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Helpful Tips for Gen Y getting into the property market

By Rebecca Zhang

If you were born between the late 70’s and early 90’s, it probably means that one of your main goals is to be a home owner. However, you probably have some important questions that keep popping up, like: how can I get into the market? It’s too  expensive and dominated by investors – I’m doomed to renting for the rest of my life. This does not need to be the case. Here is a list of things you can do to ensure that you crack the property market.

1. What to do if you think you can’t buy:

One of the worst things you can do is to assume that you can’t buy, and that you have to rent for the rest of your life. It is highly likely that if you can be approved for a rental agreement, you can also get approved for a mortgage. The first step is to gather all of the funds you have that could be used for a deposit. Also remember that you do not need to put all of your equity into your home. You can take a longer mortgage out and take advantage of fixing your interest rate at the current very low levels.

2. Bring an agent in from the beginning:

Since agents are the experts in this field, it is best to contact them from the beginning of your journey in becoming a home owner. Call 3 or 4 agents that are located in the areas that you are looking to buy from. Let them know the specifics, such as:

  • your price range
  • your “must-haves”
  • your readiness to act
  • tell them how much contact you would like i.e. if you are only interested in a specific type of property, then tell them they should only contact you then.

3. Remember to be patient:

Remember that buying a house can take some time. Whilst it is one of the biggest investments you will make in your life, just remember that it is not that ‘scary’. Make sure you speak to people who have been through the process of buying a house. Ask them what worked for them and what did not.

4. Pick the neighbourhood, not the house:

Begin by deciding on what kind of an area you would like to live in. To do this, you can use a map to highlight your preferred areas. Once you have decided on your preferred areas, then you can take into consideration your budget so that your goals will be realistic.

5. Use the inspection time wisely:

When you are buying a home for the first time, make sure you use the inspection time to your advantage. Don’t just walk through the house in 5-10 minutes, but rather measure walls and spaces. And make sure you ask questions. Here are some potential questions you can ask:

  • What is the expected monthly costs associated with a house this size?
  • Would it be possible to knock walls down to create more space?

Additionally, you can view the house with a builder to ensure that you are well prepared. This is a good idea if you are interested in adding resale value to the property.

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