How long should you really spend looking for a property?
Finding the perfect property can take a lot of time, effort and research, but how much time should you actually spend searching for the right property that ticks all the boxes?
It’s easy to get carried away trawling through the internet in search of the perfect property, but if your search goes beyond six months and you still haven’t taken action then something is seriously wrong.
Although it’s great that you are doing your research and spending time researching properties and their locations thoroughly, there might be deeper reasons why you have yet to commit. Buying a property is likely to be one of the largest purchases you will ever make so getting it right first time round is crucial. However, do you know what it is you actually want to buy and do you have a strict budget in mind?
KNOW WHAT YOU WANT
Setting strict ground rules is one of the first things you need to do which will not only help you narrow down your options, but will also help you save time. There’s no point in looking at properties that are way out of your budget. It’s much better to utilise this time more effectively on properties that tick all your boxes in locations that you want to live or invest in.
DON’T LET YOUR FEARS STOP YOU FROM BUYING
If you have strict rules in place, but you have still yet to commit, then you might be holding back for emotional reasons. One of the many reasons people end up not buying is down to fear. The fear that something better is around the corner or the fear that this property could have major problems down the line. However, if you have carefully done your research then this should have ironed out any issues and if you stick comfortably within your budget then there should be less stress that the property will put you in financial difficulty.
One of the worst things you can do is not take action and let good opportunities pass you by. The longer you leave it then the more likely property prices will go up and you will face more competition, making it harder to enter the property market. Waiting too long might even see you priced out of the market and it’s important to remember that there is no such thing as the ‘perfect property’.
THE TIME TO BUY IS NOW
Ideally, if you have your 10% deposit ready to go then the time to buy is now. Once you know the type of property you want to buy and preferred location then it’s time to narrow down your options to a maximum of three and pick one from these.
As properties can sell out quickly, particularly in key selling seasons such as in Spring or in a booming market, it’s important that you move quickly to avoid missing out. The same applies to off the plan properties in new developments. To purchase the best properties at the most affordable pricing, you need to be buying properties before they are launched to the public. This means knowing your key criteria and budget and being decisive and taking action.
HOW LONG SHOULD YOU REALLY SPEND SEARCHING FOR PROPERTY?
So, how long should you really be spending looking for a property? Ideally you should spend no more than three months looking to determine what it is you want to buy and what it is you definitely don’t want. Normally it’s a case of three or four weeks to three months. Anything under one month can be deemed as too hasty, especially if this is your first property and it’s important that you get it right first time.
You can spend the time learning what you like the look of and what is important to you. Once you have a rough idea of what you like, then why not speed up the process by booking a meeting with an Loftus Wealth Consultant who can go through a fact find to check what is realistically possible for your budget and provide you with a good property selection. And if you have any concerns, then they can assist you with this too.
So, to recap, there are five main factors that you need to know to begin your property search.
- 1. Know your budget
- 2. Determine your preferred dwelling type (house, apartment, new or old)
- 3. Identify the location
- 4. Work out what amenities you want nearby such as schools, retail and transport
- 5. Look at the suburb’s statistics such as similar pricing, vacancy rates, rental yields and capital growth
Once you know what you are looking for, then you can begin your property hunt.
GET IN TOUCH
To speed up your property search or to get past your emotional fears, then why not book a complimentary meeting with Loftus Wealth today.
Give us a call on 1300 508 820.