So you've decided that 2018 is the year to make your move. Your next thought is probably: "now what?"
After all, it's a major life decision, and the one thing you don't want after purchasing a home is buyer's remorse. Here are some simple tips to help you feel more confident about purchasing a property this year.
Do your research.
- We highly recommend setting up your own profile on one of the major online property portals (realestate.com.au or domain.com.au) and saving properties that have features you want, are in areas you like, and/or are in your price range.
- Do this for several months and you’ll start to notice that some properties are snapped up almost immediately, while others will sit there for much longer. You’ll start to get a real feel for what a ‘fair’ price is in the market at the moment, and also which types of properties and suburbs seem to be most in demand.
- This insight gives you some interesting opportunities: you'll know what you need to pay to get what you want, or if you are willing to go for something less in-demand, you will probably create opportunities get it at a better price.
WHAT DO YOU REALLY WANT?
I also think it’s hugely important to be clear about what you want. If you understand what you must have to be happy with a house, and what you are willing to compromise, you will be able to adapt well to good opportunities as they arise.
One way to tackle this idea is really simple:
- Draw three columns on a piece of paper, and label them Must Have, Want, and Would Be Nice.
- The Must Have’s are your non-negotiables. They can relate to home specifications (bedrooms, bathrooms, etc), location, parking, or other floorplan considerations There should be no more than 6 items in this section. The 'must haves' should be so important to you that any property missing them is not a property you would consider. Be realistic here, and think within your budget.
- The Want’s are things you highly desire, but their absence wouldn’t make or break your decision on a property. Some common examples include: off-street parking for 2 cars, second bathroom, or an open living plan area.
- The Would Be Nice’s are really a bit of a wishlist. Sweeteners that you would definitely appreciate, but only if the other items are ticked off and the property is still within your price range. Some examples are: updated kitchen, ensuite bathroom, or within certain km’s/travel time to work.
- And that's real estate -