Olympic sports and property buying – how different are they?
Athletes train for years and years to get to the Olympics. With the Rio 2016 Games going on right now, people are showcasing their amazing abilities on a world stage, and you can take inspiration from that. Property buying isn't as different to Olympic sports as it might seem. It takes years to break into the market, or save for a deposit, and it can be a fight for first place when you go head-to-head with another determined buyer.
It takes years to train and save for a property, so when it comes time to buy, you want to make sure it's the right decision.
A buyer's agent from Cohen Handler is much like an Olympic trainer – they guide you in the right direction and offer sage advice at the necessary times. But what Olympic sports are like property buying? There are more than you might expect.
Whether it's the clean and jerk or the snatch, Olympic weightlifting is a rollercoaster of emotions. It's also a great representation of what it takes to get a tenancy in an investment property.
When you are buying with the intention of renovating before advertising for tenants, it's similar to the clean and jerk. The initial purchase of the property (the clean) is all about technique and using your strength to get you into a standing position (home ownership). The renovations (the jerk) are what makes the property ready to be lived in, and these combine for a winning lift.
It takes a long time to get the technique right, or to put together a deposit for a home. CoreLogic RP Data reports that the median dwelling value in Sydney is over $1 million, while Melbourne is less than $200,000 behind. To have a solid clean, you'll need a deposit, and it could take a long time to save for one. However, once you get there, the results are rewarding. If you're buying a do-up, the price is likely to be less as well, so it may not take as long as you first expected.
A snatch lift, on the other hand, is similar to buying an investment property that's ready to go straightaway. It takes more effort to get it from the ground to above your head in one movement, but once there, the lift is over and tenants can move in. This is a great option for people who want to start earning money from their investments quickly, but can also be more expensive.
The marathon is a 42-kilometre race that requires immense levels of fitness. It takes a long time to train for a marathon, but the actual process of running it takes only a few hours.
The same can be said for buying a house or apartment. It takes years to save for one, and then when it comes time, the buying process can be completed in just a matter of days, if not hours. According to UBank research, as reported by Canstar, 36 per cent of South Australian property buyers take six months to find the right piece of real estate. More telling is the 9 per cent who spend two years or more on their search for the right place.
If it takes two years to buy a home, you'd best be taking away the keys to a gold medal property. A Cohen Handler buyer's agent can have the keys to a new home in your hands in just a matter of weeks, so you don't have to go through the gruelling slog of training (doing the research) to get into the best place for your needs.
Buying an investment property can be a lot like shooting an arrow at a target that is 70 metres away, like in the Olympics. It's hard to see the target, or the perfect property, with everything else in view.
It takes a lot of practice to get right, and early stages of practising a shot will result in an arrow falling straight off the bow and landing at your feet. That's like when you make a bid on a property that doesn't quite hit the mark. The more experienced you become, the easier it gets to hit the target, but finding the bull's-eye can be a challenge. You might think that you've stumbled across the perfect patch of land, so put a bid on it. However, someone else has also fired their bid (arrow) and it hits much closer to the mark.
That's alright, because you've still got arrows in your quiver. Simply take a deep breath, set the target in your sights again, and shoot. You aren't always going to be the highest bidder, but being resilient means you will stay in the market, and that's going to give you every chance of eventually hitting the target and buying the perfect property.
A buyer's agent is like a stabiliser for your arrows. They can help to guide your bids so they get closer and closer to the target, and even sometimes negotiate on your behalf to lodge a winning bid. If you've only got a certain amount of time in which to buy, then you don't want to be aiming wildly with your only arrow. Shoot straight with the help of a buyer's agent and you'll be the proud owner of a new home in no time.
4×100 metre relay
Buying a home is hardly ever an individual pursuit. Having a team around you can make the entire process more relaxing and a whole lot easier.
There are three other parties that should always be involved in your property buying journey. They are a solicitor, a mortgage broker and a buyer's agent. You make up the fourth, and that's why it's like the 4×100 metre relay sprint.
The fastest ever 400 metre individual sprint was run by Michael Johnson at 43.18 seconds. On the other hand, the fastest ever 100 metre sprint was run by Usain Bolt, who crossed the line in only 9.58 seconds. Four Usain Bolt sprints would be much faster than one Michael Johnson sprint. But the way a relay works means that athletes can run even faster, because they don't have a standing start.
Usain Bolt ran an 8.70-second leg at the London Olympics in 2012. That resulted in a total race time of 36.84 seconds, and a new world record. It beat Michael Johnson's individual 400-metre time by almost seven seconds, and shows the importance of teamwork.
To get you across the line in the fastest time (or with the highest bid), you need your three trusty teammates with you. A solicitor will ensure that all of the required paperwork is ready to go when the time comes for you to sign and settle on your property purchase. A mortgage broker provides the finances that mean you can buy a home in the first place.
Having someone you trust in this position is key to coming out on top of the competition. Finally, a buyer's agent provides sound advice and helps you to make the best decision for your needs and wants. They can assist as much or as little as you require, and can even bid on your behalf at auction or in a private sale. The final leg is up to you.
With a buyer's agent from Cohen Handler, you can be the best athlete (or buyer) in the field. It takes years to train and save for a property, so when it comes time to buy, you want to make sure it's the right decision. Get in touch today to make sure you're heading down the right path.