It’s always been a daunting proposition to buy your first property. It’s even more daunting if you are looking for your “forever’ home and are constantly priced “out” of the market.
This has been the case in most capital cities around the country and things don’t seem to be improving for first home buyers.
The anticipated drop in the Sydney property market due to Covid 19 has not eventuated and many first home buyers are biting the bullet and trying to get into the market before the next property surge which generally follows times of global catastrophe.
For those wanting to construct a new family home, there’s also a tight time frame if they are wanting to access the Government’s $25,000 Home Builder Grant, due to expire on December 31 this year.
Coupled with the fact that there is a shortage of registered land in the greater Sydney region, means that the timing for sourcing land signing a building contract before the due expiration date is a very difficult undertaking.
For those buying an existing property, it’s a matter of knowing how to negotiate the best possible price for their selected property.
Here are my top tips:
- Always have a pre approval in place before you start looking at properties. Money is a great negotiation point
- Have a realistic understanding of the property type you need and can afford
- If you have the money to purchase now, then do it now
- Trying to save faster than the rising property market is going to end in tears
- Use all the grants available to get into your first home, stay for the stipulated time frame in your State and then live where you want to live.
There’s never the ‘best’ time to buy a property. Property is always expensive when you purchase. In five years time you will thank yourself for taking the step of getting into the property market and giving yourself more options to keep building your net worth.