Why education is important when buying a property
Buying a property is likely to be one of the most expensive purchases you will ever make, so it’s important that you get educated and know everything there is to know about purchasing a property.
No matter whether you are buying an established property, house and land package or an apartment off the plan, it’s essential that you understand what you are getting yourselves involved with first, before you hand over your money.
Fortunately, property is one of the easiest investment types to understand and our Property Consultants at iBuyNew are always on hand to help you every step of the way. You don’t need to have a University degree to purchase and invest in property. Property is for anyone, it just takes a little self-education and perseverance to ensure you understand what you are getting involved in first to avoid getting ripped off and buying a lemon.
As well as educating yourself on all the property jargon, you also need to understand the whole property buying process, the property market and the best time to buy to be as successful as possible. Once you understand this and become a property expert, this will help make the property purchase less daunting and stressful. Property will become far easier to understand, ensuring that you don’t have to just take someone’s word for it.
So, how can you get educated? There are a number of ways to learn about the property market and how to buy a property. Bear in mind that it’s best not to ask friends and family for too much help (unless they are an experienced property investor themselves). They may know the basics of buying a house, but it’s best to leave it to the experts to get the correct and most up to date information.
There are four main ways you can get educated.
1. Online – Firstly, the internet has a wealth of information which you can read up on. Property websites like iBuyNew has a wide collection of property articles whether you are a first home buyer, owner occupier or an investor. You can also read up on the government websites to find out the latest on incentives such as stamp duty concessions or first home owner grants.
2. Books and Magazines – As well as researching online, there are also a number of property magazines and books available to read which provide helpful information about how to buy a property and what you need to do. Some of these books provide guidance based on the author’s own experience.
3. Seminars – As well as reading articles, you can also attend a variety of property seminars and events. Seminars and events are a good learning environment allowing you to interact and ask questions. You also get to meet other like-minded property buyers and hear their experiences of buying a property.
4. Speak to an expert – At iBuyNew, we always recommend that you speak to a property expert. Our Property Consultants have a wealth of experience in the property market and can inform you of the latest trends, laws as well as the best suburbs to buy in right now. At iBuyNew, you can also benefit from a free property consultation tailored to your own circumstances so you can understand your budget and the type of properties that sit comfortably within your requirements.
As well as learning about property, you should also learn about your own habits. As a property investor, you need to teach yourself strict habits to budget accordingly, organise yourself as well as be motivated to succeed. A positive attitude is more likely to drive success than a negative attitude.
Educating yourself around the world of finance will also help you understand how to handle your money better and if investing in property, what you can do to reduce your taxable income each year through tax savings.
By spending time understanding property and getting educated in the property market, this will help you make good decisions, become more decisive and reduce your risk in the long term. And if you do make mistakes along the way, then all you need to do is learn from them and ensure that you don’t make any more of the same mistakes in the future.
Get in Touch To find out more about how to get educated in property, why not make an appointment to meet with one of our Property Consultants. You can also view our great range of articles and use our tools and calculators to determine how much you need to save or discover how much a property will cost you in the first place.
To find out more about buying property, give the iBuyNew team a call today on 1300 123 463.
Published on 14th of August 2017 by Marty Stanowich