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From making sure you’re financially prepared, maximising your search and turning your wish-list into a realistic goal – there’s lots of things to consider when preparing to buy a home.
Melbourne-based licensed real estate agent and buyers advocate, Cate Bakos, offers her guidance on how to ensure you’re ready when that perfect home does come up in your searches.
Have a plan
Most of us know family, friends or colleagues who’ve been searching for several months, even years, for their dream home. Some poor souls have been looking for so long they’ve even priced themselves out of the market.
The most common reason for this is a lack of strategy.
Indeed, many home-buyers launch into the property buying process without any preparation whatsoever.
‘Unicorn searches’ – property speak for targeting an area where the ideal home is either rare or doesn’t even exist – obviously isn’t the road to success, and yet is all too common a property pitfall.
Be ready financially
First up, as a home-buyer you need to be crystal clear on your borrowing capacity and preferred repayments.
The most important preparation you can do before launching all guns blazing into the property market is largely based on finance.
Without pre-approval you’ll have less negotiating strength and you won’t be able to confidently put all your cards on the table.
Click here for further guidance from Cate on how to be a savvy home-buyer.
Cate provides general opinions and issues to consider when buying property in the current market. These should not be treated as investment advice. Always obtain advice based on your individual circumstances.
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