1. Location
The old property rules still ring true. Desired areas will differ though depending on your personal needs.
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
- Distance to family and friends;
- public transport;
- shopping or entertainment proximity;
- schools;
- beaches, rivers or walking tracks.
Shortlist suburbs that deliver on those needs.
2. Get in first
When looking for real estate bargains, register for property updates via the website or facebook 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.
Being an active buyer asking agents questions is what you need to do. It helps you gain knowledge as well as being at front of mind to the agent if a desirable property does pop up.
3. What happens in major cities does not directly affect us.
Do your own research to find out if your target area is hot or not.
There is a massive amount of information out there to help you gain knowledge of your desired location.
Try to look for:
- median property price changes;
- interest rates changes;
- the amount of properties being sold annually as opposed to previous years
- how many properties are available
- how local industries are faring and whether local people are spending or not
All this gives you a great insight into the areas you’re considering for your next move or investment so you can leap with confidence into the adventure.
4. Make sure you know what you can afford to spend.
This is probably about the most important step of all. Do your figures over and over again. We know the banks have tightened up, having a purchase falling over or not living within your means is no way to celebrate your home buying journey.
There is no need to apply for a home loan with just your current bank. You should shop around and see what deals are out there. Different banks also have different policies, so they’ll all loan to different amounts and have different costs. There is also merit in speaking to brokers. Even ask us at Luke Williams Real Estate for our opinion and we’ll help.