Episode 9 - Dominate the Property Market Like a Boss: Top House Hunting Strategies

Establish Wealth

Dominate the Property Market: Boss-Level House Hunting Strategies

Description: In this episode of Established Wealth, hosts Toby and Tiffany guide you through the essential steps of house hunting. Whether you’re a first-time homebuyer or looking to refine your property search, this episode is packed with actionable advice on understanding property types, creating a property list, budgeting effectively, and staying informed about market trends.

Key Takeaways:

Introduction to House Hunting: Toby and Tiffany provide an overview of the house-hunting process, emphasizing the importance of having a clear understanding of your budget and pre-approval limits.

Setting a Realistic Budget: Learn how to set a realistic budget that includes all potential costs, from legal fees to moving expenses, ensuring you stay financially secure throughout the home-buying process.

Types of Properties: Understand the different types of properties available—freestanding houses, units, apartments, townhouses, multi-residential properties, and land or house and land packages. Discover the benefits and drawbacks of each type to make an informed decision.

Creating a Property List: Discover the importance of creating a list of non-negotiables for your property search. This list will help you focus on properties that meet your criteria, saving time and avoiding frustration.

Understanding Market Trends: Get insights into the current property market trends, including national home price increases and the impact of interest rates on property values. Learn why getting into the market sooner rather than later is advantageous.

Property Types Breakdown:

• Freestanding Houses: More space and privacy, great for families, but higher maintenance costs.
• Units and Apartments: Affordable, low maintenance, ideal for singles, couples, or retirees, but with less space and potential strata fees.
• Townhouses: Middle ground between houses and units, offering more space and community perks.
• Multi-Residential Properties: Ideal for investors, offering rental income from multiple tenants but requiring more management.
• Land and House Packages: Option to build your dream home, but requires budgeting for construction and temporary accommodation costs.

Creating Your Non-Negotiables List: Learn how to create a list that includes essential features like the number of bedrooms, location, proximity to schools or work, and land size. Use online tools to check prices and adjust your list as needed.

Navigating Additional Costs: Understand the importance of factoring in legal fees, building and pest inspections, moving costs, and stamp duty when budgeting for your property purchase.

Demonstrating Good Money Habits: Discover the importance of demonstrating good financial habits during the house-hunting process to ensure your pre-approval remains valid and you secure the best possible loan terms.

Impact of Market Trends on Property Buying: Get insights into how different market cycles affect buying strategies and why staying informed about property market trends is crucial.

Professional Advice: Hear expert advice on making informed decisions, maximizing your property investment, and navigating the property market effectively.

Join Toby and Tiffany as they provide expert advice on every step of the house-hunting journey, helping you make smarter investment decisions and achieve your property ownership dreams. This episode is a must-listen for anyone looking to enter the property market or enhance their property investment strategies.

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