A property is a long-term investment. But deciding when to buy could be overwhelming, especially when property prices in Australia stay at an all-time high. Prices for properties and houses for sale around Burnside are expected to increase in the years to come, but even with that, many houses stay on the market for about 58 days. Meaning you need to make a decision fast, or else other buyers can beat you to the property you are eyeing for.
Getting an old home, however, may mean renovating and updating that could add up to the cost. Buying a new house and land package can be a more affordable and accessible option as some developers allow you to custom build your own house based on your preferences.
Whatever your final choice will be, there are important factors you need to remember when looking to buy a property:
1. Secure Your Finances
Budget is the most important factor when buying any property, and remember that it’s better to secure your finances first. You might struggle with getting a loan due to stricter lending restrictions set by the Australian Prudent Regulation Authority (APRA).
Thus, the best time to buy a house and land package is when your lender has given you the money. Remember that you may not get a loan easily.
2. Know Your Price Options
The best time to purchase a property can vary depending on your preference. For example, if your main motivation for buying a home is the price, then you can buy at the time when a new house and land development is still in the process of establishment.
The lower price point is one advantage of this strategy. That’s why it’s more attractive for people to invest in a not fully established area. The downside, however, is you have to endure the construction of other houses, roads and buildings.
Another consideration that you should keep in mind is if the community fits your lifestyle. You should see if the area has the essential amenities, such as schools, transport links and shopping centres, among others.
You can buy a property anytime. But there are several factors that can help you understand if your investment is worth your money. You can seek advice from an estate agent to further guide you in making an informed decision.