When you decide to buy, one thing you might not be prepared for is the speed of the market where you live. There is every chance that you might visit one property only for it to come off the market while you are still viewing it! This often depends on the country and even city that you are trying to buy in, but you need to be prepared for things to shift faster than you might imagine. Here are some of the things to think about when trying to find a place to live in a market that seems to go at the speed of light.
Get a Measure of the Market
Do you have any friends who have bought recently? Ask them about how they found the buying process. They might have some great insight into how the system actually works. They might even be able to pass on some helpful tips on shortcuts you could take, or things you can look at to try to get an edge over other property hunters.
You should also think about tracking certain properties. Try to find some in your perfect price range, but that you personally would never buy. Keep an eye on them to see how long it takes for them to sell. This can give you an idea about how easy it is to buy overall, and how much time you will have to think over the decision to buy.
Be Prepared to Make a Snap Decision
In an ideal world, you will be able to visit a property you want to buy several times before you make an offer. This will allow you to view the place at different times of day to see what lighting and noise levels are like. It can also help you to think more critically about a place. While you might have fallen in love with a place at the first viewing, there is a chance that you will begin to see issues that need fixing should you take things over.
When buying in a fast-moving market, you might find yourself having to make a snap decision about whether or not you want a property. This could even mean that you have to make a choice to buy a property without even seeing it. Trying to navigate a fast-moving market can be difficult enough, but one factor you can never have enough of is time.
One option that you could decide to try is to look for something more long-term. A HDB BTO might be perfect for you – if you are willing to make the commitment to wait three years while it is built. These are often highly sought-after apartments in desirable locations, and they can be a fantastic investment.
One reason why they can be attractive to many is that the application to buy one is done through a ballot process. Rather than it being first-come, first-served, you simply have to wait for the designated week and then submit your ballot. You will then find out afterward whether or not you were successful. It can be a much better process to try to manage than submitting a bid for a house! If you are eligible to buy this type of property, it might be a solution for you to check out, especially if you know that you are not going to be moving away from the city in the foreseeable future.
Look for One with Work
A fast-moving market can often mean that property searchers want to find something that they can move into right away. They are not interested in finding something that requires more work. If you have seen a property hang around on the market for a while, make an appointment to go see it. Can you work out why it has not been sold yet?
If it is because it needs a lot of work, you need to make sure that you can afford the renovations on top of the price of the property. The price might be a bit too high for you to afford at the moment, but the sellers might be in the mood to haggle if they want to see a sale.
Trying to find a property in a fast-moving market can feel like you are treading water without going anywhere at times. Though it can be demoralizing to see property after property slip from your grasp, you need to keep going. There will be something that you are going to be able to grab, and this will allow you to finally get a foot on the property ladder. Persevere, and keep going. There will be an amazing property out there for you to grab, you just might have to search hard to find it!