Is There Still Time To Buy Property In 2020?
Make the last two months of the year count
This has been one crazy year. It was March when we first went into pandemic lockdown and since then, eight months have passed. It shows how quickly a year can get away from you, so what have you managed to achieve?
It’s time to take stock and think about how to make the last two months of the year count.
Stop, recalibrate and question
Take some time to look at your year holistically. Somewhere underneath the craziness of coronavirus and an economic recession, you would have started the year with some goals in mind.
Think back to January and assess yourself. What were your goals for this year? Have you achieved them? Are you living the life you want to be living? If not, have you come close? Could your goals still be achieved in the remainder of the year?
If your goals involved buying property, they are certainly still attainable this year. There are plenty of good value deals to be done out there in the market. While many people are focused on being allowed to go to pubs and restaurants for the first time, planning interstate holidays, or just looking towards Christmas, you can fly in under the radar and pick up a property from a willing seller. As government grants and economic stimulus begin to wind up, there will be a lot of people looking to offload assets to free up capital or get rid of some of their debt. A motivated seller may mean you pick up a property for $50,000 cheaper than you otherwise would have and that will be money you have earned on the way in when the market gets back into the swing.
However, if you do want to purchase this year, you will want to already be finance approved or have the funds needed for the purchase. Otherwise, banks are very busy and you are unlikely to have a fresh home loan application considered and approved in time.
If purchasing is not on your list this year, there is never a wrong time to make sure your finances are in the best health possible. Look at the interest rates you are paying on investment properties or your permanent place of residence. Chances are, you will be able to get a better deal by refinancing, or even calling up your own bank and threatening to look elsewhere unless they give you a rate reduction. Experts are saying interest rates are unlikely to go up for some time, so you’re in a pretty good bargaining position for a better deal.
While you’re at it, look at whether you can get a better deal in other areas affecting your household budget. If you have been with the same energy provider or health insurer for longer than a year for example, you are missing out on a better deal from elsewhere. Pick up the phone and you may save thousands.
Prepare for next year
Are you one of the many who makes New Year’s resolutions or sets your goals in January and then sees what happens for the rest of the year? Here’s an idea…make those plans now and get what you need into place so that you are well and truly up and running when everyone else is just getting started.
If you were starting a business, you wouldn’t quit your job first and then make a start. So, why wait until January to begin making sure next year is a great one.
Talk to a finance strategist to see what you need to do to get finance ready for your 2021 goals.
Don’t treat the end of the year like an “off-season”, keep working hard and get the jump on everyone else in the new year. It’s up to you to make your 2021 goals count.