When is the right time to buy property in Sydney?

When is the right time to buy property in Sydney?

I hear this question asked so many times and my answer is the same ‘whenever you’re ready’.

Being ready means that you are prepared to start the journey into property ownership.

They say that for most people this is the biggest financial decision that you will make in your life.

Yes it is a big one but it is exciting and can be daunting because Sydney is not the easiest market to get into.

The journey starts with a large commitment of time to search the market for the property that suits you. There is the consideration of a physical nature of the land and property, the location, the financial commitment to a mortgage, dealing with professionals like lawyers, conveyancers, real estate agents, property and strata managers, building property inspectors, councils, owners corporations, neighbours (and their yappy dogs?).

The ongoing management of the property including maintenance, bill paying incl rates and levies, mortgage payments are all part of the challenges.

Are you up for it?

I can promise that it does get easier as your levels of understanding and organistion improve.

The feeling you get that you can do what you want to the property and not have to ask anyone’s permission (except the bank if you want to knock it down?) is empowering.

Its also a great feeling when you can add value and increase your equity in the property by your own efforts or the market price growth gives you a kicker (remember it works both ways though)

3 things come to mind when buying property

TIME – to find a property

KNOWLEDGE – that the process of buying and ownership gives you

SATISFACTION – the sense of achievement of the whole process.