When Should I Buy a Property?

Buying a property is a lifetime commitment and you only get one chance to get this right. Once you’ve signed the contract and paid your deposit if you walk away you face losing your deposit and potentially being sued for the difference if the property sells to someone else for less.

It surprises me how many people fail to do their own due diligence.  I get that it is only something you will generally only do once in a lifetime.  Screwing up can cost you your home, your family and ruin your life if it’s not done properly.  Don’t think the old cliché “This won’t happen to me”.  People just like you and your family are making poor decisions every day.

The Best Time To Buy a Property is When You Are Ready

The best time to buy a property is when you are ready.  When you’ve done all your due diligence, had independent legal advice and you are not in for the get quick rich scam.  There are far fewer buyers who make instant money.  Property is a long term strategy.

Buy what you need and not what you want.  There are too many buyers overcommitting to properties they can’t afford.  They buy the 4 bedrooms, 2 bathrooms, 2 living area property that they want.  If you don’t need it to consider buying something that you can renovate and extend or just as a stepping stone.

Buyer’s Who Buy What They Want and Not What They Need Report That They Should Have Bought What They Needed.  They Live With Huge Regret.

Plan for that rainy day, let’s face it tragedy can happen to anyone.  Have a buffer in case something happens to you or your partner.  A good idea is having 3-6 month of repayments tucked away.  People lose their jobs, get ill for extended periods of time or face a tragedy.

If you have any questions, please comment below or get in touch with us for an obligation-free chat.