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When is the best time of year to buy property?
When it comes to buying an investment property or your dream home, people don’t often consider the timing of the purchase. However, strategically choosing a time of year to purchase property can have a plethora of benefits, including tax breaks, dealing with a less competitive market, and more!
In this blog, we explore some of the best times of year to take the plunge and purchase a home.
1. Before June 30
If you’re purchasing an investment property, doing so before June 30 can provide you with a slew of tax benefits. Whether you own an investment property for four months or three days as of June 30, you can claim for an immediate write-off. If you know your deductions, you can claim immediately on a host of property management costs and tax-deductible expenses. For new properties like the luxury apartments on offer at Prospect Box Hill, you may receive other property investment tax benefits, such as full depreciation allowances on buildings, fixtures, and fitting costs.
Several terms and conditions apply to claiming tax write-offs associated with your investment property. It’s best to seek professional advice before making a financial decision about an investment property.
2. During winter
Did you know that buyer interest wanes during the cooler months? If you’re willing to brave the cold to go to open homes or private inspections, you’ll be dealing with a less competitive market – which gives you more time to walk through properties without the big crowds. What’s more,
you might not be competing with as many people when putting in an offer – meaning you can take the time to think and act rationally rather than paying more than what you budgeted for in order to secure a property.
3. After you’ve completed your tax return
If you’ve been working hard to save your pennies for a home deposit, it can be worthwhile to wait until you’ve completed your tax return before signing on the dotted line of your dream home. Why? Well, unless you’re expecting a tax bill, you can use some or all of your tax return to ease the big-ticket costs associated with purchasing a home. Whether you put the refund towards your deposit, or use it for other expenses such as conveyancing, removalists or cleaning services, your tax return can serve as a very handy chunk of change when you’re in the process of purchasing a new home.
4. When you find ‘the one’
If you find your dream property and know you need to act on it straight away before someone else snatches it up, then the time of year simply doesn’t matter. All you need to ensure is that you’re financially (and emotionally) ready to make one of the most important purchases of your life.
When you decide to purchase a luxury property at Prospect, the best time to buy is now! Purchasing your dream home now means you’ll be able to move into your apartment in as little as six months. Register your interest here or speak to our friendly sales team directly by calling 1300 312 777.
The information on this website is general in nature and should not be taken as professional advice. You should consider seeking independent legal, financial, taxation or other advice before deciding when to purchase a property.