With winter on our doorstep, it’s the perfect moment to take five, consider your buying strategy, rethink the plan of action and arm yourself with the best ways to purchase your dream home. Familiarise yourself with these top tips for navigating the market wisely.
Revisit your goals and understand how you’re intending to buy will fit into and affect your life. Think about your short and long term goals and consider other factors, such as family, your job and the kind of lifestyle you want to achieve. It might sound obvious to think this all through but it will give you clarity in choosing the price, locale and type of property you purchase.
From the suburb you dream of living in, to creating a better understanding of the local housing market; you need to know the lay of the land. Speak to real estate agents, read the local newspaper, talk to friends and neighbours and build your knowledge of what’s going on in the area. By arming yourself with vital intel such as this, you’ll be in a much stronger position to make an educated offer.
With house prices as high as they are, your ideal suburb might soon end up out of reach. You might need to look at areas you haven’t considered before but may still offer great value over time. By widening your search parameters and broadening your choice of suburbs to the wider neighbourhood, you could find that your ideal home was just a bit further away than you thought.
If you haven’t already taken care of this, talk to several lenders or mortgage brokers and clearly understand your borrowing ability, the current interest rate climate, the costs involved and your next steps to be pre-approved (or conditionally) approved for a home loan. Lenders or brokers with a trusted reputation for delivering should be high on your agenda – speak with them and have your financing in order so you are ready to make that home purchase.
Stay motivated! It’s important to keep focused and stay positive at a time when you might be struggling to find the right home or feel that you keep losing out to the competition around you. Take a step back, reassess your strategy and believe that you will find a great home – it just takes patience, perseverance and the right mindset and attitude. So while others may be losing their heads around you, it’s time to keep cool, calm and collected – and never, ever give up on finding the home of your dreams.
Whether you’re buying a first home or considering a new investment, navigating a property market can be a complicated process and filled with challenges. Don’t lose sight of your goals and keep your eye on the prize in what can be a hectic and often emotional time of your life.
Speak to one of our Lending Specialists about our home loans on 1300 747 747 or pop into a branch. Alternatively, you can find further information at qudosbank.com.au.
The information in this article is of a general nature and does not constitute as advice in relation to any investment of purchase. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. Prior to making any decision you should conduct your own investigation and analysis of any benefits or costs associated with such. You should seek your own independent legal and financial advice. Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557, AFSL/Australian Credit Licence 238305.