Here are our 6 steps to help you get started in the property market
1. Know your finances
Have a rounded understanding of your finances, assets and future earnings. Talk with friends and family who have previously purchased property and have a full understanding of all the costs involved. The first question you should ask is ‘can I afford this?’.
2. Get approved
It is a great idea to have this ready to know what your budget for buying will be. Applying for multiple pre-approvals is not a good idea. Each time you apply, the lender will check your credit record. You can go through a broker to help you through this process or you can deal directly with a bank or lender.
3. Set Objectives
Are you buying as an investment for the future or a new home to live? It is important to decide what you would like out of this purchase to best pre-plan your purchase. Your choice may vary depending if this is a short term purchase for an investment or a long term investment for retirement.
4. Plan and budget
Have a solid budget in place for day-to-day spending and savings. Know how much you need to put aside to build your deposit and how much you will need to put aside each week once your property is purchased. Put down in writing how much you can put away for necessity’s, spending and savings and keep to that budget to help reach your property goals.
Know the market you are buying in, what is the medium house price in the area? how much should it rent for? What does the growth look like?
Find out which lender is best suited for you. It is important that you have a lender that you trust and that can give you the best deal.
Choose the right agent. Research the Real Estate Agencies in the area to see which has the best reputation and spend some time meeting with agents to make sure you have a good relationship as they help you on your journey.
6. Follow your plan
Now that you have done your research, made a budget and plan… follow it! Keep to your budget, ensure the properties you are looking are in your price range and that you are not compensating on the essentials. Good luck future buyers.