Thursday, May 08, 2014

Embrace the unknown.

After 9 months of passively 'browsing' the web for properties, I finally bit the bullet and purchased my first residential property. I have grown up in real estate and know the process inside and out, but to personally take each step is a very different experience.

As a person who likes to plan things and for whom purchasing items over $100 takes weeks of consideration, purchasing a property all happens very quickly. After months of looking at property and attending inspections, it was a two minute phone call that suddenly launched a whole chain of events. I was officially a home owner.

After being the highest bidder at auction and having the property held over, I bought my home only hours later under auction conditions. With a 30 day settlement the race was on! The deposit was due, I had a conveyancer to appoint, insurance to arrange, funding to confirm and a looming settlement date. I was quickly thrown into the world of a purchaser.

In our business, we help people buy and sell homes every day. As a first home buyer, it is eye opening being on the other side of the fence and experiencing the journey our clients go on and the emotions they feel. There are so many unknowns, (timeframes to meet, papers to sign…) and I now know just how important it is to ensure you feel at ease with the process and are not left asking 'what's next?' These are the unknowns that can make purchasing a property extremely daunting, and also why many potential buyers don't take that final step.

Even for the seasoned investor, these unknowns can be concerns such as whether you will overcapitalise, what the market conditions will look like, how long it might take to find a tenant and ultimately, what rental return you will achieve.  These are all mental hurdles that can affect a decision on whether or not to purchase an investment property… And there always seems to be a reason holding you back.

So, what have I learnt? Find a finance professional to guide you, an agent you can rely on and an experienced conveyancer to help you through the process and ensure you stay informed and comfortable.  Whether you're considering adding to your investment portfolio or buying a home, take that final step and embrace the unknown.

Regards,
Suzannah Toop

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