Getting ready to buy your first property – check out this easy 9-step checklist to give you the advantage over your competition.
Purchasing a property can be a daunting task, especially if it’s your first time entering the market. The South Australian property market is no different and it’s important to be well-informed and prepared before making any decisions. Here are some tips on how to successfully navigate the South Australian property market as a first-time buyer.
1 – Research the market: It’s important to have a good understanding of the current market conditions before making any decisions. This includes keeping an eye on median property prices, understanding the demand for certain areas, and being aware of any economic or political factors that may impact the market.
2 – Determine your budget: It’s crucial to have a clear idea of your budget before beginning your property search. This will help narrow down your options and ensure that you’re not considering properties that are out of your price range. Don’t forget to factor in additional costs such as stamp duty, legal fees, and any renovations that may be needed. As a first home buyer it’s easy to get caught up in the excitement of owning your own home – don’t overextend yourself.
3 – Get pre-approved for a mortgage: Having a pre-approval in place before you start your property search can give you an advantage over other buyers. It will also give you a clearer idea of what you can afford and help speed up the process once you’ve found a property you’re interested in. Finding a good mortgage broker is the first step in getting your home-buying journey underway – they’ll work to get you the best deal. This is essential for any first home buyer.
4 – Consider your needs and wants: Make a list of your must-haves and nice-to-haves when it comes to your new property. This will help you prioritize and make it easier to narrow down your options. As a first home buyer it’s hard to tell between wants and needs, make sure you check out a few different places that have boh and see if you can imagine yourself living there.
5 – Work with a real estate agent: A real estate agent can be a valuable resource for first-time buyers. They have in-depth knowledge of the local market and can help you find a property that meets your needs and budget. They can also provide valuable guidance throughout the purchasing process.
6 – Don’t be afraid to negotiate: The listed price of a property is not always set in stone. Don’t be afraid to negotiate and see if you can get a better deal, especially if you’re in a buyer’s market. When you see high competition your bargaining power may be a little weaker – but as the market shifts to your advantage be sure to exercise your leverage.
7 – Get a building and pest inspection: It’s important to have a building and pest inspection carried out on the property before you commit to purchasing. This will alert you to any potential issues that may not be immediately visible and give you the opportunity to negotiate on the price or walk away if necessary.
8 – Understand the contract: Make sure you fully understand the terms and conditions of the contract before signing. If you’re unsure about anything, seek legal advice. Getting in touch with a good lawyer or conveyancer is one of the best decisions you can make – if you need help finding one let us know and we can point you in the right direction.
9 – Don’t rush into it: Purchasing a property is a big decision and it’s important to take the time to consider all your options. Don’t feel pressure to make a quick decision, especially if it doesn’t feel right.
By following these tips, you can successfully navigate the South Australian property market and find a property that meets your needs and budget. It’s also a good idea to seek advice from a financial advisor or mortgage broker to ensure that you’re making the best decision for your financial situation.