Plan­ning, tim­ing the key to pur­chase

Herald Sun - Property - - NEWS -

AMY Walker bought her first prop­erty 12 months ago with a clear vi­sion for the fu­ture.

Ms Walker, who is the man­ager of prop­erty, con­struc­tion and en­gi­neer­ing at Michael Page, said plan­ning was key to buy­ing prop­erty.

“I think it es­sen­tially comes down to tim­ing, mak­ing sure it is the right time for you fi­nan­cially, mak­ing sure it is the right time in the mar­ket and mak­ing sure you know what your long and short-term goals are,” Ms Walker said. “I care­fully eval­u­ated my long and short term strat­egy and then looked in to the best way of achiev­ing that.”

Ms Walker, who is aged in her early 30s, said she opted for a one-bed­room apart­ment in Rich­mond be­cause she could not af­ford the house she wanted. “I bought a prop­erty I thought af­ter ex­ten­sive re­search would be a good in­vest­ment for the fu­ture,” she said.

“When I do buy my next prop­erty I plan to keep this one as an in­vest­ment.”

Her key piece of ad­vice to other Gen Y women look­ing to buy is to do your re­search.

“Speak to any­one and ev­ery­one who can give you clear, in­formed ad­vice,” Ms Walker said. “Be pre­pared to do re­search, to look at a lot of prop­er­ties, look at a lot of ar­eas and make sure you are pick­ing some­where where there is still po­ten­tial for growth.”

Ms Walker said she picked Rich­mond for its ameni­ties and prox­im­ity to the CBD. And she bought on the sub­urb’s fringe where she felt there was still room for price growth.

Her other must-do be­fore buy­ing was to be picky when it came to choos­ing a mort­gage.

“Don’t just go with the first mort­gage or fi­nan­cial ad­viser you meet with,” Ms Walker said. “Shop around and make sure you are get­ting the best deal.”

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