Searching for a new home can be a waiting game. Finding the right place that ticks all of your boxes can take weeks, even months.
While you can’t control when your ideal property will hit the market, there are some important things you can plan around so you can get the keys to your new home sooner.
We‘ve collected some experts’ tips on how to avoid delays in your hunt for a new home.
Know your must-haves
Most buyers have a loose idea of what they’re looking for. But having a tighter list of must-have features can speed up your search.
For example, if you don’t want to live on a main road but you do want to live within walking distance of a train station, you can check these criteria online. That way you avoid wasting time going to an open for inspection if a property doesn’t meet your needs.
These must-haves should be separated from the nice-to-haves, which are things you would like but can live without, says finance broker Chris Foster-Ramsay.
“Some buyers will not negotiate on a property with less than three bedrooms, a shared driveway or half a block, or one that’s not close to their parents or their work,” he says.
“Added on to that would be a fairly loose idea of the area they want to live in. What we see is clients have a radius of an area they like or an area close to their family or work, and they build that radius out depending on the types of houses they like when they start looking.”
Contact your lender ASAP
Australia’s economy has tightened significantly in the past year. So far in 2022, interest rates have risen at a rate of 2.75 per cent per annum and there’s talk of more increases next year.
With this in mind, buyers should contact their lenders sooner rather than later, explains Stephen Harper, Bankwest’s executive manager of home lending.
“There are many challenges facing Australians in the current economic climate, and home buyers are among those who could more acutely feel those challenges, with cost-of-living and inflationary pressures stretching budgets to the limit,” he says.
“We expect challenging economic conditions to remain for some time, so it’s important home buyers get in touch with their lender as early as possible to best understand their financial position and what might be achievable.”
Harper says financial institutions can also help home buyers from the savings stage through to the purchase phase by providing personalised support, products, digital tools and property market analysis.
Understand your financial goals
Knowing what you want to do with your money is a great way to set yourself up for success. As with any budgeting exercise, your search for a new home should involve financial goals.
With these goals acting as a roadmap, you’re better placed to know what you can afford, when you can buy and how you may need to fine-tune your expectations.
It’s also key to knowing which loan is most suitable for you, Harper says.
“The biggest piece of general advice I can give for home buyers in today’s market is to take the time to understand what their immediate, medium and longer-term goals are,” he says.
“This is really important because knowing this will set the foundations [for] the best possible experience and outcome, as it can help inform decisions such as whether selling or renting is more appropriate, and supports an understanding of living expenses and how they might change in the future.
“Understanding goals also supports homebuyers in identifying the best solution, instead of simply going for the cheapest price and/or product, which ultimately might not be the most appropriate option.”
Article source: www.domain.com.au
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