Before you enter the property market be sure to get finance approval in advance if you need it. People sometimes say I am not in a hurry, and that’s perfectly ok, however just be ready to move and for the following reasons. The task of buying is not as easy as you may think, and that’s in part due to low levels of quality stock in recent years across Melbourne. So today you are competing with more buyers for less available real estate than perhaps a more balanced market might present.
One you get organised finance remember that if you buy at auction it’s considered market value by the bank. However, if it’s a private sale, always make it ‘subject to finance’ to protect your interests. This is because the bank will want to do a valuation before handing over that finance approval.
Be mindful also, there’s nothing worse than finding a property you like and them missing it because you are not ready. The same can be said when not having the expertise by your side to bring those dreams to reality, times have changed, it’s no longer that straight forward.
Just remember financing is one part of a big puzzle, knowledge, strategy, relationship and expertise are the other priorities that ensure you come out a winner!