Top Tips for Property Buyers in 2024

Is 2024 the year you hope to purchase a new property? While the future always holds a certain degree of uncertainty, there is plenty of due diligence you can do right now while the market becomes clearer. 

The decision to buy property should always be carefully considered. Yes, all big ventures carry a certain level of risk, but the more homework and planning you do now and in the months that lie ahead, the better your chances of making a good choice are. 

On that note, we have outlined some key tips that will help you lay good groundwork before you start booking those property viewings.

Advice For Property Investors Looking To Buy In 2024

Set a Realistic Budget

As your finances stand, can you realistically afford to buy a property in the next year? Spend some time determining how much you can afford to spend on a property. Don't just consider the purchase price, but also ongoing expenses like property taxes, insurance, HOA fees, and maintenance. 

Get Bond Pre-Approval

Now is a good time to see whether you stand to get approval for a bond - before you start your property search. It will give you a clear picture of where you stand financially and the kind of property you could realistically afford. This exercise will also make your offers more attractive to sellers, as it shows you are a serious buyer.

Research the Market

Patience is key here. Stay informed about the property market in your desired location. Keep an eye on property trends, price fluctuations, and any future projections made by reputable property experts. Some aspects of the market can be unpredictable, while others are fairly consistent. Stay updated on any changes in local real estate regulations and tax laws that may affect your purchase.

Consider Locations

The old adage "location, location, location" still holds true today. When looking at locations to buy in, carefully consider what sort of proximity you will need to access work, schools, public transport, and other important amenities. Take some time to visit the neighbourhood at different times of the day to get a sense of the environment, noise levels, and safety. A top tip: ask some of the neighbours in those areas for their honest thoughts on living there, if it's possible to do so.

Think About The Future 

When looking at properties, consider the future as well as the present. Will the property suit your needs in the short term and long term? Will it need to accommodate a growing family? Look for areas with potential for growth and development. If you think you might want to sell your property in the future, a developing location can increase your property's value over time.

Call A Professional Agent

Consider hiring a real estate agent who knows the local market really well. They can provide you with valuable guidance throughout the buying process, and help you identify any red flags along the way. Not only will their experience make a difference to helping you navigate the buying journey, but they will handle a great deal of the heavy administrative load. 

Be Ready To Act

While patience is essential, in a competitive market, you may need to be prepared to act quickly if you find the right opportunity. Your preparation will be key to a successful purchase when the time comes. Be sure to have all your financing in order, and be ready to make an offer with the help of your agent. 

Looking for your dream property in 2024? Call us!

Our highly qualified and experienced team of agents are ready to help you scope out the property landscape and find you a home that will suit your wants and needs. Get in touch today to arrange an introductory meeting with one of our top agents who will walk you through the process, from start to finish.