending on various factors such as financing, home inspection, negotiation, and legal requirements. Generally, it can take anywhere from 30-90 days to complete a home purchase in Melbourne.

What fees do I need to pay when buying a house in Melbourne?

When buying a house in Melbourne, you’ll need to pay various fees, including stamp duty, legal fees, home and pest inspection fees, and moving costs. These can add up to thousands of dollars, so it’s important to include them in your overall budget when calculating the total cost of buying a house.

10. Conclusion

Melbourne offers plenty of affordable houses for sale, whether you’re looking to live in the city or invest in real estate. By working with a reputable real estate agent and carefully considering your budget and lifestyle preferences, you can score your dream home without breaking the bank. Remember to also factor in additional costs and fees when making your purchase, and always conduct a thorough property inspection before making a final decision.

To learn more about buying a house in Melbourne, check out the Guide to Buying a House in Melbourne by Maz Real Estate.

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