How waiting for the perfect property can end up leaving you disappointed
When it comes to buying property, especially for first home buyers, we often look for the perfect property. We want a particular number of bedrooms, a certain sized property, a specific number of bedrooms, new or renovated kitchens and bathrooms, the list goes on. Wanting to find a property that ticks all of the boxes can leave you waiting and disappointed.
1. The most desired item from Sydney buyers' checklists is a view, and we don't blame them (picture: Sold property 32/27-51 Palmer st, Woolloomooloo). 2. Buyers also want renovated bathrooms (picture: Sold property 1E/105 Cook Rd, Centennial Park).
Most experts will tell you not to wait, and our principal agent Trisiana Muljono will agree, “It’s all about the price”.
There is one golden rule, and that’s to buy a property within your current. budget. “Waiting to buy can mean starting again,” Trisiana will tell us! A first home buyer will build up to the occasion. They do their research and know where to buy, what the property should look like, discover the capacity of their finance and assess the local market. This should be the end of the list but it doesn’t always stop there.
We all have the tendency to be perfectionists and think we’re going to come away with the best deal. Most of us will create a list of things the property must have before we can checkoff. By doing this we lose sight of the golden rule, to buy in the current market with your current budget.
3. Buyers top 5 item in Sydney is outdoor space (picture: Sold property, 21/165 Victoria St, Potts Point). 4. You can't leave out good storage space (picture: 202/40 Macleay St, Potts Point).
The problem with losing sight of the bottom light is time. The longer you wait, the more the market and your circumstances may change. This could mean you end up losing out or having to start your research all over again.
“When people decide to buy they should compromise on the property and buy within their budget. You don’t often get ten out of ten with property,” says Trisiana.
A number of factors will change if you wait too long. Generally, property appreciates in value so the nature of the market is set for costs to increase as well as the sale price.
The market can seem daunting to buyers but it’s important to be persistent in those first few months. As a buyer, you might not be able to buy the exact property you’re after, you may not be able to buy the best home on the best street or the best suburb, but you can buy.
The SydneyLinks team
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