Should you buy a property now or wait? This is a question which I get pretty much every day, and the short answer is: it depends. More specifically, it depends on what is right for you within your own personal situation.In today's episode, I unpack the two key things that should be considered when deciding whether to buy now or wait. When it comes to thinking about buying property, a lot of people first weigh up their financial position and whether they have enough to put towards a deposit. However, I talk about the importance of emotional readiness and how this is the first thing that should be assessed. What are your motivations for wanting to own property? Are they intrinsic to you, or influenced by external influences such as family or societal expectations? Knowing your true objectives for purchasing a property is crucial when taking the significant step of entering the property market.I then discuss financial readiness, and the importance of matching your property aspirations with your financial capabilities. If these two things are not in alignment, you may need to consider things like changing your expectations, improving your financial position or consider alternative strategies such as rentvesting.While emotional or financial readiness are mostly within your control, there are many things within the property market that are not. I talk about the different factors that often scare people off buying, but remind you that even the top experts’ predictions on market movements often don’t come true.I encourage you to assess your own comfort level with the different risks associated with buying a property. Would you be in a worse position if you bought a property now and its value dropped a bit, or if you waited too long and the market's supply dwindled? Staying focused on your own goals and what you’re willing to risk will help you avoid the sway of too many external factors.At the end of the day, there is no rush. If you weigh it all up and decide the time isn’t right, just wait. However, if you do decide to take the leap into property ownership, I encourage you to know your values and stick to your own intuition. It’s your journey, and your choice as to when you embark on it. You’ve got this! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections http://thepropertyguidebook.com.au/freebie (here)Connect with Amy: Website: http://www.thefirsthomeguidebook.com.au/ (www.thefirsthomeguidebook.com.au)Instagram: https://www.instagram.com/amy_lunardi_property/ (@amy_lunardi_property)

Everyone loves a good bargain. Whether it's scoring a discount on a new fridge or finding a great deal on a vacation, saving money is always satisfying. But when it comes to buying a property, a bargain becomes especially appealing when you know you’re about to spend a significant amount of money. In today’s episode, I’m talking about what would potentially define a bargain property and what to be aware of. While you may get lucky in stumbling across a property that’s going for less, there’s always a chance it’s a bargain for a reason.To start with, I define a bargain property as one you can purchase for significantly less, or at least a fair bit less, than what you consider to be its market value. You might want to determine market value through doing a comparable sales analysis and benchmarking that property against similar other recent properties that have sold. Alternatively, you might determine its worth against your own personal values and consider it to be less than what you’d be prepared to pay for it. Whichever way you look at it, it’s important to consider the factors that might be contributing to a property’s bargain price. I run through the four main categories that you should keep in mind:Vendor motivation - when the seller is prepared to accept a lower offer due to their personal or circumstantial factors. This is less a reflection on the property and more on the vendor’s situation. Market timing - when external events create opportunities for buyers to purchase at a discount. Luck - you might just be in the right place at the right time where, for example, a previous buyer’s finance falls through and an auction passes in to you. Property characteristics - when there are inherent issues in a property such as a less desirable location, structural issues or a need for costly renovations. I also talk about off-market properties, and how even though many buyers assume vendors will be more willing to negotiate, it’s certainly not always the case. In fact, some sellers may even demand higher prices for selling off-market.Ultimately, it’s important to know your priorities. A property that aligns with your strategy should come first. From there, you can determine whether you’re willing to pay what the seller is asking, or continue your quest in finding the property that ticks all your boxes.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections http://thepropertyguidebook.com.au/freebie (here)Connect with Amy:Website: https://thefirsthomeguidebook.com.au/freebie (www.thefirsthomeguidebook.com.au)Instagram:https://www.instagram.com/the.first.home.guidebook/ ( @the.first.home.guidebook)

Today we’re hearing from a 27 year old who bought her first home in 2021 with her partner for $606,000.00 in East Corrimal, New South Wales. They stumbled across the Government 5% first home guarantee scheme which allowed them to purchase their home with only a 5% deposit.We hear about the two-year journey she and her partner embarked on to save for a deposit. While they eventually saved a decent amount of money to put towards a purchase, the change in the property market in 2021 saw prices skyrocketing and becoming unattainable for them. She talks about how they had to change their expectations and create a more realistic brief for what they wanted.Working with their mortgage broker for 18 months before searching for a property helped them put things into motion quickly when the time came. However, she shares how she came across the 5% home guarantee scheme herself, and how her mortgage broker had actually been unaware of its existence. She emphasises that while it’s important to engage professionals, you should still do your own research without relying solely on them.They only had put an offer on one other property prior to the one they now own, and she puts it down to being extremely prepared when visiting open homes. Knowing exactly what you’re looking for and what you value will mitigate a lot of the stress that can come with hunting for the ideal property.She shares words of wisdom around trusting your instinct, being flexible when circumstances change and the power of educating yourself in order to make well-informed decisions.Enjoy!LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections http://thepropertyguidebook.com.au/freebie (here)Connect with Amy:Website: https://thefirsthomeguidebook.com.au/freebie (www.thefirsthomeguidebook.com.au)Instagram:https://www.instagram.com/the.first.home.guidebook/ ( @the.first.home.guidebook)

When it comes to buying a property in Australia, there are two main methods of sale: auctions and private sales. While some buyers may be hesitant to participate in auctions due to fears around emotional stress, others may be daunted by the complex process of a private sale. Ultimately, it’s important to understand the key differences between these methods so that you can better understand and weigh up your options.Today I run you through the benefits and drawbacks of auctions and private sales, and discuss which method may be better suited for different situations.Auctions can be scary, and I’ve had my fair share of nerve-wracking moments when bidding. However, while it feels high-pressure and the contract can’t be subject to conditions, there are benefits to taking the auction route. I talk about specific rules that auctions must follow in Australia, and how it creates a transparency that gives buyers a level of confidence. I also discuss how auctions are driven by the highest price, rather than which buyer has better terms or requests. Private sales encompass any method of sale that is not an auction, such as expressions of interest, sale by set date or off-market properties. While private sales offer more flexibility in terms of conditions and due diligence, this method has its own set of disadvantages. This includes not having as many standardised rules as auctions, and each agent often having a different process for handling offers. This can create a lack of transparency that makes gauging the competition and making informed decisions difficult. While I personally favour one method over the other, both have their benefits and drawbacks. Thoroughly understanding the nuances of each is what can help you navigate the buying process with more confidence and peace of mind. At the end of the day, don’t let fear influence your decisions or have you shy away from amazing opportunities. Once you’re informed on how the different methods work and know what to expect, you can move through the property buying journey with confidence and a trust in your own instincts. LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections http://thepropertyguidebook.com.au/freebie (here)Connect with Amy:Website: https://thefirsthomeguidebook.com.au/freebie (www.thefirsthomeguidebook.com.au)Instagram:https://www.instagram.com/the.first.home.guidebook/ ( @the.first.home.guidebook)

I’m excited today to bring you Tash from Tash Invests to share her property story. She is 25 years old and bought her first property a few years ago in Perth for $295,000, whilst on an income of $75,000 a year. She lived in it for a little while before moving interstate, and is now a rentvestor who receives positive cashflow from that property.Tash bought her first property on her own for $295,000. She was inspired and motivated by her parents and grandparents who all invested in property and would often go to open house inspections for fun. She had a very good idea about what she wanted, the area she wanted to live in, and that she only wanted to live in it for the first year.She didn’t have any long term plans at that point but didn’t want to push her mortgage too high to leave her open and free to pursue other interests. She started saving at 14 years old and had $70,000 ready for her first deposit. She was able to purchase her home with a 20% deposit (along with the First Home Buyers Grant) and had enough left over to have a buffer in case of any emergencies. Tash takes us through finding the property, using a mortgage broker (in reverse!), dealing with the seller and placing an offer, opting for a fixed interest rate, and rentvesting. Listen in to learn all of Tash’s tips and advice for purchasing your own first home and ponder for yourself how rentvesting can give you the freedom and space to pursue whatever life throws at you (while having a safety net!). LINKS:Connect with Tash:Website: https://tashinvests.com/ (https://tashinvests.com/) Check out my FREE checklist 100 Things To Look Out For At Property Inspections http://thepropertyguidebook.com.au/freebie (here)Connect with Amy:Website: https://thefirsthomeguidebook.com.au/freebie (www.thefirsthomeguidebook.com.au)Instagram:https://www.instagram.com/the.first.home.guidebook/ ( @the.first.home.guidebook)