In many parts of Australia, housing prices are rising at an alarming rate.
The big question is: Do you buy now, or wait for it all to cool down?
Here is some advice for shopping around in the current market:
- Don't try to predict the market. It's very difficult to pin point when it will turn out in your favour. Always buy when the timing is right for you.
- Know your budget. Don't get caught up in "buying fever". Instead, consider what you can afford and don't rush into this massive financial commitment.
- Do your homework to make sure the property you are considering is worth the asking price. There are a number of websites that can help you out with research.
- Don't overlook renovations. Old homes may need some work, but they can have some great quality features, such as generous dimensions and double brick walls. Just be certain to factor in the renovating costs when buying.
- Keep in touch with local real estate agents. A good relationship can keep you ahead of the game.
- Door knock. If you don't ask - you may never know! Knock on some doors or drop leaflets and you just might strike it rich!