Keen to get into the property market but finding it hard to keep up with all the conflicting and trend-based advice out there? Director and Auctioneer at the Agency Michael Keil – who recently spoke at one of our Connect Events – often finds that it’s the simple, good old-fashioned advice that can give first home buyers the edge.
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How old-fashioned home buying advice can give you the edge
Meet face to face with real estate agents
Text and email may be popular ways to get in touch, but Michael encourages you to build relationships with local real estate agents the old-fashioned way – calling them or meeting them face to face. Building relationships with agents could mean you get info before it hits the real estate websites, like those properties that don’t even go to market.
Research, research, research
Everyone’s heard of the golden rule of real estate - location, location, location. But Michael puts another rule before that – research, research, research. This includes going out and meeting agents to get a feel for property values and performance histories in the area, visiting real estate websites and talking to other home owners about their experiences.
Michael recommends looking into the government assistance that might be available in your state to help you get into your first home sooner – things like the First Home Owners Grant (FHOG) or a Home Buyers Assistant Account (HBAA).
Think long term
According to Michael, don’t necessarily let what might be currently happening in the market put you off if you’re keen to buy a home – for example, if the market’s falling. Michael points out that there’ll always be bad buys in a good market, and good buys in a bad market.
It’s important to do your research, as well as remind yourself what appeals to you long-term about buying a home. Those potential benefits (not just the financial ones) could far outweigh anything in the short term. Think of the sense of ownership and security you’ll feel by not renting - not to mention having security in retirement. In Michael’s words, you can be the “master of your own destiny."
Thinking of buying an investment property? See why property is a long-term investment.
Watch
Cracking the code: Connect Events
Whether you’re building a deposit or actively looking to purchase, researching buying your first home can be confusing. Buyers agents. Auction vs private sale. Offset accounts. Interest rates. Contracts. The list goes on. We want to straighten it out for you, at Connect Events: Cracking the Code. A panel of experts from across the property industry have come together and are ready to answer your questions on the home buying process.
Video transcript (PDF)
Video transcript (PDF)
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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.