Here’s what you need to know about buying property in 2019

Tony Clarke, MD of the Rawson Property Group, shared his tips for buyers planning to buy property in 2019.

Save for a deposit, even if it’s not necessary

While some banks are now granting 100% loans in certain circumstances, according to Clarke, if you’re a smart buyer you should save for a deposit if you’re planning to buy a home in 2019, regardless. “Putting down a deposit – traditionally around 10% of the purchase price – helps to minimise the risk your bank is taking by granting you a loan,” he explains. “This can have a significant effect not only on their likelihood of granting you finance, but also on the interest rate they’re willing to offer you.”

Ensure you get pre-qualification

You shouldn’t forget to get pre-qualified as competition for specific properties can be high, especially within popular neighbourhoods and price brackets. “A good property, for a fair price, will often attract numerous competing offers, regardless of what the broader market is doing,” said Clarke. “The last thing you want is to find that perfect home and then lose out to another buyer simply because they took the time to get prequalified, and you didn’t.”

Get in contact with your local real estate agents

Clarke emphasized on the importance of consulting with a real estate agent. “Being able to talk through your hopes, your concerns and your questions with a professional who not only understands the market, but also the neighbourhood you’re buying into, is a great way to get comfortable with the process and ensure you’re making smart property decisions,” he said.