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Getting a foot into the property market can seem like a daunting task, especially when there are so many different options to consider. If you’re thinking about getting into the property market, you could be making an excellent decision as you will be taking advantage of the record low interest rates and purchasing in areas that could soon take off. Here are a few tips to help you get into the property market in 2015:

1. Be picky with properties.

If you are looking to get into property investment, it is important that your first property does not blow the budget and there is room for significant growth. You should be picky when it comes to purchasing your first property, as you don’t want to have a loss on your first investment.

Refer to property reports to assist you in finding suburbs that have reasonably-priced properties and an area that has a solid history of good capital growth. It is a great idea to research the surrounding suburbs where you’re planning to buy a property for its accessibility, safety and amenities nearby including shops and schools. These are what tenants and buyers tend to look for when choosing a property to live in.

It may also be a good idea to look outside the city, and invest in regional areas that are well developed with local amenities. This gives you the chance to buy relatively cheap properties in areas where there is still a big potential for growth. Research infrastructure plans and find out what has been approved, this is a good way of knowing which areas should have the backing for property growth.

2. Be prepared to negotiate.

With the record-low interest rates, lenders are more competitive than ever with attractive loan packages, which of course can work in your advantage. There is so much choice for lenders who appear to offer very similar packages, however when you look through the finer details, there may be some lenders who offer a slightly better rate.

It is best to research each of the potential lenders to find the right package for your financial situation, which is where your finance broker comes in. You could spend days researching and reading all the fine details for each lenders, however your finance broker has the knowledge and experience necessary to find the right lender for you.

3. Set a budget and stick with it.

It is important to note that low interest rates and high demand may not stay that way forever. This means it is also important that you protect yourself early on from heavy financial loss if the market doesn’t go your way. You can start with choosing a good property for investment (again, good price and good location), not borrowing more than what you can afford, and having a buffer in your funds for unexpected property-related expenses.

These are just some of the tips that will help you get on the property market in the current market. Just remember to stick with some of the important rules to go by when investing in property like buying one that’s fit for investment, getting a mortgage that’s within your budget, and having an exit plan so you can transition smoothly from your investment to your next goal.

Written by Dean English