Time to take stock

With the end of the financial year fast approaching, it’s time to take stock and prepare a plan for the next 12 months.

For property owners, it is an opportunity to review existing holdings, and for those looking to buy for the first time or re-enter the market, time to formulate a plan for the next 12 months.

The purchase of property is still, for most people, the most significant expenditure of their lives and there are many challenges and considerations in making a decision that will have long term consequences.

Buyers must balance their own circumstances with the realities of the market and this is not an easy task given the many variables involved, especially income, property availability, property prices and interest rates.

Those in the market should ensure that they have the most favourable interest rate and need to consider loan conditions too. Those with investment properties might consider making extra payments to lenders, to owner’s corporations and to local government before the end of June if there are tax advantages in doing so.

People seeking to buy should consider whether they need to readjust their sights. Has the market, and the tighter lending rules, priced them out of areas where they would like to live?

If one is set on living in a particular location, is it better to rent there, but take a foothold in the market by purchasing elsewhere? Online research and discussions with experienced REIV agents can not only help home-seekers determine local trends, the stock of properties on the market and level of returns on investment properties, but also provide the basis for a plan that might take some time to hatch.

Preparation is very often the key needed to unlock the “right” choice in the real estate market.

Accountants and financial advisers can provide advice tailored to personal circumstance, which should assist in making decisions where the heart can often interfere with the head.

REIV can provide specialised advice on local regions and towns.