There is a famous saying in business that “Time Kills Deals”, and the same can be said for property buying. The biggest impediment to acquiring your next home is starting and stopping the process and ending up nowhere.
When it comes to upsizing or upgrading, we find that the biggest impediment to achieving it is the starting and stopping the process which means you can end up nowhere. We have four tips to help you along the way in preparing for the next home purchase.
What is your true motivation for buying your next property? And how important and urgent is it to you? Upgrading your home can be a risky, time-consuming and challenging process, and having a strong enough why will help see you through difficult times.
Some common “why’s” we see include:
Knowing your why is the starting point to goal setting, and is the difference between your next home being something you want or need vs something that is simply “nice to have”.
You need to make sure you do the research and hard work upfront to put you in the best position to securing your ideal property.
Work with a broker to truly understand your borrowing capacity, the deposit you require, and to solve any policy-related problems to help you set an accurate property budget.
Clearing up these details first will help you understand whether buying your next home is something you can do now, or if there is a clear goal that you can work towards.
Knowing the numbers and the relevant loan criteria will also help you set realistic targets given your unique financial position and stage in life.
We also strongly recommend getting a pre-approval to translate those numbers into a firm commitment to lend from a bank so you can bid on properties with confidence.
When it comes to buying a property, being in the right time at the right place can be a big factor. To counter this, ask yourself what ways you can create your own luck.
Can you form a closer relationship with popular real estate agents in your area? Can you afford a buyer’s agent to give you more access to off-market deals? Can you use speed and the contract terms to your advantage to secure a property before auction?
The above questions are about utilising soft skills like relationship building, networking, and negotiating, rather than simply offering the most money.
Buying a property is also about luck and destiny. This is because each buyer’s individual tastes and preferences are unique; every property is different, and it’s hard to know when a property you like will come up for sale.
Being in the right time at the right place can be a big factor. To counter this, ask yourself what ways you can create your own luck. Can you form a closer relationship with popular real estate agents in your area? Can you afford a buyer’s agent to give you more access to off-market deals? Can you use speed and the contract terms to your advantage to secure a property before auction?
These questions are about utilising soft skills like relationship building, networking, and negotiating, rather than simply offering the most money.
An experienced mortgage broker can guide you through the budgeting, loan submission and settlement process every step of the way. With the right next home mindset, achieving your next home goal will become reality sooner rather than later. Happy house hunting!
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