The New Year’s property resolutions you cannot break
Bring on 2024!
If you want to make 2024 the year that you buy a home, I’ve put together some New Year’s property resolutions to help you get the key in the door.
These aren't things you ditch at the end of January when the going gets tough (like the gym!), but guidelines that every home buyer should follow if they want to purchase in 2024.
Secure pre-approval
Imagine going on a shopping spree without knowing what’s in your bank account. Diving into the property market without pre-approval and a clear budget is a bit like that, just on a larger scale.
Before you even think about hitting the open house circuit, ensure your financial ducks are in a row. Knowing your budget isn't just about figuring out what you can afford; it's about understanding what you can comfortably manage without turning your life into a struggle.
Get that pre-approval sorted and understand your borrowing power. Tip: Utilise a broker—they're like the GPS for your home-buying journey, guiding you to the best financial destination.
Research is your best friend
No more fooling yourself! Research isn't just about impressing your friends with statistics; it's about making informed decisions. Explore the sold sections, scrutinise what's been snatched up recently, and be brutally honest about your findings.
Imagine you've got your eye on an apartment, but your research reveals a history of leaky roofs and annoying neighbours. You dodged a bullet there, didn't you? Research unveils the real story and the crucial details beyond the slick photos.
If the majority of sales are cosy two-bedroom apartments without parking, don't convince yourself you'll magically find a spacious three-bedroom house for a steal. Research isn't a chore; it's your secret weapon for the perfect home. Face the truth, know what you can afford, and make informed decisions.
Shut out the noise and stick to the facts
Everyone's got an opinion and agenda. Your aunt swears by the leafy suburbs, while your best friend insists the city's the place to be. The media are just about selling papers and getting clicks, so their reporting is far from objective. Amidst all this noise, sticking to the facts is your reality check.
Filter out the noise, trust the data, ignore speculations, and stick to the facts. If you find yourself unsure, seek the guidance of a professional; their experience and knowledge will be your guiding light.
Think like Goldilocks
Consider your new property a long-term commitment. The 7-10-year rule is the Goldilocks zone for property investment – not too short, not too long, just right. Think of it as the sweet spot where your property matures and starts yielding the fruits of your patience and strategic thinking.
There are many questions to consider when investing in property. What if interest rates change? What if life throws you a curveball? A plan for these “what-ifs” ensures your property investment isn't just a gamble; it's a calculated risk with a safety net.
Consider the long game, plan for the unexpected, and give your property the time it needs to grow into what you envisioned. Also, if uncertainties linger, consider alternatives like rent vesting—flexibility is key.
Say no to busy roads
Just like you wouldn't eat yellow snow, never buy on a yellow road!
In other words, steer clear of busy arterial roads with high traffic volumes. The constant noise can be a headache, quite literally.
Safety is essential; busy roads mean more traffic and potential hazards, and homes on busy roads often take a hit in the resale game. It's not just about whether you’re happy to live with the noise; future buyers might not feel the same way. Be patient, find a quieter spot, and thank yourself later.
These resolutions will be your reliable guide to navigating the 2024 property market. The property-buying journey can be tricky to travel without experience, so please contact my team if you need help.
Here's to a year filled with successful home buying!