While that might run counter to what is being reported in the media about real estate, we think it shows two important things – that the market is still strong, and that people are using their additional downtime time to its best advantage.
It’s also fair to say that the market will reward those who are best prepared – so, if you’re looking for your ideal home, the WEST team has put together the following tips and advice.
Do your research – for both buying and selling
There’s never been a better opportunity to jump online and thoroughly research the areas, properties and developments you like.
We recommend using the additional time to create a list, not only of the homes themselves but also the things that appeal to you. It might be the interior design, the garden areas or the fixtures and fittings – they’re all important details. Prioritise them into what’s essential (for example, no fewer than two bathrooms, undercover parking etc.) and what would be nice to have but isn’t a deal breaker.
This will not only help refine what you’re after in your perfect home, but it will also help you understand what people are looking for when you’re ready to list your current home for sale. Try to apply the same scrutiny to your own home – it will help you look at it from a buyer’s point of view and might suggest a few improvements prior to listing.
Seek out the best advice
A big part of being ready to move on a property is having your finance in order. And, with interest rates so low, now is a great time to get organised.
Use this time to speak to a broker or your bank to find out what your true borrowing position is. A broker can be a worthwhile investment; their job is to access your financial position and find a loan that best meets your needs. A good broker will also help you plan for the worst case scenario so you have the confidence to make decisions based on your current and future financial position without the emotion of the pandemic clouding these decisions. For more information about mortgage brokers, visit the Federal Government’s Money Smart website here. Our sales team can also provide you with contact details of trusted brokers who have helped other WEST residents realise their home ownership dream.
If you’re comparing bank loans and you see something called a “comparison rate”, don’t be confused. The comparison rate combines the interest rate with any additional fees and charges that may apply to the loan. That total figure is then converted into a percentage rate to highlight the true cost of the loan, rather than just the headline interest rate.
At WEST, we also have a range of flexible finance terms so, if your financial position changes due to COVID-19, we’ve got your back.
Buying off-the-plan gives you time.
There are many benefits of buying off-the-plan. Not only do you get to choose your dream home with all the features you want but in an economic climate like this, it is also possibly the best way to buy a home.
Buying off-the-plan generally means that that settlement is not immediate and can be anywhere from a few months to over a year away, particularly if you’re buying an apartment. That can be reassuring during a time of uncertainty and also allows you to save some more - so you have more to spend on things like new furniture when the time comes.
We’re here to help.
Property is one of the best long-term investments you can make.
It doesn’t suffer the same ups and downs as other investments – particularly shares – and the bonus is you get to live in it at the same time. The Adelaide market continues to deliver solid, stable returns, making long-term planning more predictable.
Buying a home is also a big decision, and the current environment is no doubt causing some uncertainty.
We get that, which is why our team at WEST is ready to help you navigate your way to your new home.
Call Georgie on 0417 852 357 or email at email@example.com to chat about making your property dream a reality.