Research, research, research
We always tend to chat to friends and family about our buying decisions who may comment from their own experience which may lead to biases and wrong information. Hence it is important to do your own research by using published real estate information about your target suburbs.
Locality VS your life
Weigh between your life, needs and location…Be sure and clear of what’s really important to you. Do you need access to major roads, public transport, shopping and entertainment hubs or schools and plan accordingly. Plan ahead as you may decide to grow your family, start a business instead of work etc. Having a plan for your life for next 5-10 years will give you a clear picture of the location you need to invest in.
Look out for neighbouring suburbs
Your target suburbs may now be growing too expensive for you to afford. Consider the surrounding suburbs as this price appreciation will pass on to these areas as well. Reading local publications, website will help you connect with local data and plans.
Look for cooler periods
Don’t rush your buy!! Some locations may be going through a lowering price cycle, so there are bargains to be had. If you wait for the quieter months of the year, you will have less competition for your dream home.
Have a chat with the specialists in real estate.
It is always good to have a reliable agent to have a chat and plan your goals, moves and needs who can direct you in the right direction.
Be a step ahead
Establish an information system where you will get information fast and first-hand. You can do it by registering in various websites, keep informed with mortgagee sales, deceased estates and public trustees.
If you are looking to buy a house in your suburb keep a close look at other houses go up for sale, prices and how long they stay in the market etc. This will guide you on the price you should be paying for your property.
Be smart at inspections
Most of the sellers are smart to hide issues like not having adequate power points, holes or cracks. It’s important to be smarter to spot them and negotiate on them to arrive at an attractive figure.