As the year is quickly coming to a close, you may be thinking about the different ways to spend the holiday season and cap off this crucial year. On the other hand, many people might be looking forward to what lies ahead—hopefully, a promising 2021! For aspiring homeowners, checking the real estate market as early as now can be the best approach to get a headstart.
The good news is that the spring’s selling season may present home buyers with plenty of opportunities in the coming year. Sure, you may not have seen many open homes this year, which consequently led to a brief hiatus for real estate sales. But with the release of vaccines and hopefully the end of the global pandemic, you can expect businesses to reopen and the real estate market to bounce back.
If you’re looking to purchase a new home this coming spring, here are five practical tips for you:
1. Factor in the home loan features
If you need funding for your home purchase, you need to work with a highly reliable lender and look for the best mortgage rates. The best course of action is to search for prospective lenders, get multiple quotes, compare rates, and settle for the one with the best offer. Apart from the interest rate alone, consider various home loan features, such as the monthly contractual payments (MCP), loan terms (15 or 30 years), and escrow accounts (taxes and insurance), among others.
2. Take advantage of low rates
Did you know Australia’s real estate market has seen its lowest interest rate ever? Given the global pandemic, it has been as low as 0.25 per cent! There are even rumours that it can get as low as 0.10 per cent this coming spring. As interest is the most crucial factor that determines a homebuyer’s decision, why don’t you capitalise on this opportunity? With this in place, imagine how much you’ll save up in the long run until the time you’ll pay off your loan.
3. Research on the suburb areas
It’s a good idea to start researching the suburb areas while looking for your much-coveted dream house. With house prices significantly falling for the past few months throughout the country, you may want to find out what properties are being sold in your area and see how you can take advantage of the situation. By doing so, you might eventually find a gold mine in the sea of real estate properties!
4. Consult with the real estate expert
Despite the COVID-19 crisis, most real estate agents are still working through the pandemic to meet their clients’ needs. Furthermore, they are still well-acquainted with the market and the impact of the crisis on the industry. If you want to buy a new home this spring, you need a real estate agent now more than ever. This expert has the knowledge, skills, and expertise to help you make the right decision in getting the right mortgage and finding your dream home!
At FinanceCorp, all our finance managers are fully qualified, trained, and experienced mortgage professionals who live and breathe finance. We are here to match the right home loan to you so that it will suit your needs for both now and in the future!
Conclusion
At this point, you now know how to prepare for a home purchase this coming spring. As outlined above, all it takes is to factor in the home loan features, take advantage of low rates, research on the suburb area, and consult with the real estate expert. With all these key steps, you’ll be able to make the right decision in getting the right mortgage and buying your dream house!
We’re one of the leading finance brokers with access to more than 25 lenders offering various home loan options. If you’re looking to find the best home loan in Perth, WA, as a first-time homebuyer this coming spring, get in touch with us today to see how we can help!