Traditionally the busiest time of the year for both horse racing and real estate, the spring investment property season is just around the corner. If you’re looking to make a foray into the market, our form guide to property will have you buying both confidently and successfully.
Refine your top tips
Before you bolt out of your front gate, make sure you’ve thoroughly considered exactly what you’re looking for. Define the property you’re after and make a list of features, broken down into negotiables and non-negotiables. This will help you find what kind of properties to look at and the ones you needn’t bother with.
This list doesn’t have to be set in stone; in fact it’s likely to change once you’ve put in some time on the house hunting trail. Once you’re more familiar with the market you’ll probably find you need to – or are able to – adjust your expectations.
Size up the investment property market
To make sure you’re backing a winner – and getting the best value – you’ve got to research extensively. Ensure you’re across all the investment property magazines and websites for general property purchase tips and strategies and then do as much investigation into the market/markets you’re exploring as possible. Talk to local real estate agents and local residents and read as much about the local area as you can. The more you know, the more well-informed a purchase you’ll be able to make.
Hunt like a pro
To make the most of your time and find the right property as quickly as possible, take a serious approach to your property pursuit. Plan your Saturdays thoroughly and set up a system for documenting the properties you’ve seen, the agents you’ve met and the sale prices of the properties you’ve been watching.
Get in front with a pre-approval
There’s nothing worse than finding the right property only to miss out because you haven’t got your finances in order. Before you do anything this buying season, speak to us about your borrowing options and to get your pre-approval organised. Having a pre-approval also gives you a clear idea of your price range, so you don’t waste time looking at properties you can’t afford.
Don’t jump the gun
The weather might be warming up but when it comes to taking out gold in the property stakes, it pays to keep a cool head. Avoid getting caught up in the excitement of auctions and sales spiels and think any decisions through carefully before signing on the dotted line of your newly purchased investment property.