With Sydney property values climbing 14.5% over the 2013 calendar year, buying a home is becoming increasingly difficult for many. That said, with smart timing and thorough preparation, it is still possible to make your dream of owning a property a reality.
Take advantage of a cooling market
Sydney is one of the most popular cities in Australia for real estate, but key indicators suggest that buyers may be backing off in 2014. Auction turnout has decreased slightly, and real estate professionals are noticing that buyers are using more caution when they make a purchase. These two things combined could make it easier for first-time buyers to move into a city that has been shutting them out over the past year.
Get ready before you shop
Good preparation is essential when you are looking to purchase a property. While the Sydney real estate market has cooled of late, competition for homes is still high. You need to be ready to make an offer as soon as you see a home that you like. To increase your chances of closing the deal, there are a few tips you can implement, including:
- Define exactly what you're looking for in a home. How many bedrooms do you need? Are there key features that you must have in order to feel comfortable? You should be willing to compromise when you're viewing homes, but it's important to make a list of the minimum requirements you need before you consult with a real estate professional.
- Make sure that you can afford a home. Many first-time buyers overestimate how much they can repay on their home loan week to week. Evaluate your budget before looking at properties. This will give you a general idea of the mortgage payments you can comfortably afford. In addition, getting a mortgage pre-approval is a good idea. A pre-approval will give you an idea of how much you can borrow. Further, sellers are often more inclined to accept offers from people who have already been pre-approved for a mortgage.
- Get pest and building inspections before going ahead and buying a property. Building and pest inspections will help you see if there are any serious issues with the property.
The preparation process can be daunting. If you would benefit from the assistance of an experienced, knowledgeable and trustworthy home loan expert, find a local mortgage broker today.