Saving for a deposit isn’t the only hurdle to overcome, especially in a property market like the one we are experiencing right now. There is added pressure from all angles on buyers at the moment to get in now to avoid being priced out of the market in the future. Combine this with record low interest rates and low stock levels and there is no shortage of competition.
Below are some tips to help you manage FOMO (Fear Of Missing Out) when property hunting to ensure you don’t jump in head first and buy the first property you see even if it’s not the right one for you.
1. Have a game plan
It’s easy to get swept up in the emotion and excitement of buying. That’s why it is so important to establish a solid game plan first. This is about more than just looking at comparable sales. It’s about knowing your limits, sticking to it and being okay with that.
2. Create a property brief
Take the time to write a checklist of the features you would like to have versus your ‘must-haves’. Be realistic with your must-haves. If you can’t afford a pool or a view, don’t put them in your must-have list.
3. Be organised before making an offer
If there has ever been a time to be organised, it’s now. This means organising pre-approval for finance, listing your property for sale if you have one and obtaining a copy of the sale contract as soon as possible so you can have it checked over by your solicitor or conveyancer early.
4. Don’t rely on property predictions
While researching comparable sales is valuable, don’t rely too much on ‘crystal ball’ predictions of where the property market is headed, especially in a market like the one we are currently experiencing, because the truth is, nobody really knows. It’s more important right now to make decisions based on your own personal circumstances rather than what others are saying. If you see a home, love it and it ticks all your must-haves, then don’t procrastinate in case things change or a better property comes along. Put your best offer forward. And don’t stress that you perhaps could have bought it for less a year ago.