In fact, a client who came to me after unsuccessfully trying to buy a home on her own in the very competitive Sydney northern beaches market described it as being the equivalent of working two full time jobs.
When most of the population works 40 plus hours a week anyway and then lead busy lives outside of work, who has the time for a second full time job? If you are serious about buying a property this year then take my word for it there are a few things you need to put on your radar before you do anything else.
Here are 5 things to put on your to do list if you want to make buying a property your top priority this year.
If you haven’t yet gone through the process of organising your finances you are not ready to buy. Simply as that. Knowing how much you can borrow will ultimately determine your buying budget. It will also allow you to start making offers on a property once you find the right one.
If you haven’t already done so make an appointment and speak to a good mortgage broker right away. They will organise the whole process for you and make sure you are getting access to the best deals in the market.
To work out where is the best place for you to live will require you to be completely honest with yourself. Spending quality time in a desired suburb or area after hours and on weekends will help you work out if it is the right location for you, especially if you don’t currently live there.
Comparing a list of must haves versus nice to haves is a good place to start. Lifestyle factors, travel time to work, proximity to family and friends are all common factors most property buyers consider. While that list is not exhaustive, beyond the more common factors the list is quite personal to every buyer.
Trust me. After years of helping property buyers narrow down where they want to live I have a knack of knowing the right questions to ask.
Whether you currently own or rent a property you will need a plan to transition to your next home. If you are currently renting, find out how much notice you will need to give before you vacate. Depending on the market dynamics in the area you want to buy in you might need to weigh up if it is in your best interests to see out the rest of the lease term or vacate early by giving the appropriate amount of notice. If you need to sell before you buy your next home, you will need to start speaking to local selling agents. As well as the price they tell you they can get for your property ask how long it will take to sell.
If you are planning a change of job or major shift in your lifestyle, such as starting a family soon, you should know that this will most definitely impact your finance situation. Most lenders like to see that applicants have been employed or back at work continuously for 6 months (including passing any probation period) before they will provide a formal loan approval.
This applies even if you have a pre-approval already in place. Speak to your mortgage broker about your short-term plans so they can factor these in and advise you on any possible implications.
An exclusive buyers agent will be able to co-ordinate everything for you throughout the property buying process. This includes assembling a team of reputable professionals you will need for the journey such as a mortgage broker, solicitor and pest and building inspector. To ensure a buyers agent is truly independent and adheres to a code of ethics make sure they are a member of the Real Estate Buyers Agents Association of Australia (REBAA).
There is no time like the present. So what are you waiting for? Get started today on making buying a property a reality for you this year.
If you liked this article then you might also like what signs a real estate agent looks for to see if you are a serious buyer.
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Shelley Horton is the founder of Sydney based exclusive buyers agency Albion Avenue. With a 20 year career honing her skills in every aspect of the property industry Shelley knows what makes a property worth buying and how to get the best deal.
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