We always recommend it’s safest to sell first before you buy. Once you’ve sold, you will know exactly how much you have available to spend on the next property. The hunt for your new home whether it be your first or your fifth home can be quite overwhelming, especially if you are not prepared.
In the current market, you may find you will need to inspect many properties before you have a good idea of the type of property you like. This is why researching and looking around even while your home is on the market is a good idea. Once you have a purchaser with an exchange of contracts, you can then get serious and make offers on the right property.
Here are 5 tips to help you get started:
1. Determine the type of property
Everyone’s journey to homeownership is different and before starting out on the path to looking for your new home, make a list of the features that you want or need in a property.
Make note of the size of the property you would like including bedrooms and bathrooms, and if you would like a backyard or something more low maintenance. Add in your wants, which may be items like pools, gas or electric cooking, storage areas and inclusions.
2. To renovate or not to renovate
Consider the type of property that you are looking for. Would you like a property that is a renovator’s delight or something that you can walk into without needing to carry out any work?
Bear in mind that the majority of buyers are looking for properties that are “without a cent to spend”. This means the demand for these types of properties can result in fierce competition even in the current market. It’s worth noting properties that need work are in less demand and you may be able to pick one up for a discounted price.
If you do decide to purchase a property to renovate, you will need to account for additional costs that can come with the work and if you will need to relocate for a period while the renovations are being carried out.
3. Arrange your finance
Make sure you have engaged a good mortgage broker even prior to selling your home. Loan approvals at the moment are still taking longer than usual, and when you find the right property you want to be able to act with confidence knowing your conditional approval is in place.
4. Look for the location
Narrow down the location that you would like to be in. Do you need to be in certain school catchment areas, work locations, and public transport or are there certain amenities that are on your must-have list?
Once you have decided on the location, you might like to drive around the area and check out the neighbourhood and look at surrounding areas that may be in your budget.
5. Don’t rush the decision
Purchasing a property is a significant investment and major life decision. It is wise to consider your decision before you make an offer for the property.
When you are inspecting the home, step back and see if you can see yourself living there. Does it meet all or most of the requirements that you need or is there more work needing to be done to the property than you are willing?
Above all, trust your gut feeling when you walk into the home. Buying a home can be a very emotional experience and how the property feels when you walk through the front doors can often give you a good sense of whether you are making the right decision.
If you’re planning to make a move soon and are yet to sell your home, our Vendor Advocate service will help you maximise your sale price at no additional cost. For more information visit us here or book in a call to find out how we can help.