5 top tips for entering the property market this winter
When it comes to entering the property market, the warmer months of the year tend to be the peak times for buying and selling property. In saying that, there’s still ample opportunity to buy good quality stock in the cooler months.
Unlike other countries where the snow and rain in winter keeps people indoors, winter in Australia isn’t so bad. It doesn’t put buyers off, like it would overseas. For this reason, I find that open inspections in winter are a lot more comfortable and enjoyable. Finding a great property still requires the right strategy, careful financial planning and plenty of persistence, but at least you don’t have a crowded buyers’ market to compete with.
If you’re serious about entering the property market this winter, it’s important to look for properties that have north or north-east facing aspects. These will have an abundance of natural light and warmth from the sun and, if they present well in winter, they’ll present even better in summer with some fresh air flowing.
My top 5 tips for entering the property market:
1. Establish your strategy before you buy
A good strategy is to buy properties located within a kilometre from the heart of the suburb, within 10 kilometre from the CBD, are a close walk to schools, leisure facilities, public transport and beaches, and are positioned north or north-east, as these will help attract tenants.
2. Choose your suburb carefully
Before you begin your property search, it’s important to identify the suburbs you would like to invest in. While it’s hard to accurately predict the next hotspot, a safe bet is to invest in blue-chip areas. If you focus on buying and investing in properties that fall into this category, it will most likely lead to more consistent growth over the long-term. Remember, the goal is to hold onto the property for 10, 20 or 30 years.
3. Ask agents questions
Talking to real estate agents and asking them tactful questions can open some great opportunities for property purchases. If you are seriously interested in buying a property this winter, be sure to let the agent know so they can keep you in the loop. If an agent knows you are a ready and willing buyer, they will keep you in mind if they have a new listing and may allow you the opportunity to see the property first.
4. Consult an independent valuer
Property is one of the most expensive investments you will make in your lifetime, which is why it’s important to purchase at the best possible price. To avoid making an emotional purchase decision, consult a professional valuer. Not only will they ensure that you are paying a fair purchase price, but, since they remove emotion from the buying process, they can provide you with an accurate idea of a property’s worth today and in the near future.
5. Use a buyers’ agent
A buyer’s agent is a professional real estate buyer who can manage your property search. Using a buyer’s agent is an excellent way to save time, as they can inspect many more properties a week as well as negotiate on your behalf. They are also equipped with insider knowledge about off-market sales, giving you access to properties that are not always available to the general market.
