Are you planning on purchasing property in 2022 or 2023?
Here are a few tips to get you to achieve your property goals for the future.
Purchasing property is a great investment and one that traditionally increases and continues to increase over time. Property tends to be a long-term investment for most people as their home or investment property for long term. It can also prove to be a great stepping stone to larger or better properties as prices increase over time.
With lower property prices, it is a great time to buy either your first or investment property.
Saving for a deposit
This is probably the most difficult part but also the most necessary part of buying a property. The amount you need varies along with the property you want to buy. Is it to live in, or is it an investment? Your deposit will vary depending on your individual circumstances.
If you are buying an investment property, you may be able to use the equity in your current property to purchase another.
Buying a Property
The first thing you will need to do is ensure that you have your finances ready. Speaking with a mortgage broker is the best way to clearly indicate what you will need. The mortgage broker will let you know how much you can borrow and hopefully obtain a pre-approval for a mortgage.
You can then look at a property with a clear understanding of what you can afford.
Shopping for a Property
This is often the most difficult part, and depending on where you are looking, there may be a lot of competition. Different areas and types of property are more popular than others, as are certain price points within the property market.
Make sure to research the suburbs where you are looking to buy so that you have a good idea of where the prices should be.
Engage a Conveyancer
Buying property in 2022 or 2023; at Select Conveyancing, we like to make the process as easy as possible. Contact Select Conveyancing
Note: This is only general advice, please seek advice so that your individual circumstances can be taken into account.