It’s a New Year, and many have put a property upgrade at the top of their resolutions list. If you put moving home or buying an investment is your dream this year, then it’s time to go back to basics by planning what you need to do to get there. With the market well and truly in full swing, there’s no better time to get organised.
Here are four things to put on your to-do list to make sure you achieve your goal of a new property in 2020.
1) Have a close look at what’s on the market
One of the first things we naturally do as homebuyers is head to listings to see what’s available and how much it will cost. This is a simple way to make a start on understanding your local market and to figure out which area suits you.
You should also be actively looking around the area, either by walking the streets if convenient or driving, to get to know the local neighbourhood. And don’t just rely on real estate portals to get to know about local real estate. Speak to area experts, attend open homes and get on the databases of local real estate agents.
We have insider knowledge of properties yet to go on the market, as well as information about how many offers are being made and how quickly homes sell, that can be invaluable to a buyer.
2) Decide on the ‘why’ and the ‘what’ of your purchase
Asking all the basic questions upfront is a surefire way to success in the long run. If you can figure out why you want to buy – in detail – the ‘what’ will be easier to determine. For instance, if you’re keen to move into a new home, you should consider what the reason is for this desired move. It might be that you’re looking for something in a nicer area, are in need of a larger home or you are simply up for a change.
Alternatively, if it’s an investment, you should know whether you want good yield or strong growth and how long you intend to own the property for. You should know the purpose of your investment and therefore what criteria it needs to fulfil.
Knowing exactly what your motives are for buying and figuring out the type of real estate that fits this purpose will mean that the second the perfect property becomes available, you won’t miss out. Too often, buyers regret inaction by only realising a home was perfect too late in the day.
3) Get finance ready
Another critical ‘to-do’ item for any homebuyer is to get your finances in order, so you’re ready to make an offer whenever that home comes onto the market. To do this, it’s good to speak to a broker or lender sooner rather than later.
Obtain a pre-approval, have a check of your credit score and get your paperwork in order. And you may even want to have a look at the current value of your home and have an agent appraisal if you’re keen to sell.
The more prepared you are, the better your chances when it’s time to make an offer.
4) Create clear timelines
For any goal you want to achieve, one of the most powerful things you can do is to set a time that you want to reach it by. If the goal is to buy a new home, you can then determine what other steps need to be taken by then. Whether it’s to save a certain amount of money, research local schools or even list your current property, come up with a plan.
Speak to us about how long it could take to sell and the listings come onto the market to get a clear idea about when you should be looking to list and home hunt. We can also give you an idea about how long it might take to get a tenant into an investment property.
Write these timelines down, discuss them with anyone else who is involved, and stick to the plan for a successful property purchase.