What do you need to do first when buying property?

What is the first thing you need to do when buying a property? We believe it is having an idea of how much you can borrow!

One of my potential clients learnt a valuable lesson today when they assumed based on their own calculations that they could ‘easily borrow’ the amount to get them into the property market. But despite her partner earning a pretty good income, the fact that the main income earner has 3 children and a partner to support, the reality was his borrowing capacity was almost a third of what they thought.

So before getting excited about buying a property, and daydreaming about your future lifestyle etc., it would be best to reach out to a finance broker or your bank of preference and ask them to quickly run the numbers to give a real idea about your borrowing capacity. You should also research investment loan products and compare lenders to find the best finance solution for you.

Once you have an idea about the amount that the financial institution will lend you, ideally getting pre-approval in place and then you can decide on the type of property you want to buy, research the local market, understand the ins and outs of the local property sector, and decide on a budget.

At Baxter & Mason Property Buyers Agent Sunshine Coast, we research, advise, negotiate and buy on your behalf. We also align you with our key partners to ensure the buying process runs smoothly from our first meeting. If you would like to get in touch with our approved and recommended mortgage brokers, please reach out and we will happily connect you!