How to buy a new property this Spring
Spring is well and truly here; the temperature’s rising, the flowers are blooming and so is the property market. Although Spring is a popular and great time to buy a property, it can also be a very busy time of year. The market is in full swing with property buyers and sellers, so it’s important that you are well prepared and act quickly to stay ahead of the crowd.
If you are looking to buy a new home in the next three months then it’s important to make a firm plan and stick to it. There’s plenty that you need to think about and research and a Property Consultant like iBuyNew can help relieve this pressure and make a property purchase far less stressful.
So, to help you buy a property this Spring, here are five key things you need to consider.
5 Key things to consider when buying a property this Spring
1. Do your research
The first thing you need to do is research. What is it you want to buy, where do you want to buy and who are you going to buy with? Is this property to live in or for investment and what amenities do you want close by? There are all types of questions you need to sit down and carefully think about as this will help narrow down your options and help you concentrate on what is really important to you or what is really required.
2. Set a budget
The next thing to do is speak to a Mortgage Broker and set a budget. How much can you realistically borrow that doesn’t put you at financial risk? You want to buy a property that comfortably sits within your budget as well as keep in mind various other expenses on top such as stamp duty, legal fees and moving costs. Once you know how much you can afford, make sure to look at properties within your price range and don’t go over budget.
3. Get your finances in order
In order to purchase a property, you need to ensure your finances are in order. After speaking with your Mortgage Broker, you need to ensure you have a 10 per cent deposit to purchase a property, which you can easily access, whilst rid yourself of any bad debt such as credit card debt or car loans. A bank will be more favourable to those who have no bad debt, pay their bills on time and have a good savings history.
4. Act quickly
With more people looking to buy a property during Spring, it’s important that once you know the property you want to buy and the budget you need to stick to that you act quickly, but don’t get carried away. Properties during these months sell very quickly and may not even make it to auction if they are very popular. This means that you need to be prepared to move, but not move too fast that you don’t check through all the details or overlook something important in the contract. Be sure to spend the time checking key details, but have everything in place ready to sign.
5. Speak to a Property Consultant
Buying a property can be a stressful experience, especially if it is your first time, but did you know you don’t have to do it alone? At iBuyNew, our Property Consultants have years of experience in the property market and can help you find a property that is tailored to suit your budget and requirements. We can assist you from the property search all the way to exchange and settlement allowing you to purchase a property and still enjoy life at the same time.
Buying a property with iBuyNew also means that you will have first access to our latest stock that hits the market, providing you with greater choice of the best apartments, townhouses or house and land for sale before anyone else.
So now that you know what to consider when buying a property, why should you buy a new property this Spring?
Why buy a new property this Spring?
1. Interest rates
Firstly, interest rates are still at an all-time low of 1.50 per cent. This makes a property more appealing with lower mortgage interest rates ensuring your repayments are less, allowing you to save money off the life of your investment. To get the best possible rate, it’s important that you shop around and compare different products. Find a mortgage rate that best suits you and make sure there are no hidden catches like exit fees that could sting you in the future if you do decide to change lenders.
2. Greater choice
Historically, Spring has far more properties available with auction numbers rapidly rising during these few months, especially by November with Spring Carnival. This provides property buyers with more homes to choose from, giving you more chance to find a property that you love. According to CoreLogic, Spring typically has more than 3,500 auctions per month in Australia and you might even snap up a bargain!
3. Government incentives
If you are a first home buyer then there are government incentives like the First Home Owner Grant that you can take advantage of. In Brisbane, the $20,000 First Home Owner Grant will reduce to $15,000 from 01 January 2018, so it’s in your favour to buy during Spring before the grant changes.
There are also a couple of things you need to watch out for when buying a property in Spring.
Things to watch out for when buying property in Spring
1. More competition
With Spring the most popular time to purchase a property in Australia, it also means there are more people to go up against, which can make it harder to get your foot in the door, especially if you want to buy at auction. To give yourself a better chance of buying a property, it is important to do your thorough research beforehand, know exactly what it is you want to buy and your maximum budget. This will help narrow down your options, allowing you to concentrate on your key requirements.
If you don’t want to face the crowds at an auction, then you could always consider buying a property off the plan. Not only do you have more properties to choose from with the same floor plan, you have a greater chance of buying a property you want, especially if you get in early before the property is released to the public.
2. Prices may be higher
With more people buying a property during Spring, prices may also increase making it more expensive to buy a property. However, by purchasing a property off the plan, rather than at auction, you can avoid this price hike.
As we are now halfway through Spring, there’s still time to buy a property; however, it’s important that you spring into action today if you want to meet your goal and buy a property before Christmas.
Get in Touch
To find out more about buying a property in Spring, why not meet with iBuyNew for a complimentary one on one meeting. Call the team today on 1300 123 463 and speak to one of our friendly Property Consultants to learn more.