The Property Search Paradox

Property Search_openminds

Why you need to be both open minded AND focused.

In a hot market you need to be open minded about your property search area BUT focused at the same time!

If you aren’t open minded you could possibly have unrealistic expectations about what you can get for your money and are likely to keep missing out to other buyers with deeper pockets.

But if you are too open minded, you will have difficulty covering a broad search area and while you are looking in one suburb you will be missing opportunities in another.

The secret is to spend time at the outset of your search to get a realistic idea of what your money will buy. Don’t only look at what’s currently on the market. While it’s great to inspect as much as you can, it will take you ages to get your head around auction price guides and get a real sense of property values. So make sure you also look at recent sales results (maximum 3 months old) and make an assessment on whether you are likely to get what you want for your budget. If you can’t you will need to quickly decide whether to increase your budget, decrease your expectations or move suburbs.

If you decide that you can’t spend more money and can’t compromise on the actual property, then repeat this exercise in the next suburb, or in a different area where you feel you can experience a similar lifestyle. Test commute times, check out local cafes and shops, immerse yourself in the area for a weekend to see whether you could belong there.

Getting your brief right provides the foundation for your whole search. It’s essential that you take the necessary time to research the market at the outset. In a rising market, the time you invest in research will make sure you buy quicker and in doing this you will save dollars in the long run. Wishful thinking simply isn’t enough to get you the property of your dreams.

Further reading:

What to compromise on when buying a house or apartment

When to set your budget

Buying property – How to know when you know enough to buy, without paying too much

First published:- 30th Jan, 2015


Please note:
Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.

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