As 2017 is soon coming to an end, now is the perfect time to start doing your research to ensure that 2018 is the year that you actually buy a property.
The holiday season generally has us in good spirits, and we are typically more open to new opportunities, so what better way to bring in the New Year than with a property purchase.
January is typically a quieter time in the property market world, allowing you to get in ahead of the crowds and potentially grab a bargain or some sort of incentive at the same time, unlike the peak selling time of spring which is far busier. If you haven’t planned an overseas or domestic holiday this year, then this will also give you some extra time to spend looking for a property, before the rush of the year starts again and the year quickly flies away.
Many Property Consultants still work over the Christmas period, so it’s worthwhile lining up some appointments now and take one step closer to buying a property.
So, what steps can you take today to ensure that you are buyer ready in 2018
? Here are six steps you should consider.
6 Steps to take now to be buyer ready in 2018
1. Look at your finances
The main thing you need to purchase a property in the first place is a deposit. A 10% deposit is typically required to secure your property, so if you have this ready then you will be good to go; however, if you have yet to reach the 10% deposit goal, you can use this time to continue saving up your funds. You might prefer not to do Christmas gifts this year or ask for financial gifts from family instead to help you get there faster. Make sure that when you do have your funds available, that they are easily accessible, speeding up the process.
2. Speak to a Mortgage Broker
The next thing you should consider doing is to speak to a reputable Mortgage Broker and find out exactly how much a lender would loan you to buy a property. This will give you a rough estimate on your maximum budget and what properties are in your price range and how much more you might need to save. It’s advisable that you buy comfortably within your budget to avoid financial stress.
3. Don’t sign up for new credit cards
It can be easy to sign up for a new credit card, especially over the Christmas period, but it’s important not to, as this could reduce your chances of getting approved for a mortgage. The best thing you can do is to ensure that you have paid off all your credit card debt, to make your credit history much more favourable to lenders when the time comes to get a loan.
4. Get all your documents together
When buying a property, you will need certain documents to hand so having all of these readily available will also ensure you are more organised. Get copies of your passport and drivers licence as proof of identity as well as a list of all your assets such as bank statements which you can show your Mortgage Broker.
5. Do your research
As well as speaking to a Mortgage Broker, you should also do your own research and work out exactly what it is you want to buy and where. Do you want to buy a property that is old and do some DIY, or would you rather buy something that is brand new such as an off the plan apartment, townhouse or house and land package and not worry about any of the hassle about maintenance or repairs?
Once you know the property type you want to buy, you should consider whether this is to live in or as an investment as this will dictate where it is you buy. Ideally, you should be buying a property that is situated in a good location, close to transport, amenities, schools and transport to receive the greatest amount of capital growth. Having all of these important amenities close by will also help your property become more desirable and easier to rent out or sell in the future.
Other facts and data to carefully consider include demographics, population growth, rental yield, vacancy rates, as well as future infrastructure which might have a positive or negative impact on your property, such as a new shopping centre or train station.
6. Speak to a Property Consultant
As well as doing your own independent research, it is also worth speaking to a Property Consultant. A Property Consultant at iBuyNew will be able to show you the latest statistics and data on a suburb and the property market, ensuring that you have the most up to date and accurate information to make your decision to buy.
Our Property Consultants can also understand your budget and requirements and find a property for sale tailored to your needs. At iBuyNew we have more than 200 new developments for sale, some of which are not yet on our website. Working with a Property Consultant will allow you to tap into our latest properties, not yet available for sale to the general public, allowing you first access to the best stock. It also takes the stress out of buying a property and provides a far more seamless experience. We recommend signing up to our newsletter to receive our new releases straight to your inbox.
Get in Touch
To ensure you are buyer ready for 2018
, get in touch with the friendly iBuyNew team today who will be happy to assist you with your property search and find a property to suit you. We have thousands of new property for sale across NSW, QLD and VIC as well as in SA and WA, allowing us to expertly recommend a property tailored to you.
Call us today on 1300 123 463
to book your one-on-one meeting now.