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It’s tough being a home buyer in this market. On one hand everyone is telling you that you have the upper hand - although it often doesn’t feel that way. On the other hand, some people will be quick to tell you that you’re a fool for buying because house prices are falling and the world as we know it is coming to an end!
Buying a home isn’t easy at the best of times. There are a lot of crap overpriced houses out there, poorly-maintained houses, and 90's leakers. The one thing you learn from open homes is what grubby conditions some people live in! Many of our home buyers have been to upward of 60 open homes before they find something they like and then they’re competing with other home buyers for that same property. There are some bargains around but to secure one requires patience, detachment and clarity of purpose. Clients who end up with an amazing deal tend to know exactly what they want, and had negotiate on a number of properties before eventually securing one. If you’re buying in this market, then it’s more important than ever to do your homework .
Bonus tip: A home-and-income property can be a good way of leveraging yourself into a better suburb. It can lift your borrowing power by $150,000 to $200,000. It feels great to earn an income from your house!
Most importantly, be prepared. If you love a property there’s a good chance someone else will love it as well. If you don’t have your home loan pre-approved, and aren’t prepared to act quickly for short notice auctions or multi-offer situations then you may miss out on that house (but, if you do miss out, don’t despair, there’s always another property out there that will suit your needs).
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