Tag Archives: Buying in Fairfield

Is it a good time to get into the Fairfield property market?

Most Fairfield residents aspire to own their own home at some stage in their lives, but how do you know when it’s the right time to take the plunge into the property market?

To answer simply, the sooner you get into the property market, the better off you will be in the long run.

It’s true that buying a property isn’t always easy and it will probably be the most expensive purchase you will make in your lifetime, but the cost to buy a home is only going to go up over time. Also by buying a home earlier you will be able to pay your home loan off sooner, putting you in a much better financial position in the future.

If you’re still young then you might not be too concerned about things like retirement and future wealth, but no doubt you will still agree that you don’t want to retire someday with a home loan that hasn’t been paid off yet.

If you have been thinking about buying a home then now is an opportune time as interest rates are at a record low and there are still many affordable properties available in the Fairfield area. If you’re a first homebuyer you may also be able to take advantage of stamp duty concessions and the $15,000 First Home Owner Grant for new homes.

Interest rates have been holding steady for 17 months now and many financial experts believe that they will remain on hold for awhile longer still, which provides a great opportunity to pay off a home loan quickly and to negotiate a good home loan deal with your home loan provider. If you’re concerned about rising interest rates, now might also be a good time to lock in a fixed interest rate.

Those in the Fairfield area who are already spending money on rent each week may be surprised to learn that it won’t cost that much extra each week to pay off a home loan, and you will be making payments and building equity for your own future, not for somebody else’s.

If you want to get into the Fairfield property market but don’t know where to begin then you might like to read through the tips already found on our blog, such as “First Home Buying Basics”.

If you would like to look at properties available to buy in Fairfield then visit our website professionalsfairfield.com.au.

The difference between buying a home and buying real estate

When you bought your first home you probably thought a great deal about its location and the style of property it was. You probably also asked the opinions of your friends and family and considered the property’s proximity to them or to schools and your favourites cafes.

All of these things are important factors when deciding on a place to call home, and you should always take stock of what your heart wants when making an owner-occupier buying decision.

Buying an investment property requires a slightly different thought process however. While your opinion as a buyer still matters, what you should really be thinking about is numbers and what the general population is looking for.

Some investment buyers become deterred when they don’t like the look of a certain property or because it is in a place they can’t see themselves living in, but a good investment property doesn’t need to be a place you want to live in.

When you’re buying as an investor you should have a solid understanding of the Australian real estate market and look at past performances and data projections for different regions, and try to leave your personal opinions out of the equation.

Some things to think about when buying your next property:

  • Why are you buying this property?
  • Do you want a family home or are you looking for financial benefits? Or maybe both?
  • What is your long-term property strategy?
  • How will buying this property affect your financial situation, both now and in the future?

If you want any advice about buying investment properties or a place to call home in Fairfield, then feel free to come in and have a chat to one of the team at Professionals Fairfield Real Estate and we will help you find a house or a home to suit your property needs.

Buying a Property Sight Unseen

Buying a Property Sight UnseenWith today’s technology it is becoming easier for homebuyers to buy property sight unseen – but is this a good idea?

When buying property it is always recommended to carry out as much research on it as you can and to make sure that it is the right investment for you, but sometimes an interested buyer simply can’t travel to a property to view it before buying.

There are plenty of ways to gather information about a property without having to view it in person. You can look up the property on Google street view and get photos and video walkthroughs of the property. You can also hire a property buyer to be your “eyes” for you and to relay important information.

In some cases, such as when buying an investment property, it can even be an advantage to buy sight unseen, as a buyer may be less likely to develop an emotional attachment with the property, and can make a decision about the purchase based purely on the facts.

If you have thoroughly researched an area (i.e. you know the area’s vacancy rates, employment data, population growth, infrastructure plans) and have decided that it will make a good investment then seeing the building won’t change much. If the walls aren’t a colour you like, does it matter if you don’t plan on living there? As long as you still get the rental income you desire.

If you plan on living in the property however, then buying sight unseen is probably not such a good idea. If you are buying your next home then you want to make sure you are completely happy and comfortable in it and you don’t want to find out that there’s something not right about it after you’ve already made the purchase.

Overall you should always carry out as much research on a property as you can before buying it and ensure that it is the right investment decision based on your personal circumstances.

If you would like any information about buying properties in Fairfield then please don’t hesitate to get in touch with one of the team at Professionals Fairfield Real Estate.

Finding real estate bargains

Finding real estate bargains Newcomers to the property hunt often become disheartened when they start looking for properties only to realise that many are simply out of their price range.

In many cases the homes we really want are the ones we simply can’t afford, but that doesn’t mean that there aren’t other great properties available if we look outside the box a little.

For many, our first home isn’t our dream home. Sometimes we need to lower our expectations and compromise in some areas to be able to afford a first home, and then use the first home as a stepping-stone to purchase the dream home down the track.

There are still a lot of affordable properties around however, and a good place to start looking is areas that are next door to your dream suburbs.

The most expensive suburbs are generally those that are close to city centres, but as you start looking further afield, prices start to drop significantly. But just because a suburb is further away from the main action of a city, doesn’t mean it doesn’t have a lot to offer. Look at other characteristics that might appeal to you such as parks, public transport and accessibility to shops and amenities.

Another option, if you really don’t want to compromise on your dream location is to look for a fixer-upper. You can sometimes find some great homes that just need a lick of paint, or some new floors put in.

If you do plan on buying a fixer-upper however, be mindful of how much renovations will cost you, as you don’t want to overcapitalise. Add up how much renovating the home will cost you and add this to the sale price to figure out if you are getting a bargain or not.

And lastly, if you still don’t think you can afford a property, then don’t go it alone! You might be able to invest in a property with your partner, or perhaps you can buy with friends to help reduce your outlay. Read our blog on buying with friends to learn more about joint property ownership.

There are plenty of great property bargains out there, but the main thing is that you have to start looking for them, or you might not be there at the right time to snatch them up!

For more real estate advice and tips, don’t forget to keep following Living in Fairfield, and if you’re interested in looking for a property in Fairfield then have a look at the properties available at our website professionalsfairfield.com.au.

Buying with friends

Buying with friends The price to get into the property market may seem like it is becoming further out of reach for a lot of young Australians, and so an alternative buying pathway for some is to buy a property jointly with a friend or colleague.

Generally when we think of joint property buyers, we think of couples, but in an age where people are marrying later in life or deciding they would prefer to remain single, it is not uncommon for property buyers to decide to enter a joint property agreement with a friend or a business partner.

When buying with someone else (whether they are your partner or not) it is important to decide whether you want to sign a Joint Tenancy or a Tenancy in Common.

In a Joint Tenant arrangement if one party dies, then the joint tenant automatically owns the property even if a will says otherwise. This type of arrangement is generally suited to those in a close relationship.

A Tenancy in Common works a bit differently. In this type of agreement, if someone where to pass away, their share would be inherited by whoever is named in their will. Each owner in a Tenancy in common can also hold smaller or larger shares of a property (it doesn’t need to be 50/50), and transact on their share independently.

A Tenancy in Common is generally recommended for those in a business arrangement, or for friends, looking for options to get into the property market for a lower price.

Before any property is purchased however, you should always gain advice from legal and financial experts to make sure that each party can meet their obligations and that everyone is getting involved in a situation that is in their best interests.

If you have any questions about buying in Fairfield, or about any other property matters, please feel free to contact one of our friendly team at Professionals Fairfield Real Estate today.

The Dos and Don’ts of Buying in Fairfield

buying in fairfieldThere’s plenty to think about when buying a new home, which can make it easy to get confused or distracted by all the information put in front of you. But with a few simple tips your home buying journey can be made a little simpler.

Do look at several properties

It’s important to look at several properties before deciding on the one. By looking at a few properties you can get a good idea of what property elements you do and don’t like and compare what is out there.

Do get professional help

Ask for advice at every step of the way. Talk to mortgage brokers and real estate agents and get them to help you understand the buying process. It’s better to get professional advice rather than make a potentially costly mistake.

Do get a building and pest inspection

A simple inspection often doesn’t reveal the whole truth about a property. By having an inspection you will find out if there are any underlying issues, which might make the property less valuable than you first thought.

Don’t buy a house for the décor

When you walk into a home you need to try and imagine what it would look like either without any furnishings, or with your furnishings inside. It can be tricky, but remember you’re buying the bricks and mortar, not what you find inside.

Don’t get emotionally attached

This is easier said than done but with a purchase as big as a house, you need to think logically. You need to consider all elements when buying a property. Do you like the area? The price? Do some research to make sure you’re making a smart decision.

Don’t rush

The worse thing you can do is rush into buying a property without thinking it through. Take your time and don’t sign on the dotted line until you think you’re ready.

If you have any more questions about buying in Fairfield then please feel free to contact one of our friendly team at Professionals Fairfield Real Estate today. We’d love to help make your home buying experience as easy and stress-free as possible.

Buying Fairfield real estate

Professionals real estateIf you’re looking to buy in Fairfield, but want to make sure the home you’re buying will leave you with a profit at resale if you need to sell in the next five years, it can be a very tough decision.  Do you go for the perfect house, the worst house in a good street, the ‘renovator’s delight’, or a new home?  These days, with more and more Generation Y’ers choosing to rent rather than make the leap into first home ownership, the property landscape is changing.  While there are still buyers for every price bracket, the days of young couples competing for doer-uppers is no longer a guarantee.

So how do you buy, secure in the knowledge that your home will be able to make you a profit when it comes time to sell?  If you’re tossing up between the worst house in the best street or your dream home in a worse spot, it can be really tricky.  First of all, there are no guarantees.  But a general rule of thumb, which you may have heard once or twice before, is ‘Location Location Location’.  Sacrificing a little on creature comforts to be in a great area can certainly ensure you turn a tidy profit, providing the house has potential.

Generally sticking close to good schools, being in a convenient location to public transport, and not having to drive for miles to the nearest shopping centre will all work in your favour.  As a buyer, it should be quite easy to think like a buyer – if you want your kids to go to a good school, the chances are so will others.  If you don’t want to fight traffic every morning to get to work, you’re probably not alone.  A pretty and convenient location will generally do well on the market, and if you can make small improvements to the house, chances are you won’t lose on the return.

Unfortunately, real estate is a dynamic market, and there are no guarantees.  It’s important to understand local market trends, and to be aware of the recent sales history of different areas.  We recommend coming in and chatting to our Professionals Fairfield Real Estate team before making your decision, as we can help you through the intricacies of our local Fairfield market, and ensure you know everything you need to know before diving in.

If you’re thinking of buying in Fairfield, and want to make the best decision for your family as well as your hip pocket, come and chat with our team at Professionals Fairfield Real Estate today.

A market forecast from those in the know

Property MarketThe Property Council/ANZ Property Industry Confidence Survey from the last quarter has revealed a renewed optimism throughout much of the country.  The survey, which has been conducted quarterly since its inauguration in 2011, provides a forward-looking, sentiment-based outlook of the property industry’s confidence by gauging the responses of owners, developers, agents, managers, consultants and governments in all major industry sectors and regions.

Interestingly the forecast for the June quarter has just been published, and shows an increase in house price expectations right across the board.  In fact, between the forecast for the September 2012 quarter (published in July) and now, every state and territory has experienced a rise in optimism – some more sharply than others.  Victoria, New South Wales, Queensland, South Australia and Tasmania have all moved from a prediction of falling house prices 12 months ago to a clear outlook of rising residential house prices over the next quarter.

While this may not be the greatest news for those preparing to buy in Fairfield in several months time, anyone looking to buy now will no doubt be happy to dive in before the rises hit.  While buying a property is obviously a big decision and one not to be taken lightly, we expect that many will take current low interest rates and positive forecast into account, and take advantage of today’s very welcoming conditions.

If you’re ready to take the plunge and buy Fairfield real estate please give us a call or visit us at     .  We’d love to help you make the right move.

Good News For Fairfield Home Owners And Buyers

NeighboursThis week the RBA met, and again determined that interest rates would remain on hold at 3% for the 4th consecutive month.  At this stage the major banks have left their variable rates unchanged, continuing the relief on Fairfield home owners and no doubt increasing the temptation for buyers.

Rising house and share prices are boosting consumer confidence, and retail sales in January suggested Australians are starting to spend more after a period of restraint.  Despite this boost in confidence, experts are predicting that interest rates are likely to stay on hold for the remainder of 2013, with some room for more cuts if the economy needs further sparking in the future.

If you currently own real estate in Fairfield, this is no doubt music to your ears.  In fact we’re sure many Fairfield real estate owners sleeping a little easier knowing that rates will be remaining low for at least another month.  But of course if there’s one thing we know about the economy it’s to expect the unexpected.

Rather than using low interest rates as an opportunity to buy big and pay small, you may be better served by using the relief time as a saving period.  Our advice is to enjoy the low interest rates, but rather than lashing out on an extravagant home on the edge of your budget, why not play it a little safer and aim for a mortgage that gives you a little bit of breathing space?  And if you already own a Fairfield house, why not pay a little more off your mortgage every month than you need to?  It’ll help you to build up some equity, and will ease the financial stress when rates do rise again in the future.

What’s more important, the house or its location?

Dream Home“I wish I could have THAT house but in THIS location!”  Unfortunately this – or the reverse- are remarks heard all too often by real estate agents in every street, neighbourhood, state and country all over the world.  It’s something typically heard when buyers are shown a stunning house in a very ordinary street, or very ordinary house in a fantastic street.  Buyers will plead, “Can we please just pick that house up and put it here”?  In short, no we can’t.

Believe me, we’d love nothing more than to be the heroes who magically conjure up your fantasy dream home in your favourite part of Fairfield, and in fact you may even find that this house already exists – but the truth of the matter is, if such a house exists, it’s way outside of your budget otherwise we’d be showing it to you!

Which brings us to the million dollar question…  What’s more important, the house or its location?

We’ve all heard agents spruiking “location, location, location”, hey there’s even a tv show on Foxtel about it.  But why do we do this, and what does it mean?  Does this mean we think everybody should purchase any old house in the most fabulous street in the neighbourhood?  And what makes a location so great – is it being close to shops, transport, parks, schools, or is it a quieter more private area further away from the main street?  The answer is simple, and it depends entirely on you.   When we talk about buying for location, we’re generally talking about a location that best fits your needs and lifestyle.

So what then of your dream house?  Just what would you be willing to give up for the location of your dreams?  This will usually depend on your budget, but it may mean anything from going without a second bathroom to downsizing from 4 bedrooms to 2.  This is where you’ll need to be clear on your basic needs.  Consider what you need, and begin to separate what you’d like to have from what you absolutely can’t live without.

If you own real estate in Fairfield, or have been looking for a new Fairfield home, which do you think is more important – the house or its location?