1. Understand the local market
Before you even step out the door, it’s key that you fully understand what the property market looks like – or what it potentially could look like. Talk to the experts who know and seek advice from trusted real estate agents, have conversations with friends and neighbours to build your knowledge, and make efforts to read the property sections of local newspapers. Get additional insights into the market and be on the front foot when you start ramping up your search.
2. Define your property buying goals
It’s tricky to find the right property if you don’t know what you want, why you’re buying, the type of lifestyle you’d like, family needs, job location, and much more. By defining your property buying goals in more detail, you’ll clarify your purchasing preferences and discover greater peace of mind when you put yourself out there in that hot market.
3. Line your finances up in advance
Before you start your property search and get serious about buying a future home, speak to a couple of reputable home loan lenders to get a clear sense of your borrowing ability (try our borrowing capacity calculator to start). There’s nothing worse than viewing your dream home before finding out it’s well outside your budget in terms of what you can borrow. It’s also important to understand the interest rates and costs that come with any home loan, plus the steps you’ll need to take to get pre-approved.
4. Keep those emotions in check
Buying a home, particularly if it’s your first property, can be an emotionally fraught process that often feels like being in an intense pressure-cooker environment. Not only is there competition, various rules and processes to get your head around, and endless research to carry out, but this could be the home that your family grows up in and it often means so much. At times like this, take note of your property purchasing goals and keep your budget front of mind at all times, with a level head and rational decision-making approach.
5. Be patient and don’t give up
In a hot property market, you might find yourself making a number of offers on different properties before winning one and it can be tempting to either bid too high or simply give up. The trick is to do neither. Instead, step back and take five, re-evaluate your home buying strategy, focus on what’s important to you and where you can make compromises to get your dream home and stay as positive as you can. It could mean the difference between buying a home and dreaming of being a homeowner.
About the author
Russell Ward is a professional business writer who has been published in The Huffington Post, The Telegraph, CEO Magazine, Global Living, Mamamia and Thought Catalog.
Please note that this article is not financial product advice and does not take into account any person’s individual objectives, financial circumstances or needs.
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