Secret to first time buyer success
With the banks offering record low interest rates and the commencement of the First Home Loan Deposit Scheme (FHLDS) in January 2020, the cash will certainly be plentiful, but buyers will need to be on their game in order to make the most of the opportunity.
Leading Property Strategist, Debra Beck-Mewing, said buyers who qualify for the FHLDS will need to skill up on key actions including how to find, assess and negotiate purchases and be vigilant about acting on the right information.
"We see many first time buyers who are given pre-approval but then burn months and months trying to make a decision. It's these buyers who then fall prey to the marketeers and spruikers who push them into problem properties," she said.
Market forecasters are predicting property prices will spring upwards by more than 10% in the next few months, so FHBs will be under pressure to make good decisions quickly. Most buyers will have some knowledge of one aspect of the buying process, but to be successful buyers need to be across all aspects. At a bare minimum, consider the following key tips.
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It really isn't all about 'location'- the most important issue is to ensure your strategy is best for you. Under no circumstances should you be trying to chase 'hot' suburbs as this is a recipe for trouble.
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Validate all property information you are given – this is particularly important when considering new, off-the-plan, or house and land purchases. Do not rely on 'research' that accompanies a property. Check the information with people and organisations not connected to the sale.
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Ensure you are clear on current prices in your target suburbs and always do comparable checks when presented with a property – look at similar properties on any of the major property portals for a quick sense check.
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Always conduct strata reports and building inspections, and gather as much information as you can before making an offer – use a checklist to increase your efficiency.
"It's easy to become overwhelmed, but we see how quickly buyers increase their confidence when they become clear on their target and have a good understanding of the process. After buyers have the knowledge, it's much easier to make decisions and actually buy a property but in the current market they will need to be very pro-active", she said.
For those people who want to make their purchases unaided, a range of guides are available from The Property Frontline website. For those who would like some affordable independent assistance, The Property Frontline has developed a buyers support system – the Property Purchase Code – for buyers who want the knowledge and support while doing the buying 'legwork' themselves.
The Property Purchase Code is unique in that buyers can obtain information specific to their needs, making it easy to overcome any barriers for each individual. It includes the following components:
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Access to a range of tools, checklists and guides helping buyers through the buying process from start to finish.
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Live group coaching streaming sessions where buyers can ask their questions directly to specialists.
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Help and support from a focused, private community.
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Buyer insider sessions where specialists provide insights that will provide the buyer's edge.
Follow us on facebook.com/ThePropertyFrontline for regular updates, or book in for a strategy session to discuss your property questions.
Disclaimer – This information is of a general nature only and does not constitute professional advice.  We strongly recommend you seek your own professional advice in relation to your particular circumstances.
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