OK, it’s January – the month for resolutions. If your New Year’s Resolution is to buy a property, here are some things you could do to help you succeed.
2023 looks like it will be another competitive year for purchasing, so if you want to get in on the action, you’ll need to be on top of your game!
Identify your goal and write it down!
A New Year’s resolution must be specific if you want to achieve it!
Like “Buy a three-bedroom house near this school before Easter” or “Buy an investment property with a lease before the end of June”.
Adding a sense of urgency to your goal will motivate you to keep up with what you need to do to make a successful purchase.
Be ready to act and share your goal.
Procrastination is the enemy of success. The key is to sit down, make some decisions and then do your research. If you are buying a property as your home, consider which area you want to live in and whether you need an apartment, a house or a sea change! If you are looking for a property investment, you’ll need to consider properties that meet your investment strategy, have good capital growth potential and are easy to lease.
Do a budget – no, really, an honest budget!
Good money habits are essential if you plan to get a home loan this year. To get an idea of what you can afford, set a monthly savings target and start making a list of your expenses. It’s important that you are realistic and budget for the worst-case scenario. Make a comprehensive list to understand where your money is going and where you can cut back if necessary when you get a home loan. The Barefoot Investor by Scott Pope is a fantastic book and a great place to start.
Get your financing in place and get to know your bank manager.
Take your bank manager for a coffee and get to know them – they will become essential to your life! Talk about getting pre-approval on your home loan before you start looking at properties you might like to buy.
Get a professional team on your side – Team Etchells!
Let’s face it, buying a property isn’t easy. Having a professional team on your side could make all the difference to your success. You’ve started the ball rolling just by reading our blog; now, come in and talk to us. We can help you find exactly what you’re looking for. We do this every day, and we’re pretty good at it!
Remember, we’re here to help you keep your New Year’s Resolution to buy a property in 2023!
Call us today, and let’s get started.
Donna Etchells - McGrath Estate Agents 