It doesn’t matter how cheap the money is, you have to buy the right property.
There is a lot to do when starting the search for a new home. In my previous BLOG, I shared our Top 3 Tips to prepare for your property search. With your preparations in order, here are our Top 3 tips to kick off your search for your new home.
1. Location Location Location – doesn’t mean what you think it means. It is not about buying in the best suburb, it is much more than that. Amenities, lifestyle, schools, transport, livability are all important. Where are your friends? Family? Do you want to live nearby or far away? How far is the commute to work? Will you change jobs in the next couple of years? What kind of neighbourhood do you want to live in – young, hip and happening or quiet, reserved and private?
2. Life phase – what you need now will be different to what you need in a few years. Take a close look at your life phase and what the next 5-10 years looks like. There are a lot of costs involved in buying and selling property so you don’t want to be outgrowing your home too quickly. If you are a young couple planning on having children then a 1 bedroom apartment isn’t going to be a sensible choice. At the same time, don’t let your expectations of a perfect ‘forever home’ cloud your judgement. It is a very careful balancing act to find the right property to suit your changing life phase that is within budget.
3. Quality – buying anything just to get into the property market is a big mistake. The wrong property choice now could make a great difference to your future – to your ability to buy your next property.
Let’s use a very basic example with modest growth figures: if you buy a B grade property for $500,000 that grows at 4% per annum and hold if for 5 years, but with the same budget you could have purchased an A grade property that grew at 5% then the difference is $30,000. You can then use that extra $30,000 in equity to purchase your next home or towards an investment property. Imagine if the difference was 2% or 3%? How long would it take you to save that much extra money?
So, choosing the right quality property is vital to getting your property journey right to secure your future.
For more information about preparing for and searching for your new home contact our team of home buying experts.
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To talk about your own plans, contact one of our passionate Property Pursuit Buyers’ Agents.