Signs you’re ready to buy
Australians just love perusing property, whether it’s online, in the paper or attending a random open home.
But there’s a big difference between browsing and knowing that you’re ready to purchase.
So, let’s look at the key signs you’re ready to buy a home.
You have your finance lined up
Tightened lending criteria means lining up your finance can take a little more effort than it once would have.
That’s why it’s important to start talking to your bank or mortgage broker early in the property purchasing process.
When you know what you are eligible to borrow, you can actively start the property search with a clear budget in mind.
It’s also worth noting there are up-front costs to buying a property, including that all-important deposit and stamp duty.
Before you commence the property search in earnest, get up to speed on how much money you will need upfront and have this set aside.
Where possible, it’s also a good idea to gain finance pre-approval in advance of a serious property search as this allows you to make an offer with increased peace of mind.
You have stable income
In order to obtain a loan, you will need stable income. This ensures you can service the mortgage in addition to daily expenses.
It’s worth doing a little financial forecasting at this stage, which factors in how much a mortgage will set you back each month, the other costs associated with your lifestyle, and also considers how any interest rate rises will impact you in the future.
You know the market
The property market can and does fluctuate, which is why it’s important to consider what might happen in the future should house prices rise or fall.
Meanwhile, the first stage of any property search is also about getting to know the local market and exactly what’s happening at that time.
This involves researching and having a good knowledge of the price that properties command in the area that you’re looking at, how many are available, and how long they are spending on the market.
You know what you’re looking for
Whether you’re buying an investment property or a home to call your own, it helps to know exactly what you’re looking for when you commence the property search in earnest.
This allows you to narrow that search down and find the home that best suits your financial situation and needs.
You are realistic
As much as we all love looking at luxury properties, buying your own home or investment is all about considering your personal needs and your available finances.
We’d suggest making a clear list of the non-negotiable things you need from a property and then a further list of the extra things that would be nice to have.
Then start the search with your budget front of mind.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly Eview agents on 1300 438 439?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
