Tips to Help you Buy the Right Home
When you’re buying a home there’s a lot to think about, but it doesn’t need to be stressful. These tips can help you steer in the right direction if you’re considering a move in the near future.
Don’t believe the hype (good or bad)
Do your own research to find out if your target suburb is hot or not.
There’s several tools available on site like Realestate.com to help you discover a suburbs potential.
On these pages you’ll find:
- median property prices;
- data showing the impact of interest rates;
- and the average number of people looking for property in that suburb versus the number of properties for sale.
What matters is whether it’s your right time to buy, for your needs and circumstances. Knowing the state of play is useful to help you calibrate that decision, but shouldn’t be the only thing that motivates.
Location & fieldwork
You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth.
Be very clear about what matters to you
- access to major roads;
- public transport;
- shopping or entertainment hubs;
Shortlist suburbs that deliver on those needs.
Do some field work to make sure the suburb’s right for you. Walk around the area you’re thinking of buying in. Grab a coffee, or a meal at the local pub. Pretend you’re already living there and see if distances are what they seem, and atmosphere is living up to expectations.
Consider surrounding suburbs
If your target suburb is out of budget, consider more affordable neighbouring suburbs.
Before you buy, talk to locals to get residents views on the suburb and its best streets. Reading local publications and connecting with local websites, bloggers or personalities can also give you helpful insight.
If you’re attracted to an area because of its rising value, remember that may spill over into next door suburbs.
Look for the upside
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends.
Some locations are hitting the bottom of a pricing cycle, so there are bargains to be had.
(Hint: use the search filters on realestate.com.au to look for oldest listed first to see which properties may have struggled to get up, and may be amenable to negotiation).
If you’re not ready yet, use Spring to prepare to buy in the quieter months of the year, when there may be less competition for the house of your dreams.