Buying your first property in today’s market

10 September 2020

As we are in the second week of Spring selling season we thought it would be useful to remind buyers of some important things to look out for when buying a property. Buyer activity is high, and there are a lot of first home buyers out there looking to take advantage of the NSW Government stamp duty concessions, so if you are on the search for your first property and need some helpful hints, take a read below.

As a first home buyer, chances are that you’ve worked hard to save up your deposit and now it’s your opportunity to start looking and making decisions on a property that fits your criteria. Which brings us to our first point – have a solid search criteria! We suggest you compile a list of non-negotiable features that you want in your home, and also a list of features that you would like to have, but you are willing to compromise on. For example, location and number of bedrooms may be things you are not willing to compromise on, however price, outdoor space or secure parking may be some elements you will sacrifice if an otherwise perfect property presents itself.

Another tip is to really look at your capabilities when it comes to buying a property that needs renovating. If you buy something with the idea that you will do a heap of DIY jobs in your spare time to bring it up to scratch, then just have a think about whether that is actually achievable! Stay within your limits when it comes to renovating, and if it’s not something you can do yourself, your budget will have to allow for a professional builder to help you with it. Also, getting a building inspection done before you buy can help you understand how the home sits structurally so you know exactly what you are purchasing.

Lastly, we suggest getting in touch with your agent and make sure they have your current search criteria. With quite a lot of apartments on the market right now, agents are utilising their database of clients to sell properties ‘On The Quiet’ to avoid marketing costs for their vendors. If you can be on the mailing list to find out first about properties that haven’t yet hit the market, you may be able to secure your dream property before someone else snaps it up. Here at Cunninghams we generally sell around 20% of properties ‘On The Quiet’ so please get in touch to update your search criteria and we can let you know if anything relevant comes up.

Earlier this year we wrote a blog article on ‘Tips for a success purchase’, so click here to have a read for some more helpful hints.