A handful of tips to get your foot in the Darwin property market

On 12 January 2015 in Buying, Darwin, Tips, Achievements, Property Investor

Looking to buy your first home in Darwin? If yes, we’ve got you covered. We’ve pulled together a handful of tips to help you on your way to home ownership.

1.Start saving

It might be the most common sense tip to suggest, but so many fail to implement their savings plan, or even worse, they have no savings plan at all. Reassess your budget to see where you can start saving some of that extra cash and you will be surprised at how quickly it adds up. The goal is to start small with a realistic amount to save each week and what might seem insignificant now, will soon become a healthy deposit on your first piece of real estate.

2.Define your budget before you start looking

One way to avoid frustration and disappointment inspecting homes is to define a budget before you start looking. Knowing how much you can afford to spend on your first home will save you time and stress trying to attend every viewing in Darwin. Defining a budget will also help you understand what is available for that price in Darwin and surrounding areas.

3.Don’t forget the extras

As a first home-buyer it can be an overwhelming experience as you are sometimes unaware of just how much due diligence can impact on the final price of a property. Costs including legal fees, stamp duty, pest and building, moving costs and insurance can quickly add another 5 per cent to your home’s purchase cost. Some agencies might not put that out there, but we want to make sure you’re aware of what’s involved.

4.Reap the benefits of pre-approval

Getting pre-approval before the search can make all the difference in the sale of a house, both financially and emotionally. By having your loan pre-approved up to a certain amount, it stops you buying a property that you wouldn’t be able to finance. Considering this is your first piece of real estate, and a major financial commitment, it would be wise to carry out this simple step. Another benefit of pre-approval is that it reduces the disappointment of getting attached to a home beyond your reach. The time you waste looking at properties above your limit could be stopping you from finding the property that is right for you.

5.Study the market

This is one of the most important steps in finding and buying a property as it will determine the growth and return of your property. By studying the market, you can work out exactly where you want to buy and figure out what you can afford. There are numerous ways of conducting this research, whether it be educating yourself on market trends or finding a professional to help you. Having a professional on your side who you can trust takes all of the legwork out of the equation and provides you with a wider scope of information and access to data you otherwise wouldn’t have.

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If you’d like an extensive comparative market analysis to provide you with a more accurate picture of the market, call us today on (08) 8932 8858.

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