If you've successfully applied for the First Home Loan Deposit Scheme (FHLDS), are you aware that you only have 90 days to search for your first home?
Given the latest social distancing restrictions, public open for inspections and public auctions have been banned. Agents can only schedule inspections on a one-on-one basis, and this makes property search a lot more difficult. There are a lot more coordination involved and a lot of planning involved.
How do you hasten the property search? How do you see more properties in the limited time you have?
Plan, plan, plan.
It takes a lot of planning and coordination, and juggling between property search and all your other commitments. This is where most all first home buyers get anxious. You have to scan through the various real estate websites to research the property market, estimate the property value, understand your mortgage commitments, organise the building inspection, termite inspection and pest inspections, talk to your financial planner. There is a lot to do within the 90 days, for the inexperienced first home buyer.
What can you do to help yourself?
There are a few ways to help yourself.
1. Start searching on a full time basis. Remember, no two properties are the same, every single property needs to be valued and assessed individually, against your priorities, needs, and wants.
2. Let your privilege lapse and try your luck applying. Yes, there could still be some vacancies from now till June 2020, or you would have to wait till July 2020 for the new quota to be released. If you are expecting property prices to fall, you'll be wrong. Here's why.
3. Engage a buyers advocate to speed up the search. Buyers advocates (similar to buyers agents) use their intimate knowledge of the property market, to help buyers research the property market and access more properties (pre-market and off-market listings). On average, engaging a buyer's advocate can speed up your property search by 3 to 4 times.
How can Concierge Buyers Advocates help?
If you are getting seriously anxious, have a chat with us. Let us explore ways of working together to help you buy your first home. We have helped many first home buyers buy their dream homes. We understand all first home buyers have other commitments, and this is why we keep our fees low just for first home buyers. If you prefer, we have a few high quality zero-fees properties which are specially selected for first home buyers as well.
So, would you prefer to miss out on your 5% home loan deposit privilege or would you prefer to engage a professional buyer to help you?