Choosing the right area to buy in is important and not just from a capital growth point of view. Where you live becomes a big part of your life and essentially forms the lifestyle you live. Consider the distance you are prepared to travel to work every day, is there a direct public transport route? Are there adequate amenities for your needs and your family? Find out where the nearest hospitals, schools, shopping centres and recreational spaces are all located. These things all have an impact on your everyday life and happiness.
Be prepared to act quickly, especially once you have found the property you want. Whether it is the first property you spot or you’ve been looking every weekend for a year, if it feels right, is in your price range and you’ve done the necessary checks then go for it before someone else beats you to it. On the other hand, if you’re not sure then don’t be pressured to act quickly or let yourself get talked into buying a property you don’t like.
If you are interested in a property, keep up communication with the agent. Make sure they know you are interested so you don’t miss out to another buyer who was more proactive. Give yourself every chance of buying it.
Try not to let your emotions get in the way, which is sometimes easier said than done. Buying a property can be a rollercoaster ride, particularly if you are buying at auction. The worst thing you can do is to get carried away and go beyond your budget. If you feel you have become too emotionally attached to a property, ask a friend or family member to bid on your behalf. Going beyond your means could have a huge impact on your future financial plans and goals. It is better to play it safe and always consider future events that could impact on your ability to repay your loan, like job security, interest rates rises, health and starting a family.
Know when to compromise, when to stand your ground and when to walk away. While compromises will always need to be made when buying property, just make sure they are reasonable and well thought out. Waiting for the perfect property to come along could take forever, settling for less than perfect now could mean moving up the property ladder a whole lot quicker.