2020 has brought much instability to the property market. If you want to buy an apartment in Melbourne, or even a house, you might be wondering what’s next, and how you can take advantage of it. Here are our top tips for preparing to buy in 2021.
Have you been to a mortgage broker yet? If you’re looking at buying a house in Melbourne or any other property, you’ll need to find out how much money you can afford to borrow from the bank. That’s what a mortgage broker will be able to tell you. It’s a good idea to track your income and expenses for up to three months so that you have all your spending and saving data at your fingertips. If you have credit card debt, you should try to pay down that debt first before you consider buying a house. If you have many debts, you might like to try the debt snowball effect, where you make a list of all your debts from biggest to smallest, then start paying off extra on the smallest one until it’s done. Next, start paying off the second smallest one, and so on. Just make sure you’re paying the minimum payments on all your other debts at the same time as snowballing.
If you’re looking to buy an apartment in Melbourne, or a house, you might be tempted to buy while interest rates are low. But the complication to this COVID-induced situation is that there’s currently high demand and low supply on the market, which makes for more competition. If you have a lot of money to spend – a large deposit and the ability to pay off lots of debt – go for it, but if that’s not your situation, you might be better off working on your finances so you have more means to get the property you want. Also, when it comes to timing, it’s not always what the market is doing that counts. You also need to make sure that the timing is right for you and your financial circumstances. Any time is a good time to buy, so don’t rush into anything.
While it’s never a bad time to buy a home, COVID-19 has definitely had an effect on the property market. Through these uncertain times, people have chosen to hold off on selling for a multitude of reasons. Some are practical – they’re renovating a home to sell and due to restrictions, tradespeople couldn’t work on their property. Others are waiting for the price dip to revert to a previous higher status. What happens when there’s less supply of homes is that you may be tempted into buying a house in Melbourne that doesn’t 100% suit your tastes or requirements. It’s no good settling for something you don’t really want, especially when it comes to an investment as big as property. Make sure you wait for supply to pick up so you have the best chance of finding your dream home.
If you’re finding there’s too much competition when buying a house in Melbourne, you can always look further out. Why not expand your horizons and consider rural land for sale in Victoria? You can go in almost any direction out of Melbourne and find affordable rural properties just waiting to be snapped up. To buy a rural property in Victoria, you won’t need as much money than you would to buy something decent in Melbourne. This means that when it comes to rural land for sale in Victoria, you can get more value for your money. A rural lifestyle also appeals to many people – knowing the people in your community, giving your kids a country upbringing, having plenty of space, the list goes on. So don’t rule out rural properties – they just might be the key to getting into the property market.
At Aumeca Group, we have the necessary experience to help you find the exact right property to buy. Whether you’re interested in buying a house in Melbourne or rural land for sale in Victoria, we’ve got plenty of properties in our portfolio that will meet your requirements. Get in touch with us today by calling (03) 8609 9086.