If you’re in the market to buy a property next year in Sydney’s eastern suburbs, here’s what you should do before 2019 is out to ensure you’re prepared and ready to go.
Get offline
Property websites are great, but there’s only so much you can tell by researching online. If you haven’t already, it’s time to go to some open homes so that you can really see what’s available in the market within your price range. Also, attend an auction or two so that you can start to get comfortable with how the process works, as most properties sell this way in Sydney’s eastern suburbs.
Boost your deposit
Particularly if you’re a first time home buyer, in the current lending climate it pays to have as big a deposit as possible. You also want a record of demonstrated “genuine savings”, which means evidence of money saved slowly and steadily by you rather than gifted to you or the result of a windfall such as a work bonus. Government assistance is available for first home buyers through the First Home Buyers Assistance Scheme, including reduced or abolished stamp duty, the First Home Owner Grant (FHOG), and the First Home Super Scheme (FHSS), which lets you save for your home within your super. Make sure you take advantage of these schemes if you are eligible.
Get an appraisal
On the other hand, if you already own property, be sure to find a real estate agent you can trust and get an appraisal on the market value of your property so that you know where you stand in the current property market and can better budget for what you’ll be able to afford to buy.
Refine your property wish-list
Create a checklist for your property search that separates your non-negotiables from your negotiables. Remember that no matter how big your budget, the so-called perfect property may not exist, so decide what you are willing to compromise on.
