Those who decided to invest in property in the last couple of years should no doubt be very happy with their decision.
However, if this is your year, whether it’s your first property or an investment, we’ve put in place some New Year’s resolutions to abide by.
Get your finances in order
If you want to buy a property in the New Year, make sure you’re ready financially. Although now is a great time to invest and get ahead, over-committing is one of the major traps of low interest rates. Remember that eventually rates will rise, and if you have over-committed, you may find it difficult to meet repayments.
Assess your credit history and pay down existing high interest debt. Draw up a budget and stick to it! Establishing a solid savings plan is crucial, and make sure it includes a decent nest-egg to cover you for any unanticipated expenses. Getting financial advice from a professional will help you understand how much money you can borrow and pay back comfortably.
Do your homework
Shop around for deals and home loans that best suit your financial situation and property goals. Use comparison websites to create a shortlist, read customer reviews, and ask your friends and family for any recommendations.
Attend open homes religiously. Not only will this give you an informed assessment of the market and what you can get for your money, but you will also meet various agents in the area and start to make some all important contacts.
Assemble your team
Property hunting is not only time consuming, it can also be hard work, so it pays to have the right people in your corner from the beginning. Invest the time into finding a great real estate agent, mortgage broker, conveyancer and lawyer.
Again, this is a good time to ask for personal recommendations, check reviews and online profiles. Go into their offices and meet them face-to-face to discuss your requirements in detail. This way you will place yourself front-of-mind, rather than merely a name on a long list of house hunters.
Enjoy the ride
Finally, be ready for whatever may come. Buying a house can take longer than expected, so be sure to give yourself time and space to enjoy the search, the discovery, and eventually the moment it becomes yours.