Now is the time to look for Bargains!
In a property market where activity has slowed and prices are easing it can be a great time to buy. If you are buying in this environment its likely that you’ll want to move quickly so you don’t miss out on a bargain, but if you’re not well prepared, hurrying into a purchase can actually cost you thousands of dollars instead of saving you money. Here are some things to look out for:
1. Compare Home Loans
In Australia there are literally hundreds of different home loans available for both home buyers and investors. Apart from the obvious difference in interest rates, some loans can differ because they have big up front establishment frees, deferred establishment fees, different exit fees, etc. Not all loans will suit your circumstances so shop around and , make sure you secure a loan that not only saves you the most money, but which will also have the amount of flexibility you need.
2. Get Pre-Approval
In a market where bargains abound, it’s a good idea to have your home loan pre-approved. That way when you see the property you want you can act without undue delay.
3. Understand why you’re buying
Before you buy think about why you’re buying. If you’re buying a property for investment then capital growth and tax deduction might be of importance to you. If on the other hand you’re buying a home to live in, these things will not matter as much. So, make sure you buy a property that matches you needs.
4. Think about your lifestyle
Not every home will meet your needs. Before you start house hunting write a list of the things you need in a home and the things you want. Think about what you do in your leisure time, where our kids go to school, where you work, proximity to family and friends. If you create a list, when you see a home that suits your needs, you’ll be more likely to recognise it and act quickly as a result.
5. There is no perfect home
Some home buyers make the mistake of inspection house after house in the hope that the perfect home will jump out at them. For most people, there is no such thing. Find a house that meets most of your needs and grab it. You can always make changes after you move in.
6. Don’t forget inspections
Even if you’re in a hurry to buy, don’t forget to have a professional building and pest inspection done on the property you’re thinking of buying. Professional inspectors will look under the property, in the roof, at wiring, plumbing and foundations to make sure there are no defects or pests which could cost you hundreds or even thousands of dollars to fix or remove. |
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