So you’ve decided that 2016 is the year that you’ll buy your first home, sell your current home and find somewhere new, or purchase an investment property. Congratulations!
Buying property is a big decision, and with the economy having such a big impact on house prices, it’s more important than ever that you buy wisely.
Here are some tips for buying property in 2016:
Most people love living in the city, especially if they haven’t yet started a family or simply don’t fancy commuting into work every morning. But prices reflect this, and if this is your first home you’ll be saving for a lot longer (or settling for a much smaller place) than if you lived a little further out.
It’s a good idea to look for property a little outside of the city centre but still close enough to public transport that you can easily get into work. This is a much more affordable option and if you’re climbing the first rung of the property ladder you may find that you can afford that excellent city location even sooner than you might think.
The housing market is constantly changing, and different areas have their own smaller markets which will greatly affect whether it’s a good time to buy or sell. If you’re in a seller’s market when you try to buy you’ll often find that demand exceeds supply, so properties are priced high and there are many potential buyers interested in the same home.
You’re likely to get a much better deal in a buyer’s market, so it’s a good idea to get some expert advice or just take the time to look at what the market is doing before jumping into purchasing a property.
Obviously you can’t control the market, so if you absolutely have to buy at a certain time, be sure to look at many different properties and compare how close they are to public transport, good schools, supermarkets, and the type of neighbourhood. It’s also a good idea to visit the properties you’re interested in at different times during the day so you can see what’s going on in the neighbourhood and evaluate the noise.
So you’ve fallen in love with a property…great! But don’t even think about signing on the dotted line before you’ve had the property inspected. So many people forget to do this (or decide it costs too much) and before you know it they’re stuck with the repairs for shoddy workmanship or dealing with pests and rodents.
Making sure that the property has been inspected by professionals is the best way to have peace of mind. And if you discover an issue that you don’t like (but isn’t a deal breaker) you can often use it as a negotiating point when it’s time to talk money.
If you’re considering buying, selling, or renting in 2016, it’s important to do your homework and talk to the professionals. Check out Walton Robinson to learn more about finding the perfect home this year.