Let’s Buy a House in 2022: How to Beat the Crowd
Are you thinking of buying a house this year? Then don’t wait and start preparing now.
Whether you’re looking as an owner-buyer or investor, my advice is to be really proactive over the holiday period, and you can start with my 5 tips for a property packed 2022.
Tip 1: Get your finances and paperwork in order
Speak to different brokers and banks to gauge what they’re all saying. Just because they’re willing to give you a certain amount, it doesn’t mean that’s what you can (comfortably) afford. You don’t want to have to eat baked beans on toast for the rest of your life, no matter how good they are…
You’ll also need to ensure that you have a conveyancer or a solicitor ready to help review the contract. Make sure it’s someone who works through the quiet period of January as many solicitors like to take this time off.
Tip 2: Make your perfect property list
What is it you want from your property? Think critically about your needs now and in the future and make a list of must-haves & nice-to-haves and deal-breakers. For example, if you see kids in your future, then you need to think about potential school catchment areas, your commute to work now and in the future, and the flow of a property to suit children.
Ideally, you’ll live in a property for five to ten years minimum to make it worthwhile. So, factor in all your likely needs within this period.
Tip 3: Do your research
Once you’ve got your dream property in mind, hop onto the big portals like Domain and realestate.com.au and look at the recent sales in the sold section. This is a very powerful tool, and people don’t utilise it enough.
For example, if you’re looking to buy a three-bedroom house, find out how much they sold for recently in your preferred suburb. That’ll give you a good sign of what you can actually afford in that area. If it doesn’t meet your requirements, then you can check out alternative suburbs that may be more aligned with your budget.
Hot tip: Domain.com.au allows you to filter by the sale date. So if you insert your maximum budget and use the “map” tab to view properties sold, you will be able to get a birds-eye view of which suburbs offer more affordability within your budget.
Tip 4: Start targeting agents
Reach out and let agents know what you’re looking for and that your pre-approval is all in place. The real estate industry is typically quieter over the Christmas period, but there’s still lots going on off-market, and many agents will still be working with their vendors. Look directly through the agency websites or their social media and make sure you sign up to all their newsletters. As a buyer, you need to be on those platforms to ensure you’ve got access to 100 per cent of the market.
Hot tip: We know how easy it is to miss emails, so we recommend creating a new email address specifically for your property search and newsletters or updates that you’ll receive from agents. This way, you’ll never miss out on a great opportunity! This is also helpful if you’re buying with more than one person.
Tip 5: Fine-tune your brief
Even if you don’t find the right property as soon as the new year begins, at least you’re ahead of the game and ready to fine-tune your brief as you go. Once you view properties, you might find you’re more willing to compromise on some of the ideals you had listed before.
Hot tip: Act like a Buyer’s Agent. If you’ve done your research, secured your finances and are actively making noise in the market, the agents will love you for it – which is how we position our clients. So, once you’ve found your property, you become a dream buyer, and the agents will bend over backwards to help you secure it.
Now, we know how overwhelming the process of looking for a house can be, with all the real estate jargon to learn and checking all the important things at an open home inspection, but we’ve got you covered. Subscribe to our mailing listSubscribe to our mailing list to download our FREE Glossary of Terms and our 10 in 10 Property Inspection Hack List!
And as always, please get in touch if we can help with your search.