Thinking of Buying a House in Thomastown? Here’s What You Need to Know

Melbourne’s Thomastown suburb is located roughly 30 minutes north of the city’s central business district. A township with a population of approximately 25000, Thomastown Township is home to a large number of retirees and its residents tend to be conservative. With its parks, schools, shops, and sporting clubs, Thomastown offers plenty of opportunities for outdoors, as well as easy access to the city and a relaxed lifestyle. Today, Thomastown, once a rural town, is a desirable suburb for buyers seeking a home in Melbourne’s north.

The following information will help you search for houses for sale in Thomastown:

1) Budget: Based on your financial situation and desired standard of living, determine how much you can borrow and repay while in search for houses for sale in Thomastown. Financial advisers may be able to help you with this. It is important to keep in mind your financial commitments, future plans, costs of buying a property, legal and conveyance fees, loan establishment fees, government charges, regular loan repayments, insurance, household bills, council rates, land tax, etc.. 

 2) Research: Even if you’ve found out what suburb you want to live in, do enough legwork so you’re less likely to settle for something you don’t like. Consider the areas of Thomastown you would like to live in, and look at recent sale prices and suburb profiles on real estate websites. To get a sense of how the market’s been trending, contact local agents while researching.

3) Home Worth in Thomastown: As of mid-2021, the median price of a house in Thomastown is $616,250. The median price of a unit is $460,000. The number of buyers in Thomastown exceeds the number of sellers. As an investment, expect capital growth to surpass the national average. Average house prices in Thomastown for 2 bedrooms are $582,250, 3 bedrooms are $610,500, and 4 bedrooms are $685,000. 

4) Construction Quality: It is important to assess the construction quality of a house regardless of whether it is an independent builder’s or a part of a residential society. Before finalizing a deal, it is important to do a thorough background check on the builder. Always choose a builder with a good reputation in the market.

 5) Legal Guidance: It is important to seek legal advice when purchasing property, since it involves a substantial amount of money and risk. Knowing all the laws and legal documents required for the purchase of property ensures a smooth process and prevents any problems later on.

6) Property Documents Checklist: Before finalizing the deal, it is important to understand the required documentation so that there are no snags. Below is the property documents checklist sales deed, possession letter, payment receipt, NOC, rectification deed, copy of building plan, occupancy certificate, mutation register extracts, encumbrance certificate, completion certificate, etc.

 Conclusion:

 Among the housing options in Thomastown are separate houses, semi-detached houses, row houses, terrace houses, townhouses, flats, and apartments. Compared to Melbourne’s suburbs, Thomastown is relatively inexpensive, while still being close to the city.

 Looking for houses for sale in Thomastown? Our experts at Capital and Co. can help you find the perfect area in Thomastown or nearby suburbs. Whether you are looking to buy, sell, rent, or lease property, we offer end-to-end services.

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