When you’re buying a home there’s a lot to think about, but it doesn’t need to be stressful. These tips can help you steer in the right direction if you’re considering a move in the near future
Don’t believe the hype (good or bad)
Do your own research to find out if your target suburb is hot or not. There’s several tools available to help you discover a suburbs potential. Look out for the following;
- median property prices;
- data showing the impact of interest rates;
- and the average number of people looking for property in that suburb versus the number of properties for sale.
All this gives you a great insight into the suburbs you’re considering for your next move or investment so you can leap with confidence into the adventure. A particularly useful insight is supply to demand ratios and trends over time. These give you the bigger picture of a location, and can help you consider the property/suburb’s potential.
What matters is whether it’s your right time to buy, for your needs and circumstances. Knowing the state of play is useful to help you calibrate that decision, but shouldn’t be the only thing that motivates.
Location & fieldwork
The old property maxim still holds true. But that doesn’t mean inner city rules. You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth. Be very clear about what matters to you. Look out for the following;
- access to major roads;
- public transport;
- shopping or entertainment hubs;
- cultural diversity.
Do some field work to make sure the suburb’s right for you. Walk around the area you’re thinking of buying in. Grab a coffee, or a meal at the local pub. Pretend you’re already living there and see if distances are what they seem, and atmosphere is living up to expectations.
Consider surrounding suburbs
If your target suburb is out of budget, consider more affordable neighboring suburbs. Before you buy, talk to locals to get residents views on the suburb and its best streets. Reading local publications and connecting with local websites, bloggers or personalities can also give you helpful insight.
If you’re attracted to an area because of its rising value, remember that may spill over into next door suburbs.
Look for the upside
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends. Some locations are hitting the bottom of a pricing cycle, so there are bargains to be had.
If you’re not ready yet, use Spring to prepare to buy in the quieter months of the year, when there may be less competition for the house of your dreams.
Talk to the experts
Talk to local agents to find out what’s happening in the market. Find more tips on buying on Facebook pages like Seyi Idris’s Property80 and more. You may not get your dream home right away. It’s ok. Consider apartments instead of houses in the location you are wanting to purchase, they are often more affordable and put you in your desired location.
Get in first
When looking for real estate bargains, Subscribe to to trusted online real estate platforms that alerts so you are among the first to hear about properties for sale. Other ways to keep a step ahead include searching via the public trustee, deceased estates and mortgagee sales.
Monitor close to home
If you’re looking to buy a property in an area where you’re already living, take a close look at other properties that go up for sale nearby. Look at how they’re marketed, how well inspections are attended and how long they spend on the market. This will give you an indication of how the market is doing in your neighborhood and can guide you on the price you should be paying for a property close by.
Search for property sold prices
Smart sellers naturally stage their homes to make sure they look their best when you view them. You’d do the same.
Remember to look between the lines (or cushions) for issues that might not be immediately obvious. Take along a list of practical things to check – things like adequate power points, hole or cracks. That way, if you fall instantly in love, you won’t suddenly forget to sanity check for possible pain points.
What type of home best suits your needs?
You have several options when purchasing a residential property: a traditional single-family home, a townhouse, a condo, or a multi-family building with two to four units. Each option has its pros and cons, depending on your home ownership goals, so you need to decide which type of property will help you reach those goals. You can also save on the purchase price in any category by choosing a fixer-upper, although the amount of time, sweat equity and money involved to turn a fixer-upper into your dream home might be much more than you bargained for.
What specific features will your ideal home have?
While it’s good to retain some flexibility in this list, you’re making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your needs and wants as closely as possible. Your list should include basic desires, like neighborhood and size, all the way down to smaller details like bathroom layout and a kitchen that comes with trust-worthy appliances.
Culled from Realestate.com.au