1. Pound the pavement
It’s time to stop scrolling and start strolling! Property websites are great and pictures tell 1000 words – but some pictures hide a lot and there’s only so much you can tell by researching online. Now is the time, if you haven’t already to start booking some appointments and going to open homes. These appointments will help you gain a better understanding of locality, price range, condition and quality - you’ll become a savvy buyer in no time!
2. What’s in the Piggy Bank?
With the changes that occurred as a result of the Royal Commission into Banking, it’s now more important than ever to have a great credit history and a large deposit – the larger the deposit, the better – especially if you’re a First Home Buyer. Speak to a broker or bank early so they can help you understand terms such as “genuine savings”, “Lenders Mortgage Insurance” etc. You also may be eligible for Government assistance such as a First Home Owners Grant, reduced stamp duty, First Home Super Scheme and the upcoming First Home Buyers Assistance Scheme – more options may be available depending on your state or territory.
3. What’s your current property worth?
If you already own a property it’s a great idea to get an opinion on the current value of your home, this will help you understand your budget and help you gain insight into the current market conditions.
4. Wants V. Needs
Ever heard the phrase “champagne taste on a beer budget”? This is why creating and refining a “wish list” for your future property is necessary. Not only can this be really a exciting and fun list to create, it helps you stay realistic, stick to budget and not get disheartened when realising that there may be some compromises in the search for your “dream home”. This list may require a few drafts to refine your non-negotiables.
5. Locality and Lifestyle
Whether it be that you’re considering a specific school for your child and need to the in the catchment area or you want to be within easy access to the highway or close to the river or on acerage at Run-O-Waters, all of these aspects require consideration when searching for your new home. Goulburn has so much to offer and each section has a unique lifestyle opportunities.
6. Register for “under the radar” opportunities
Have you ever had a “just sold” flyer appear in your letter box, but you didn’t even realise the home was on the market? More and more properties are being sold every year “under the radar” meaning that they are sold without even going on realestate.com.au or in the local paper.
7. Consider working closely with a local agent
A great agent will not only work with sellers they will work with buyers too! This service is free and can give you the opportunity to be able to view homes without competition from other buyers or you may not have known the property was even coming up or available for sale that ticks all your boxes.
8. No pre-approval? No deal.
Get ahead of your competition in a recovering market! Majority of buyers start looking without preapproval and find the home they love, but miss out as they’re not in a position to make an offer, but another buyer is. Agents will not take an offer with confidence to owner unless you have your pre-approval in place. Pre-approval lasts for 90 days and shows your readiness to purchase. It also ensures that you have a set and approved budget from the bank. Due to the economic climate applications are taking longer than ever and sometimes the cheapest interest rate may not be the best option. It is vital to talk to your preferred lender early so you can be ready should your dream home come available.
9. Who is your trusted advisor?
It’s not every day you buy a home, so working closely with experts that partake in real estate transactions every day will help make the process, streamline and less stressful. Working with experts and people in the industry will ensure you’re getting the right information, don’t be afraid to shop around or ask your local agent if they have any recommendations on solicitors/conveyancers or brokers.
10. Keep an eye out
To get a sense of the market for next year it’s a good idea to keep an eye on what properties do not sell in the late spring market and track their movements into the new year, this will help you gain a sense of the pace that the market is moving at and fair market value.
Inspired by article written by Ben Collier