1- Get conditional pre-approval on your home loan
With continuing high auction clearance rates it’s more important that ever to be financially prepared to buy your next property. So make sure you get conditional pre-approval on your home loan before you start looking at properties. Not only will you be able to look at properties with the confidence your finance is conditionally pre-approved, but it will also give you confidence about how much you could can borrow when negotiating on the price of a property.
2- Consider a new property
If you’re a first time home buyer it can be difficult to compete with experienced buyers who may have more equity in their existing home to leverage during property negotiations. To help raise your buying power, you may
want to consider taking advantage of the First Home Owner Grant.
3-Buying off the plan
If you’re not in a rush to move into a new property there could be a number of benefits to buying off the plan in a seller’s market. First you will be paying a set price for the property, in contrast to auctions where supply and demand dictates the final price. Second, you may get the chance to save up a bigger deposit, with some developers accepting a deposit guarantee instead of a cash deposit. And finally, you won’t start making loan repayments until after settlement which could be a year or two down the road.
4- Weigh up the cost versus benefit
If you’re a property investor you should weigh up the costs of a property against the expected rental yields. You may be able to find cheaper properties in less popular suburbs that offer the same, or better, rental yields or investment opportunities.
5- Get prepared when the time comes
Make sure you’re ready to move quickly when the expected influx of properties hits the market. Get a conditional pre-approval on your home loan well in advance, use the Home Buyers Index tool to keep an eye on the market conditions of the suburbs you’re interested in buying in and keep in touch with us to ensure you don’t miss the opportunity to make an offer on a suitable property as soon as it hits the market.
Tim Mulchy – 518-857-7653
Danielle Enos – 518-312-3452
Genevieve Suguitan – 518-527-9807
Deborah Pauley Hoelzli – 518-986-6713
Katheen Ricciardi – 518-669-7186
Kathy Buchalski – 518-423-9006
Bronic Roberts – 518-621-6779