This may seem simple advice, however, before you embark on the journey of purchasing a property, having a clear goal in mind will set you up for success. This may include what type of property you want to purchase, the location and how much you want to spend. Whether you are a first home buyer, purchasing an investment property, upgrading your family home or downsizing for your retirement, outlining your goals will help you engage the right professionals to make it happen. Commit the goal to paper so you don’t veer off course in the pursuit of property.
2. Know your numbers
The cost of buying a house is more than just paying for the house itself. In some instances, there can be an extra $40,000 of hidden costs. There is stamp duty, Lenders Mortgage Insurance, conveyancing and legal fees, building and pest inspections. When getting ready to buy, it’s important that you factor these costs into your deposit and budget.
3. Speak to a mortgage broker
Speaking to a mortgage broker is a no brainer if you want to be a competitive buyer in today’s market. They will be able to help you understand how much you can borrow from the bank, and ultimately how much you can afford to spend on your next dream home. A broker’s role is to help you find the right home loan for your situation. They will evaluate your financial situation, expenses, and act as a conduit between you and the bank.
4. Get pre-approved
Getting a loan pre-approved is the perfect way to get ahead of the pack of buyers. Put simply, being pre-approved means a lender has advised that they would be prepared to lend you a certain amount of money. This will give you a clear guide on property prices in your buying range, and lasts for three months. It’s a financial safeguard to make sure you don’t make an offer you can’t afford, plus you can confidently bid at auction.
5. Engage a buyer’s agent
Buyer’s agents are a secret weapon to purchasing real estate in this market. They can search for properties that meet your criteria and they often have extensive relationships with real estate agents, helping you get ahead of other buyers in the market. Buyers agents can also bid on your behalf at auction, which can feel like a daunting task if it’s your first time with paddle in hand.
I hope these tips help you buy confidently in Brisbane. Our city is still a sharp investment, delivering enviable capital growth to owner occupiers and investors alike compared to other capital cities.
I hope you enjoy the read.
Matt Lancashire