Keeping Your Cool in a Hot Property Market
It’s a great time to buy property, with access to life-changing grants and interest rates lower than they’ve been in a long time.
This also means that the property market is hot and competitive at the moment, making it easy to lose your cool. Don’t let your fear of missing out on your dream property lead you to make easy mistakes.
Here are our top tips for keeping your cool in a hot property market.
Keeping your cool
Don’t let your emotions take over
We’ve seen so many buyers rush into a decision because they’ve fallen in love with a property and can’t imagine losing it. We want you to love your property, but we can also help you stay logical and make an informed decision. Your conveyancer can look through your contract and let you know about any key points you may have missed.
In a hot market where it feels like properties are being swept out from under you, it can be easy to compromise and settle on a property. We recommend writing a list of clear must-haves and sticking to it. Your perfect property will come along, and if it’s meant to be, it’ll work out for you!
We’ve also seen buyers make a purchase, just because they’re sick of looking around. By talking to your conveyancer, you can alleviate the stress of your property journey to free up time to house-hunt.
Look at things properly
Part of making an informed decision is to have as much information available to you as possible. Although it may slow down your purchase, it’s essential to have a building and pest inspection prior to signing your contract. A few minor repairs here and there are fine, but your “dream home” may be filled with costly problems.
Set a realistic budget and stick to it
Set a realistic budget that works for you and will leave you feeling comfortable. Speaking with a conveyancer early on in your property journey will also allow us to inform you of any additional costs you may have missed.
It can be tempting to up your budget once you’ve missed out on a few properties, but this will just cause you stress later on as your renovation, decoration, or emergency fund has taken a hit.
Organise your finances
You must have written finance approval at hand before the contract is binding. Although your lender may provide you with pre-approval before you start looking for your property, this will usually be subject to and conditional upon the bank obtaining a satisfactory valuation. If the bank’s valuation is lower than the amount required, your loan approval may fall through, and you risk missing out on buying a property.