Buying Tips

Deciding to buy a property is exciting no matter if it will be your first or just the next project added to your property portfolio. Due to the ever-changing nature of the property market, you shouldn’t neglect doing your research before jumping into buying no matter how much experience you have under your belt.

Here are just a few important tips to help you make the right decision when it comes time to make the big leap!

First Things First, Are You Ready?

There is so much more to this question than just feeling like you want to purchase a property now.

Are you financially fit to make a purchase in the near future? You may have been putting your pennies away for some time now, but nothing is set-in-stone until you have clearance from your bank and a loan ready to go. Of course, you can start looking and getting a feel for the type of property you would like to purchase, however, not being informed of what you can actually spend will only delay your purchase.

So, our tip is to be financially ready to purchase when you’re starting your property hunt. This also means having job security, a clear understanding of your weekly spending habits and being prepared to own the responsibility of a mortgage.

The Right Suburb

You might already have a suburb in-mind for where you want to purchase, and if this isn’t an investment property, you should be extra scrutinous about everything it has to offer, the good and the bad.

For example, if you plan on living at a beach-side suburb you may want to think about how much the traffic will increase during the summer months and if it will affect you enough to put you off from buying there. Alternatively, if you have younger children, being near parks, schools and shops (even just a local corner shop for that last-minute loaf of bread!) could be the best way to decide which suburb or property within that suburb is right for you. Finally, if your next property purchase will be an investment, choosing an area that is close to transport options, job opportunities and has growth forecasted is a great way to narrow down what suburbs appeal to you.

Making An Offer

So, you’ve finally found a home you love, now it’s time to make an offer! One of our key tips here is not to be afraid to place an offer before the property goes to auction. You should make sure your offer is strategic and timing can make a difference to the outcome, so if you go in low at a poor time you will most likely be pushed back. Attending open for inspections can help you to identify how much interest there is in the property and this will inform you of how much and when to make an offer. For example, if the open home does not generate much interest then you can have an earlier window to make an offer, but be careful, if you wait too long another buyer might swoop in before you get your foot in the door. For the best chance of having your offer being accepted, try to have not conditions attached and this includes ensuring you have your finance approved.