Spring is often seen as a busy time for buying and selling property. As the weather begins to heat up and people spring into life, traditionally so does the property market. So, if you’re looking to buy a property, there are a few things you could do beforehand to ensure you’re able to act quickly when you’ve found the right property, and avoid disappointment.
Know what you can borrow
When searching for a property, knowing how much you could borrow and how much your mortgage repayments are could help you purchase your property sooner. Knowing exactly where you stand before making an offer could also help avoid delays in purchasing and as a result, avoid somebody else making an offer on the property.
Get to know the market
Knowing how much you could borrow could also assist in determining suitable suburbs in your price range. Utilising property profile reports and market trends could give you the information you need to make informed decisions about what a property might be worth. And if you’re looking to sell, reports could help give you an estimate on your existing property’s worth.
Pay on the day
Once you’ve found the perfect property, you might be confused about what comes next. Having the cash on hand for a deposit is one way, however there could be other options as well. This could include utilising existing equity, increasing your current mortgage or utilising a deposit bond, which could cover the entire cost of the deposit. Arranging the deposit before committing to a property could give you the peace of mind to make the decision on the day.
Spring in your step
Whether it’s your first house, an investment property or just a new home, finding the perfect place could be daunting. But, by adequately preparing yourself, there’s every chance you’ll get the property you really want to ‘spring’ for. If in doubt, speak to your mobile lender about your preferred option.
Source:
‘ANZ Buy Ready’, ANZ.com.au http://www.anz.com.au/personal/home-loans/getting- started/anz-buy-ready/ Accessed 23rd June 2014
Disclaimer: The information is in summary form and does not purport to be complete. It is intended as a general guide only and is not a substitute for professional advice. The information does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you.
