When you are looking to buy a home, how do you know if a property is the one? Here are my 8 tips to get you ready to commit to buying your first home.
1. Research: Buying a home allows you to do tangible research and prep work to help you make this decision. The more prep work you put into this before you start looking at properties, the more confident you will be when the right property pops up. Not only do you need to know what you want in a property, but you need to know what those properties are selling for too. Get familiar with the sold gallery on realestate.com.au or domain.com.au.
2. Timing: Fear of missing out on something better can be a challenge when you’re just starting your property search. But remember, there’s always a risk of something better coming along, regardless of when you buy.
3. Be Prepared: Before you start attending property inspections, make sure you have your strategy and property brief in place. This will guide you and help you make confident decisions when the right property comes along.
4. Emotion and Metrics: Buying a home is a mix of emotions and tangible metrics. While your property brief will help you tick the non-negotiable boxes, don’t forget to trust your feelings, your new home should feel right too. There is always an element of emotion involved in buying a home, especially if it is going to be the place that you are going to live.
5. Benchmarking: Use a benchmarking exercise to compare potential properties with your research. This will give you perspective and help you see how the property stacks up against others that have recently sold.
6. Deal Breakers and Flaws: Remember, no property is perfect. Identify your deal breakers and be willing to compromise on certain flaws. Understand what you can and can’t change about a property. It’s all about finding the right balance.
7. Gut Feel: If you’re not ready to make a quick decision, that’s okay. Take the time you need to feel confident and comfortable. Just make sure you go through the process and understand the risks of waiting too long.
8. Avoid Regret: The key thing you don’t want to do is just dismiss a property straight away because it has come up ‘too soon’ in your search, and then in a couple of months ago look back on it and have regret. By doing your research, being prepared, and trusting your instincts, you can make informed decisions and find the property that’s right for you.
Remember, you might find the perfect property really quickly, or it might take a long time, but what you don’t want to do is miss out on the right property for you, just because you’re not prepared.
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Expert buyer’s advocate, founder of Amy Lunardi Property and creator of of The First Home Guidebook - an educational podcast series and online course that empowers first-home buyers with all the necessary tools and knowledge needed to buy their first home.
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