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There are some variables that are quite flexible when searching for real estate. Your budget, typically, is not one of them; if you have a set maximum amount you can afford, it would be foolish to treat this figure as negotiable. Your financial restrictions don’t mean you have to settle for second best, though. With the right ideas and a proactive attitude, you can get your hands on a property of your own sooner – without needing to win the lottery!
1. Know Your Limits
Long before you trawl through real estate on the internet and seek out open homes, you should know exactly what your budget is and have a firm financial outcome in mind. Talk to your bank or lending institution about how much you can realistically and readily borrow. You should also have a best-case and worst-case scenario. That dream home might seem feasible now, but with a couple of extra digits on the interest rate, how comfortable will your standard of living be?
2. Your Plan
It’s imperative to clearly know your financial plan for buying a property. Are you buying a rental property for investment purposes, a house for capital gain, or the endgame property of your dreams?
Buying a property that is tenanted is very different to purchasing the family home and altering it to suit your needs. Or maybe you’re in the mid range, purchasing a property that will have enough gain to get you into the market you really desire. Whatever your case is, it’s crucial to plan well in advance.
3. Capital Gain
Even if your budget is limited, there are great real estate opportunities to be had at the right time in the right place, and this is where it pays to have some experts on hand. Professionals such as Templeton Property (a team of buyer’s advocates in Brisbane) have a wealth of real estate knowledge at their fingertips, including insight into what suburbs are likely to attract interest in the next few years. You can click here to visit their website and gain an understanding of how a buyer’s advocate could assist you.
4. Consider Your Purpose
The importance that different factors have for your decision will vary depending on whether you’re buying for yourself or as an investment.
When you buy a property to serve the specific needs of renters, it’s a very different prospect to purchasing the home of your dreams. You are looking for a good suburb that comes with good rent, but also a property that requires little maintenance.
If you’re looking for that family home of your dreams with a budget in mind, a little compromise can go a long way. That pool may not be feasible in the inner suburbs, but a couple of kilometres farther afield it starts to look realistic. The key here is to be open minded. Pick a suburb you love then find a property within your budget in close suburb proximity.
Budget doesn’t have to mean restrictions; it just means you need to think a bit more creatively and be sure to plan carefully. The ultimate outcome, with the right advice and mindset, will see you living in or renting out a home that suits your lifestyle but hasn’t left you with an unfillable hole in your wallet.