Spring is generally a peak season for buying that new home or investment property. Time is always of great essence. You want to acquire the best property within a very small window and that can exert undue pressure on homebuyers leading to costlier financial and lifestyle mistakes. Here are some tips on how to save time and get set on buying that new property this spring:
Get Your Finances Ready
Financing is always a huge hindrance when buying a new property so getting your finances ready in advance of the big decision can be a huge plus for a potential homebuyer. You should have saved sufficient deposit as well secured the right financing in time as this will help streamline the process.
To begin with, there are certain key preparations that you should make. These include the following:
• Review your budget and evaluate your financial situation. Are your regular savings sufficient to cover the initial deposit or do you need to up your money game and set aside more cash for the property acquisition? In some cases, you will also be struggling to save while also servicing debts so you will need to restructure your finances to meet your property purchase objective. If you can save more money now and have an excellent credit record, you will boost your chances when applying for loans. In the preparations stage, you should not just build strong and steady savings but you should also take time to establish a strong credit profile.
• Maximise your income by going after any outstanding invoices out there. When it comes to buying a home, you will need all the money you can lay your hands on. Make sure you separate your personal loans from your business finances when going after your invoices.
• Clear all personal debts ahead of time. These small debts will be like an albatross around your neck so you need to get them out of the way. Lower borrowings will boost your credit profile and hence increase your chances of getting mortgage or loans quickly at fairly favourable rates. These debts can include credit card debts and overdrafts among others.
• Talk to your personal accountant or financial advisor for additional assistance in organizing your finances to meet your goal. A professional accountant can offer you a few critical tips that will strengthen your financial profile.
Carry Out Market Research
Real estate markets are quite competitive and in some cases quit complex. Without a backstory on what the market offers, you are unlikely to spot the best opportunities or grab the best deals that will offer you value. Spend time to read some literature and carry out some thorough research on what the market offers. You can do this in multiple ways:
• Download and use a property app that you can use to gain market insights into the various suburbs in the locality where you wish to purchase the property. An app can have various features such as estimated market prices, affordability tools and calculators.
• There are various online property calculators which you can also use in determining data such as the upfront costs, forecast repayments, determine the amount of money that you can borrow based on your financial profile and so on. These can prove quite useful in counting the costs of acquiring your property and managing your cash flow.
• Leverage the free property insight reports for the suburbs as well as properties that you wish to invest in. These will include current information on the latest sales prices, current listings as well as the price estimates of the individual homes.
• Explore your options: As a potential buyer with money and a great credit profile, you have plenty of options so take charge and make the right choices. Some of the things that you can factor in include life’s goals and business objectives among others. Some agencies can also offer you professional support to help choose the right property at the right time.
Organise Your Paperwork
Buying a property involves a lot of paperwork. To save time later on in the transaction, make sure you have prepared all the requisite paperwork that you will need later on to process the property transaction. The amount of paperwork varies from one person to another. Some people, due to their line of work or business, have more complex paperwork so it is advisable to start early on to ensure you are not overlooking some important aspects. You will require paperwork such as business financial statements covering the most recent financial year as well as the most recent personal and business tax returns.
Get a Conditional Pre-Approval
Here is another time-saving tactic for someone planning to purchase property. Applying for a conditional pre-approval will allow you to get through with the property purchase process with more confidence since you will know the amount of money that you will be able to borrow.
Find a Suitable Home Lending Specialist
For even quicker decision-making and faster loans processing, find a suitable and reliable home lending specialist that will suit your needs. A professional home lending specialist can be a big boon in your property purchase journey helping you with various aspects of the transaction such as expert support, helping you pick the right lending option for you and guiding you through the application process. Home lending specialists can also assist in restructuring loans to suit your unique circumstances.