What’s Happening In The Brisbane Property Market in 2017?
With new apartment construction booming and housing prices at affordable levels, the Brisbane property market is showing signs of positive growth for 2017. In fact, if you are seriously considering investing and entering the market, you’ll find there are plenty of excellent opportunities to grab.
But be aware. With sustained growth tipped to continue for the next few years, the demand is bound to increase. The biggest tip to getting ahead of the crowd is to be prepared. Properties move fast, but by doing your homework now you’ll position yourself to ensure no unnecessary delays.
Tips for entering the property market
Understanding the property market takes time and even those who make it their living often find the variances a reason to scratch their heads. Don’t let that dissuade you. As a first home buyer, a family looking to upgrade, or an investor seeking to expand your already flourishing portfolio, it’s not so much the understanding of the cyclical nature of the market that is key, but coming to terms with how you need to position yourself so you are prepared. Here are some top tips for entering the Brisbane property market in 2017 and keeping one step ahead of your competition.
1. Cashflow management – getting your finances in order
You’ve heard it all before: the importance of budgeting, saving for a deposit, keeping a good credit history and clearing debts. They are all the key makings of positive cashflow. But it’s essential you do your homework and come to terms with the less obvious costs involved with buying a home or an apartment too.
Understanding comprehensively what your outgoings will be ensures you know exactly what you are getting yourself into. It’s the key to getting on top of your finances today, but also having the ability to afford your new property purchase well into the future.
2. Location is more than just the look of the neighbourhood
The area in which you invest is not something to be taken lightly. You really need to be confident that the local area will service your current lifestyle needs, but also your future requirements. Chat to developers and real estate agents. Walk the streets and get familiar with the amenities, schools and services on offer.
Consider, too, the demographics. Is this a location more suitable to a young family or the elderly? Does it attract single professionals or a mixture of everyone? Understanding this aspect of the market may make a big difference to your ultimate decision.
3. Suitability – choosing the right property
It’s easy to get carried away when searching for the ultimate house to call a home. You may fall in love with a fabulous suburb, for example, such as an up and coming area that is being developed and is destined for great things. Don’t settle for less, though, when the time comes to ensuring the layout of the property suits your unique style. They home you buy must suit your needs, regardless of where it’s located.
If you are after a two-bedroom townhouse and the bulk of properties in your dream suburb are more suitable to larger families, it may mean you need to look elsewhere or reconsider your options.
Once you find the home that ticks all the boxes, it’s time to take a good look behind the façade to ensure you know exactly what you’re buying. Getting a pre-purchase building inspection may seem tedious when you’re excited about the prospect of sealing the real estate deal, but it’s going to have save you potential heartache down the track.
Whether you’re buying a brand new apartment, a unit in a high rise or a freshly renovated established home, a quality building inspection is the best money you’ll spend on your real estate journey.
Choosing a reputable building inspection company now, means all you need to do is make that phone call as soon as you pick a property. A building inspector will check for essential structural issues at the property, some of which can have a big impact on your future plans. These include:
• Do all aspects of the building meet the current codes and standards?
• Is there any electrical or plumbing work that needs adjustment?
• What materials were used in the frame, insulation or roofing?
• Are there any safety concerns around pools, decking or retaining walls?
Planning for repairs:
• If there are known issues, how much will they cost to repair?
• If you’re planning renovations, are there any concerns about council regulations, stability of foundations or the location of plumbing?
• Is there any asbestos or other problematic materials visible?
If you believe the real estate forecasts, then 2017 could be the right year for you to sign on the dotted line and become a property owner. You know you need to prepare yourself financially, but you also need to be prepared to make hard decisions about the ultimate location and the style of home you’re after.
Perhaps most importantly of all, you need to prepare yourself by having the contact names of professional experts to call upon. That includes a building inspector. Opting out of a pre-purchase building inspection may seem like the right choice when money is tight, but where else are you going to get an independent view of your dream home?
Organising your building and pest inspections prior to settlement day is essential. Don’t judge a home by its appearance alone. Let the experts provide you with an unbiased report that outlines more about your home, and what’s going on between the walls, than you could imagine. You’ll have the added peace of mind of knowing about any potential problems, as well as truly understanding the age, condition, history and building materials to be found within your property.
Before you make the biggest financial decision of your life and enter the Brisbane property market in 2017, give Action Property Inspections a call! Don’t take a risk on your investment or your lifestyle!