Spring is usually Sydney’s peak buying and selling period. So if you’re thinking about buying a new home or investment property, now is the time to get ready. In this special article series every other week for the next few months, I will be giving you expert tips to help you prepare for finding the right property.
Tips from a buyer’s agent: 1. Know your property needs
Define your property wish list
Whether you’re looking to move the family or buy an investment property, your search should always start with this question: What am I looking for? Take a list of your must-haves with you on your property search, to help you find the one that ticks the right boxes. As you view each property, ask yourself, “Why am I considering buying it?” as a gauge to ensure you’re buying based on your property needs, rather than making an emotional decision.
Now, if you’re looking for an investment property, your needs will be vastly different to house hunting for a place to live. In this instance, consider the qualities that make the property desirable to your target tenant and resale market down the track. After all, what may appeal to you when looking for a home may not necessarily be appropriate for an investment property.
In both cases, avoid buying a property because others tell you it’s a good idea. This can lead to buying the wrong property, just because it’s in a trendy area, or perhaps because the kitchen is equipped with the latest gadgets. If you’re unsure, return to your property needs checklist. It can be a saviour in keeping your property search on track.
Is your property wish list realistic?
As you work on your property needs wish list, you might find you have a long list of needs. You will probably also notice that not all properties tick every box.
To simplify things, consider categorising your needs into:
- Must Have: essential property features
- Should Have: top-priority, but not essential
- Nice to Have: extra features that are a bonus, but won’t impact your decision
This exercise can help you see things a little clearer. Then when you view properties, you can choose the one that has the most suitable attributes.
Being realistic about your needs – and how the market meets those needs – can help make your property search easier and more enjoyable. It also ensures you choose a property based on what’s best for you and your family – or prospective tenants.
How will your property needs change over time?
If you’re buying a home, try to think beyond your current circumstances. Are you planning a family? If so, at what point will you need more space – or need to move closer to schools?
If your children have left the nest, then it’s wise to consider if the property will be suitable as you grow older. As an example, we recently helped a retired couple looking to downsize. They are fit and healthy now, but the property needs to suit them for at least another 10 years. As such, they had to consider if buying a property with stairs was wise.
How long will you own the property?
Buying a property is a costly venture, so you want to go into it with a clear vision of the future. Of course, we can’t always know what’s around the corner. But knowing how long you plan to own the property will also determine whether it’s right for you.
To see how a buyer’s agent can make your Sydney property dreams and needs a reality
call Nick Viner today on 0405 134 645.