Buying your first home or an investment is an exciting time and likely be the biggest purchases you’ll make in your life. Although there’s a lot to get your head around – how much deposit you will need, how much you can borrow, your monthly repayments – taking that first step onto the property can be exciting.
Here are our top simple tips for buying a property:
1. Do your homework
In the areas where you want to buy start looking at recent sales as well as current properties for sale. Having a thorough understanding of the market means you will be able to act quickly when the right opportunity becomes available.
2. Make auctions part of your Saturday routine
Most auctions are conducted on Saturday morning and although you might not have interest in acquiring the properties, the auction process itself will give you good indication where the market is at.
3. Speak to your local sales as well as buyer’s agents
Nothing beats local knowledge and the type of information that local people can give can be absolutely priceless.
4. Know what your maximum borrowing capacity is
Before you buy anything you should always know what your maximum borrowing capacity is.
5. Don’t rush
You will be paying off the mortgage in the next few decades therefore you need to ensure that you’ve bought the right property.