Can you believe there’s now less than two weeks left of 2016? If you didn’t manage to buy a property in 2016, then 2017 could be the year for you.
One of the top things that stop many people from doing something is the lack of time. Today we are so caught up in our own lives that understandably it can be difficult to prioritise your life. We have household errands to run, work to do, emails to catch up on and time to socialise with friends and family. However, buying a property should be high up on your priorities list as this will not only provide you with security, but can fuel a more comfortable retirement. And the sooner you act, the better off you will be.
The Christmas break is the ideal time to really think about your future and to set up some goals at the same time, before another year passes by and another opportunity is lost.
December and January are typically slower months in the property market, and this is a great time to work out exactly what it is you want before the property market starts to pick up again at the end of January. You should ask yourself key questions like:
- What is your maximum budget?
- What do you want to buy?
- Where do you want to buy?
- When will you buy?
- Are you buying on your own or with a partner?
- Do you have any commitments in the next few years which will impact this property purchase?
- What are your property goals?
Ensuring you do your full research is critical, as this can help you reduce your risks and help you build a solid plan. No matter whether you are an investor or owner occupier, you should buy a property that makes a strong investment and will perform well, making it easier to sell in the future.
So, to ensure you are ready to purchase a property in 2017, here are 9 things you can do this holiday period to get you ahead of the crowd.
1. Work out what you can afford
Look at your savings. When buying off the plan you typically require a 10% deposit, so on a $500,000 property you would require a $50,000 deposit. It’s best to use savings calculators or speak to a Mortgage Broker to work out your borrowing capacity.
2. Get access to your deposit
Once you have worked out what you can comfortably afford, you should ensure that you have easy access to your deposit. Once you reserve a property you will need to access your deposit quickly, so if you need to move this from different accounts or ask your parents for this in advance, then it’s best to work out these details now and start the process as required.
3. Pay off any outstanding debts
If you have any outstanding debts such as car loans which are considered “bad debt”, you should pay this off as soon as possible. When you apply for a loan, lenders will look at your credit history, so it’s best to clear all outstanding debts and show that you are able to save each month. You should also ensure you pay all bills on time as any late payments can go against you.
4. Understand the lingo
If you’re new to property, then you might not understand all the property terminology. It’s therefore best to do your research and understand the important terms to ensure you are clear on what everything means. As Warren Buffett once said, “Never invest in a business you don’t understand.”
5. Know what you want
There are so many property possibilities out there it can often be difficult to know what you want. You therefore need to work out what property type you want (established house, townhouse, off the plan apartment) and determine your “must have” factors such as close to amenities, parking, two bedrooms. You then should also make a list of your “would like to haves” such as a north facing aspect, mid-level, communal facilities, second bathroom. Figuring this out will help to narrow down your property search.
6. Build up a property favourites list
Once you know what it is you want to buy, it’s a good idea to start the property search. This can help you learn which suburbs you like the look of, and what suburbs sit within your budget. Searching through properties online such as on the iBuyNew website can help you work out your favourite properties and which suburbs could suit you. Remember that if you are an investor, it’s best to be investing in suburbs that perform well and will provide you with the best growth.
7. Book a meeting with a Property Consultant at iBuyNew
Once you have a few properties in mind, it’s best to speak to a Property Consultant at iBuyNew. We can run through your budget and requirements and help find a property that is tailored to you. We can also pinpoint the best growth suburbs that are expected to perform well.
8. Find a reputable Solicitor
You should also start looking for a reputable solicitor that you can use to read over your contract. Our Property Consultants at iBuyNew will be happy to recommend a solicitor if you are unsure who to us. Just make sure you don’t go for the cheapest, as their inexperience could cost you dear.
9. Set a deadline
Having a deadline in place can help better commit you into purchasing a property, if you tend to let things pass by. Purchasing a property is actually a relatively easy and straightforward process and with the help from our expert Property Consultants, we can make this process even easier.
Don’t forget, if you buy early enough, you could also benefit from developer incentives (if buying off the plan) during this quieter period when no one else is really doing anything. Therefore, getting organised now and acting in early 2017 could help you secure a fantastic property at a good price, before the market starts to pick up again.
Don’t let another year pass by without taking action. Put some time aside this holiday season and ensure 2017 is the year you purchase that property.
To book a meeting with one of our Property Consultants why not give us a call on 1300 123 463
today to start the New Year on the right foot.
Published on 15th of December 2016 by Marty Stanowich