Is buying a property your New Year’s resolution?

2015 was a fantastic year for property in Australia. Our major property markets saw some significant capital gains and many property sellers made a good profit. There were also record numbers of auctions around the country – but competition was fierce and if you were looking to buy, securing the property you wanted wasn’t always easy.

2016 promises to be another competitive year for property purchases, so if you want to get in on the action, you’ll need to be on top of your game. If your New Year’s resolution is to buy a property this year, here are some things you could do to help you succeed.

1. Identify a goal

A New Year’s resolution needs to be very specific if you want to achieve anything. You need a specific goal like “Buy a 3 bedroom house near X before June 30” or “secure an investment property in X before Y”. Adding a sense of urgency to your goal will motivate you to keep on top of what you need to do to make a successful purchase.

2. Be ready to act

Procrastination is the enemy of success. The key is to sit down, make some decisions and then do your research. If you are buying a property as your own home, consider which suburbs will be convenient for you in terms of your lifestyle and whether you need an apartment or a house. If you are looking for a property investment, you’ll need to consider properties that meet your investment strategy, have good capital growth potential and are easy to tenant.

3. Set a realistic savings budget

Good money habits are very important if you’re planning to get a home loan this year. To set a monthly savings target, start by making a list of your expenses. It’s important that you are realistic and make a comprehensive list, so that you understand where your money is going and where you can cut back if necessary when you get a home loan.

4. Get your financing in place

We suggest you talk with us about getting pre-approval on your home loan before you start looking at properties you might like to buy. Establishing a price limit for your purchase is key.

We will help you to fully understand your financial position and help you to determine how much you can borrow and as a result, what kind of property you can afford to buy.

5. Get a professional team on your side

Let’s face it, buying a property isn’t easy. Having a professional team on your side could make all the difference to your success. You’ve started out by talking to Tiffen & Co (well done), but you may also need help from other professionals as well such as building and pest inspectors and property Conveyancers.

Remember, we’re here to help you keep your New Year’s resolution to buy a property in 2016! Call us today and let us help you get started.

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