Planning, timing the key to purchase
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.”