Why you should buy property before Christmas
With Christmas just five weeks away, and December just around the corner, this is an exciting time of the year. However it is also a busy time of year as we start to wind down with work, prepare Christmas parties, decorate the Christmas tree and buy and wrap presents.
You may think with everything going on, now is not the best time to buy a property. However, buying a property before Christmas or before the end of 2015 has its advantages.
Here are six reasons why you should buy property before Christmas:
1) Competition is less fierce – Other property buyers are caught up with Christmas festivities and events that they don’t have time to look for properties. This gives you an edge over others, especially as the end of January and February will see the competition heat up again with everyone returning to work and holidays coming to an end, especially after Australia Day.
2) Vendors want properties sold before Christmas – If buying an established property or even a brand new property off the plan; vendors want to sell their property before Christmas so there might be opportunities for smart buyers. If a property isn’t sold before Christmas then it might not get sold until February and typically, buyers want to move and settle in before Christmas Day.
3) Creates a deadline – By purchasing a property before Christmas whether it is an established property or off the plan, it allows you to work towards a deadline, meaning you are more likely to achieve this goal. I’ve heard many people tell me that now isn’t the right time to buy, or this isn’t the right property and months or even years go by and they still haven’t bought a property, but are still looking and waiting. If you are serious about buying a property, then you still have over a month to get your deposit sorted and contracts signed, which is more than enough time.
4) Agents more motivated – With numerous public holidays at the end of December and start of January, many agents prefer to get a deal done before Christmas before they take time off and go away on holiday or finish work for the year. You therefore might be able to secure yourself a deal if you are prepared to negotiate, depending on the type of property you are buying and who the seller is.
5) Buying off the plan – I agree it can be stressful buying property before Christmas, especially if it is established and you plan to move in to your new home. However, buying a property off the plan before Christmas is much less stressful. You don’t have to worry about setting up and paying a mortgage (no added expense!). You don’t have to worry about moving out of your current residence and moving in to your new one. All you have to do is decide on the property you like, sign and check the contract and pay your 10% deposit then sit back and wait until settlement arrives which could be 12 months or more away.
6) Celebrating the end of the year on a high – Finally, buying a property before Christmas gives you a sense of achievement and an early Christmas present to yourself for that matter! Why wait until the New Year to make your New Year’s resolution to buy a property, if you can achieve it before Christmas in a less crowded market?
If you are considering buying a property before Christmas then make sure you know what you want and make decisions quickly. The lead up before Christmas will see properties sell faster as both sellers and buyers want to come to an agreement. By lagging, you might miss out on the property of your dreams.
However, it is important to remember that just because the end of the year is creeping ever closer, doesn’t mean you should buy a property. Make sure you do your due diligence first to ensure you get the best investment within the budget you can afford. If you can’t find a good property to buy, then it is better to wait then end up buying a property that won’t perform well.
So, should you buy property before Christmas? If you have been looking for a property, have your deposit ready and want to take advantage of the opportunities in the market, then now is a great time to buy property. It gives you the chance to get ahead of the competition, whilst you can celebrate your property purchase at the dinner table come Christmas Day!
Published on 24th of November 2015 by Marty Stanowich