If you’re in the market to buy a property next year in Sydney’s eastern suburbs, here’s what you should do before 2019 is out to ensure you’re prepared and ready to go.
Property websites are great, but there’s only so much you can tell by researching online. If you haven’t already, it’s time to go to some open homes so that you can really see what’s available in the market within your price range. Also, attend an auction or two so that you can start to get comfortable with how the process works, as most properties sell this way in Sydney’s eastern suburbs.
Boost your deposit
Particularly if you’re a first time home buyer, in the current lending climate it pays to have as big a deposit as possible. You also want a record of demonstrated “genuine savings”, which means evidence of money saved slowly and steadily by you rather than gifted to you or the result of a windfall such as a work bonus. Government assistance is available for first home buyers through the First Home Buyers Assistance Scheme, including reduced or abolished stamp duty, the First Home Owner Grant (FHOG), and the First Home Super Scheme (FHSS), which lets you save for your home within your super. Make sure you take advantage of these schemes if you are eligible.
Get an appraisal
On the other hand, if you already own property, be sure to find a real estate agent you can trust and get an appraisal on the market value of your property so that you know where you stand in the current property market and can better budget for what you’ll be able to afford to buy.
Refine your property wish-list
Create a checklist for your property search that separates your non-negotiables from your negotiables. Remember that no matter how big your budget, the so-called perfect property may not exist, so decide what you are willing to compromise on.
Decide on what lifestyle you want
Sydney’s eastern suburbs offers a wide range of enviable lifestyles, from harbourside to beachside to cosmopolitan living in the heart of the inner city. Figuring out which lifestyle works best for you should be part of creating your dream property checklist and will help you narrow down a location.
Register for off-market opportunities
Sometimes the best properties don’t even make it to market. Register for off-market opportunities to make sure that you don’t miss out.
Consider using a buyers’ agent
A great buyer’s agent can help you work out what you need, do the hard work for you, saving you thousands while finding you a property that ticks all your boxes, which is why buyer’s agents are becoming increasingly popular.
Get your finances in order
In the current tighter lending climate, applications for home loans can take a lot longer than they used to, so it pays to be prepared and get your finance sorted out now. Talk to your bank or lender now to make sure you have everything you need in place and sort out your loan pre-approval.
Have your experts in your corner
Buying a property involves leaning on reliable experts who can help you sort out the details, from your real estate agent to a building and pest inspector, conveyancer or lawyer, or mortgage broker. Shop around and get referrals and recommendations now.
Watch the market
Once you’ve put together your dream team and wish list, keep an eye on current listings to see what’s out there in your price range. The better sense you have of what properties are selling for the better prepared you’ll be to negotiate for your dream property in 2020.
If you need help planning your buying strategy, get in touch with our team today.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.