This is a crisis that no one really knows how long will last or how big it will get. Unfortunately, none of us have a crystal ball to be able to accurately predict the future.
We don't know how the Coronavirus health crisis will pan out globally. We also can’t be exactly sure how it will affect the Australian economy or our property market until we see an end to the crisis.
While currently Coronavirus is alarming equity markets the recent RBA interest rate cut seems to be working for the property market. We are yet to see if this a temporary or longer term position but at the moment demand surges amid strong market conditions, especially for first home buyers.
While circumstances, in this environment, can change daily and may be changing for many of you - your goals should always stay the same. Stick with focusing on what is important to you in the long run. If that is owning your own home then be ready. And in doing this I would always recommend to continue to focus on logic and sound decision making.
Start with the right mindset and approach and take emotion out of the equation. Do your homework, get a pre-approval so you are ready to pounce when do you do find the right property and the time is right.
So what are the key things to look for when buying a property?
1. Location, location, location. How far you’re willing to travel to get to work, family friends? How good are the local schools, shopping centers and other public facilities like parks and sporting grounds? How convenient is public transport? Is it in a growth area?
2. Neighbourhood. What’s the neighbourhood like? Take a walk around it and find out whether the neighbourhood is family friendly or not. Check out the neighbourhood at different times of the day and night. Find out what facilities the area has by asking around.
3. Schools or Universities. Homes near good education facilities often are very highly sought after. Check that there are good schools close by that are easy enough to get to. This could also make a big difference in resale value.
4. Public Transport and other Infrastructure
Is the location well-connected by tram, freeway or train networks? Are there amenities such as street lighting, telephone, internet connectivity and is access to parks easily available?
Whether this is parks, playgrounds, sporting fuels, dog parks or cafe's and restaurants think about what’s important to you and your lifestyle. You are hopefully going to be there a while so you may as well enjoy it!
And then when you think you have found the perfect place ALWAYS get an inspection done. A building and pest inspection is an absolute must. Definitely get one of these done before signing anything. Do not ever rely on how “pretty” the property looks. Get the experts to check its maintenance, repairs and renovations in detail. The total expense to fix things after you’ve bought can be significant.
Just remember it’s never too early to start this home buying discussion with me - even if it is by Zoom.
If you’d like a copy of my Guide to Buying a Home please do not hesitate to drop me an email or give me a call. And stay safe, getting through this is a team sport not a one person race.
Message from CAtherine
Occasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here.