When is the right time to buy a home?
This is one of the most often asked questions, yet the answer is relatively simple!
The most sensible time to buy a home is when you have the ability to do so. In other words, if you have job security, an ample deposit (or equity in an existing home), and approval for a mortgage, then this is the most practical time to buy.
Alternatively, you might need to move homes for a new job, or you have a growing family. Either of these factors can trigger a property transaction.
As for choosing the most suitable house or apartment, the best advice is to consider a quality, well-located property that comes with a twist – this enables you to value-add down the track. For example, a house where it might be possible to add a second storey, or that has rear-lane access which creates the potential for some off-street parking – can deliver future capital growth. The property should also match your unique needs and budget.
Most importantly, aspiring buyers and upgraders should keep a level head when making a property purchase. This involves doing your homework and looking at as many properties as you can. You can do this the old-fashioned way, by wearing out some shoe leather and getting to as many open homes as possible – or alternatively you can visit the many free online real estate websites such as Homely and onthehouse, as well as the old favourites…you know who we mean!
We’d also urge you to check out property research sites such as APM and RP Data, for news on the latest real estate trends – while for a fee you can also access research on properties and suburbs that you’re interested in.
In need of further advice? Feel free to contact Raine&Horne Marrickville and one of our staff will be able to help you further. Call (02) 9560 7599 or email [email protected]
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