5 Things to Consider Before Buying Property in 2021
For buyers, the marketplace has never been more competitive. Most properties are selling after the first open home, if not during, so if you are thinking of purchasing in the near future, then you need to have the confidence to make a strong offer as soon as your desired property hits the market.
Here are 5 things you should consider before buying property in 2021:
Check your credit score. Lenders are cracking down on every move you make. Along with other things, your credit score is a clear indicator of your ability to borrow money. You can check your credit score for free via Finder.
Be consistent with your spending and saving habits. If you want to maximise your borrowing power, then you need to have a clear track record of savings for at least 6 months. While we’re on the topic of spending habits - if you have an AfterPay (or similar) account, then you should consider closing it immediately. AfterPay is not going to help you achieve your goal of purchasing your #dreamhome in 2021.
Do your research. Narrow down your preferred suburbs. Visit the sold section on realestate.com.au and find out how much properties in these suburbs has sold for over the last few months.
Narrow down your requirements. What are your must-haves and what would you be willing to compromise? Be realistic about your needs.
Visit a broker - it’s FREE! By going directly to your bank, you are really limiting your borrowing options. Visiting a broker will make choosing the right lender, product and policy a lot simpler and you will save thousands in the long run. I highly recommend Sandra Rice from Loan Market.
BONUS TIP! If you want to position yourself 10 steps ahead of your competitors, then you need to source pre-approval on your finance. Most properties are receiving multiple offers and sellers are commonly accepting the offer with the least conditions, so make sure you lock in your pre-approval on finance.
For further advice on purchasing a property in 2021, contact me on 0419 627 767.
