December 05, 2016
Searching to buy your dream home is never an easy task. Trying to sort out your property purchase in the summer holidays, during the festive season makes it even harder!
But while adding house hunting to this already busy period can seem like a stressful experience, it could be a great time to get the ball rolling on your next property purchase.
During the festive period, a drop off in buying activity is usually seen, meaning there is less buyers, AKA less competition also on the hunt for property. Less competition means you just might be able to find and score your dream home. Additionally, with interest rates still hovering around record lows, it really is a good time to jump into the property market.
Here are 5 tips to help keep your cool as you visit properties:
Identify what you need in the property: Know what features your property must have. Do you need a big garden for your dog to run in, or a closed garage to house your vintage car? Write a list of features and numbers of bedrooms and bathrooms the property needs to have. This will let you narrow down the homes to inspect. Unless you have a budget to spend on renovations, don’t bother visiting properties that don’t meet your requirements.
Make the most of inspections: Take photos and write notes about each property you inspect. Always take the brochures that real estate agents offer and write down details about what you loved and hated. The properties you visit will start to blend together, especially if you’re visiting a handful on the same day. Make notes as you go, so you remember what you like and what you don’t.
Define your monetary limits: See our brokers at Woolloomooloo to get an idea of the maximum amount you can spend on your new home. If your limit is $800,000 then stick to it. Don’t get caught in the moment of an auction and bid beyond your means, you’ll end up with additional financial pressures for the terms of your mortgage.
Regularly update your budget: Know what your monthly income and expenses are in an updated budget. The difference between your net income and outgoing expenses should be more than your estimated mortgage repayments. Don’t forget to take into account your rates, utility bills and home and contents insurance. Remember that regularly updating your budget allows you to identify areas you might overspend, and areas where you can save money.
Consider your home loan options: When comparing home loan options, there are a range of factors to consider. Seeking assistance from a mortgage broker means you are engaging a specialist who will help you make the right choices for your situation. Our brokers can take you through your borrowing limits, compare interest rates and features, and identify which home loan best suits your needs right now, and in the future.
Now that you are equipped with this advice, you may just be able to find your dream property this festive season! And considering the current state of the market, now really is a good time to buy.
For more information on home loans available to you, or advice around your borrowing capacity, give us a call on 02 9358 4855 or complete the contact us form on this page.