Many first home buyers make the mistake of assuming that once they’ve saved their deposit (plus a bit to cover those extra expenses), and got pre-approval from their chosen lender, the process of getting their foot in the door of the property market is relatively easy.
The fact is, going from being in a position to buy to being a homeowner can be quite challenging, particularly in a market like we see today where competition between buyers is so fierce. So, if you are struggling to find the right property at the right price, here’s some tips that might help.
- Reassess your priorities. If you are struggling to find a property that ticks all the boxes, one smart move might be to revisit your ‘checklist’, whether written down or mental, and make some decisions on what’s really important vs. what might be nice, but not essential. The willingness to compromise might be the step that gets you into your first home.
- Expand your search area. If you can’t find what you want in the areas you’ve been searching, try moving one suburb further out. You might be surprised at what a difference a few kilometres can make.
- Size does matter. If you’re determined to buy within a specific area, another option is to rethink the size of the properties you are inspecting. For example, if you’ve only looked at three-bedroom homes, maybe a two-bedroom home would make the difference, or even consider looking at townhouses and units rather than free-standing houses. You may find you get the location and accommodation with a smaller price tag.
- The renovation question. Many first home buyers start out looking for a ‘move-in ready’ home, and end up buying a renovation project with the assumption that they can turn it into the home of their dreams over time. The most crucial element in this equation is honesty…look each other in the eye and decide whether you both have the time and skills to tackle a project of this calibre, as well as whether you can both cope with living in the middle of a renovation project whilst maintaining your sanity and your relationship.
Of course, for a growing number of first home buyers in Victoria, the fifth option is to get an industry expert to assist you in not only finding the right property, (including having access to those off-market opportunities that the general public don’t get to hear about), but also negotiating on your behalf to secure the property at the right price.
If that sounds like it could work for you, you can find out more about the services available through Ian Reid Buyer and Vendor Advocates today by giving us a call today on 9430 0000.