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How can I buy a house in the current property market?

Regardless of your age or location, entering into the market is no easy game. It requires a fair amount of effort and understanding of how it all works. Even once you’ve managed to organise and sort out your finances, it’s still a struggle to actually get the ball rolling. If you’re at the point where you’re ready to purchase a property, we’ve listed five ways that’ll help you put your best foot forward and will get you closer to owning your dream home.

Reasearch and budget

Everything in the world moves fast, and the property market is no exception. When it comes to entering the market, ready to purchase a property, you must be prepared to act quickly and without hesitation. In order to do this and not end up shortlisted, you’ll need to research extensively beforehand to understand and decide upon exactly what you want.

Another thing you’ll need to do beforehand is budget and crunch the numbers, especially if you aren’t purchasing the property on your own. By discussing and agreeing upon what you can afford and the details beforehand with your partner, you’ll be able to move a lot more quicker within the property market. By doing this, you’ll be prepared to make offers and decisions earlier in the process, potentially securing your property of interest.

Whether you want to buy, refinance or renovate - Lendi makes home loans simpler.

Relationship building

happy couple and real estate broker Owning a property is an incredible milestone we all strive to achieve, however, we can often disregard the assistance we received that helped us reach this goal. We’re referring to real estate agents. Flattery and etiquette will never go out of style, so be sure to treat your agent with kindness and respect on a regular basis. By doing this, your agent will want to work harder for you to get you the best deal possible as they’ll feel you deserve it.

Another way to build your relationship with your agent is by keeping them updated on any form of progress you’ve made. Here we don’t mean let them know anytime you take a small step, but rather the bigger ones that get you closer to owning a property. This will subtly let your agent know how serious you are in terms of making your move in the market and again, will push them to work harder for you.

Look into unrenovated homes

If you are starting to feel that your dream home is not on the market or simply doesn’t exist, you may want to think about purchasing an unrenovated home. This could help you take a big leap in the market as it could be your answer into landing your first property. Of course, this will all depend on your financial situation. If you can afford to do so, it may be worth purchasing an unrenovated home, only to refurbish it after.

Another thing to keep in mind when thinking about purchasing an unrenovated home is the low level of interest the home may posses. Everyone is always trying to feel and live in the most modern way possible, so low cost, unrenovated homes are often pushed to the side. This is your time to get in quickly and look into whether or not the property is worth purchasing. The lesser the competition a property has, the more likely you could soon be owning it.

Financing your renovation shouldn't be a headache. Lendi makes it simpler.

Make an offer ASAP

Signing the home loan deal In order to successfully purchase a home in this market, you’re going to need to take some back ways in order to get to that end goal. As we said before, you must be prepared to act and make decisions quickly, this includes making offers.

Depending on the situation, try your best to make an offer before the property heads to the auction. By getting in quickly like this, it can give the vendor a form of a safety net when the time comes to sell. This will also depend on the vendor, as many will often choose to avoid the stress of going to auction and will accept offers beforehand. Plus, if they deem your offer realistic and of value, they may decide to take it instead of risking an unrealistic amount or expectation at the auction.

The secret weapon

This final tip might not work for everyone, however, if the circumstance does apply to you, it is well worth looking into. If you already own a property you’d like to turn over, you can use this to your advantage to secure your new property. It’s a good incentive for an agent as he/she will see it as the perfect opportunity to gain not only one sales commission, but two.

However, if you are a first time home buyer, there is still another way to use this option. Ask around to your friends and family and find out if anyone you know is looking to sell their property. If they are, let your agent know and see if you can work something out. Your agent may put you in a better position on the market, knowing that they can help you purchase one property while they can sell another.

Don't spend hours filling out forms. Apply for your home loan online with Lendi and get approved faster.

Tags: first home buyer, option to buy, investment

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Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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