What Are Your Property Purchasing Goals?
This is an important question to explore before you purchase a property. It will help steer you in the right direction of what to buy and where. It's a question we work through with our clients at the start of any search. Answering what you are looking to buy and why will help you get your scope right, from the start.
First and foremost… Why are you buying?
Is your driving factor to escape the rental market and paint your property hot pink? If so, perhaps wealth creation as a reason for buying is not at the top of the list and you may want to focus on lifestyle location instead of capital growth potential.
Is it so you can get your kids into your ideal school zone? Location is your driving force here, so accommodation may have to take a backseat. Depending on your budget you might need to compromise on the space to get into your desired catchment zone.
Are you looking to start your wealth creation journey? Do you want to invest your money and start building a portfolio? In this case looking at growth areas you may be completely unfamiliar or uncomfortable with will be your focus.
Is it to make room for your growing family? You’ve got the picket fence and one little terror running around and just found out there’s another on the way! Your budget doesn’t get you much in your current area so you need to expand your location horizons with accommodation needs as your driving force.
Or is it because you need to downsize your life and want to escape the demands of a larger property? Where you want to live and how you are going to fit your furniture into a smaller, lower maintenance property are your key considerations.
Once you work out your why, you can then get into the what and where…
Are you looking to do renovations, if so how far are you prepared to go?
Are you planning to do a subdivision down the track?
Are you ok to be involved in a body corporate?
Are you aware of the ongoing maintenance that comes with buying an older home?
Where is your community/ family and friends?
Is a lifestyle factor important to you? Is being close to shops or the water a key criteria?
Is it more important for you to be in the area you want or to be in a property you are happy with in terms of size and condition?
And lastly, another key consideration in buying any property for any reason is forecasting how long you plan to hold it for.
These are all questions we work through in detail with our clients and a huge reason why we go into the market clear and ready to buy the right property, as soon as we see it!
Always remember the ‘5 x P’s’ - Preparation prevents piss poor performance!!
So get your notepad out and get stuck into your why… trust us, it’s going to help you get into the right property for you, sooner.
Until next time!