When you want to purchase a property in Sydney, there are many things to consider, such as the prices, popularity of the neighborhood you’re interested in, safety and many other aspects of real estate ownership. So, if you’re planning on investing in the real estate market in 2019, here are some tips to start from and some traps to avoid.
Tip: Do research
When you set your mind on a certain Sydney suburb, you should do some research before viewing any houses or apartments. Whether you’re looking to buy a home, or a property to rent out, your investment will be substantial and you need to be familiar with how the market functions. Aside from the demographics and the economic conditions there, you should also learn about the population growth rate. This can be done by going through property guides for the area, as well as the local market results.
Trap: It’s easy to fall pray
When you’re overly enthusiastic and are too naïve to hide it from people, there will be agents who will take advantage of this enthusiasm. Try not to show exactly how eager a customer you are, since you might end up with a bad investment. Also, don’t rush into buying something just because you feel tired of looking at houses, or because your friends managed to find a perfect property faster than you. You might spend more than necessary or purchase a home on the main road, but in any case, you could get stuck with a property you’ll regret buying, and which you won’t be able to sell without losing a huge part of money you invested.
Tip: Widen your search
Although you may want to stay in the same suburb you’ve lived so far, there’s no reason for you not to visit some of the neighboring ones, or the ones that are becoming increasingly popular. If you see a lot of people are fighting to get a property somewhere, there is probably a good reason for it. For example, if you don’t want to drift too far from your workplace in CBD, but you still want a peaceful, yet eventful place to live, consider investing in a lovely Manly real estate. You’ll be a 20-minute ferry ride away from CBD, but able to enjoy your home and the holiday-like atmosphere of the neighborhood. Finding a perfect balance between work and relaxation and being able to upgrade your quality of life by investing in the right property is the key to happy living.
Trap: Not thinking long term
If you’re buying a property now, but aren’t really thinking about where you want to be 20 or 30 years from now, you might be making a huge mistake. Just because you want to own a house today, doesn’t mean you have to rush. If you think you might need your money back in several years’ time, don’t buy the property. Also, if you don’t see yourself as the owner of that property in 20 years or so, you shouldn’t invest in it. Don’t forget that the property itself isn’t the only cost you’ll have. There are entry and exit costs to consider, so make sure there is no doubt in your mind about making such a huge investment and always think ahead.
Tip: Pretend to be a local
A home is more than just a house. It’s everything around the property as well – the location, the neighbors, the schools, cafes and parks that make it a nice place to live. So, be clear about what you want from your real estate – the proximity of schools, shopping centers or major roads, or simply rich cultural diversity. To be sure everything is just as it seems, do some field work. Visit some of the local restaurants and bars, talk to people or simply take a walk around the neighborhood to feel the general mood and observe the ambience.
Stay on top of your real-estate game by having the necessary information and knowing exactly what you’re looking to buy. If you feel like you’re in over your head, hire an expert property manager and find the perfect property for you and your family.