Purchasing a property isn’t an overnight decision, and there’s no such thing as being too informed when it comes to buying.
Following these three savvy steps will help prepare you to purchase:
1. Know how far your budget will take you
Always start with a solid understanding of your purchasing power, borrowing capacity, and the deposit you’ll require. A full picture on the financial base you’re working with will help you build a clear idea of what your budget is, and what you can buy. That includes factoring in other upfront costs of purchasing a home - like stamp duty.
Seeking out the professional advice of a mortgage broker will give you the clearest understanding of exactly what is required in obtaining finance, and once you obtain pre-approval, you can start a more targeted property search with intent and purpose, narrowing it down to specific areas that you’re interested in.
2. Research suitable areas you’re most drawn to
A number of things beyond your budget will attract you to specific suburbs. You might base your criteria on the type of properties predominantly available in an area - for instance if you prefer apartment living over or a house - or be seeking out an active community setting with local amenities that align with your own hobbies and interests.
Different places offer different lifestyle options, and you’ll likely want to consider the more practical aspects of a location such as proximity to work, public transport options, and travel times.
Try to be flexible with your search criteria, and remain open to different properties within your budget - not every home can tick every box!
3. Connect with a local agent
Research also means learning about the local property market, and monitoring prices and trends in the area.
Networking with a reputable real estate agent with excellent local knowledge and results can be the easiest and most effective way to gain a good sense of a suburb, as well as offering insight on what to look for while also building a reliable connection that might be able to help you along the way.
We always recommend inspecting a few properties before committing to a purchase, as this will help you gain a well-rounded perspective.
An expert agent who knows what you’re looking for should also be able to link you with off market opportunities, or introduce you to suitable properties before they hit the market for sale, and this advantage can significantly reduce the time spent on your property search.
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Whether it’s your first big break into the market, or you’ve been here countless times before, the advice remains the same.
Taking your time with a considered, well-researched approach and the right expertise on board will always position you with the most valuable knowledge and insight before you sign on the dotted line.
If you’re looking for a partner in buying, connect with Chidiac today.
