Tip 1: Location matters
Have you considered locations outside of your postcode for purchase, or even outside your interstate? If you delay buying your home so you can find something in your price range, you can use the time to save up for a bigger deposit. The problem is, you have no idea when property prices will start increasing. If you’re paying rent in the meantime, that’s a double negative! Try expanding the boundaries of locations you are considering, to take advantage of current market opportunities.
Tip 2: Know your vendor’s mindset
If you take the time to consider the mindset of the vendor, the person selling the property you’re interested in buying, it can be possible to negotiate below market value. Things like how long it’s been on the market and if the current asking price is reasonable all come into play.
Tip 3: Auctions will always be crazy
If you want to see logic fly out the window head to an auction. Emotions always run high, so it’s important not to get distracted by the show of it all. Come prepared to negotiate and keep calm to make the best decisions possible.
Tip 4: Pre-approval before deposit
You’d be surprised how many times we’ve gotten a call at the last minute from a client who needed to get a loan approved after paying a deposit. Most of the time they had no idea they may have a problem getting approved, but there are actually many reasons it can happen, from a deposit that was too small, or an unusual employment situation. It’s important to work closely with your broker so you minimize the risk of losing your deposit.
Tip 5: Trade up your home
Selling your home is a great time to what we call in the industry “trade up.” That is when you sell your current home to buy one that better matches your long-term lifestyle goals.
A falling market is a great time to get bargain prices on a new home that may be closer to work, or have better schools for the kids, or maybe it is near beaches and national parks, or better transportation.
Tip 6: Move fast!
It’s not about timing, it’s about time in the market as they say. This holds true even when the real estate market is in a downturn. The better prepared you are to act, the more you can be ready to take advantage of opportunities you identify. We can help.
Call one of our professional brokers on 1 800 3 PEASY or visit https://peasy.com.au/ today to get a jump start on your property purchase journey.