Buying tips to enhance your assurance and offer direction before you buy a property.
PREPARE A COMPREHENSIVE WISH LIST
Commence your property buying journey by crafting a detailed wish list that encompasses all the attributes you desire in a property. Identify your “must-have” features, such as preferred location, the number of bedrooms, parking facilities, and any other specific requirements you may have. This will serve as a guideline and streamline your search, helping you focus on properties that align with your preferences.
GET FINANCIALLY PREPARED WITH LOAN PRE-APPROVAL
Securing loan pre-approval provides a significant advantage in the buying process. It enhances your chances of successfully closing a deal and strengthens your negotiating position with sellers. For those considering auction bidding, having adequate funds in your cheque account for the deposit is crucial. Consult your lender or a mortgage broker to determine your spending capacity, monthly repayments, and any other financial considerations. If you need assistance in finding a mortgage broker, feel free to let us know, and we can connect you with one.
ENGAGE A LAWYER OR CONVEYANCER EARLY
Simplify the purchasing process by identifying a conveyancer or lawyer as soon as you enter into a property contract. If you’re unsure where to find one, ask the real estate agent you’re working with; they often have reliable recommendations. Having legal representation from the outset ensures a smoother transaction and helps address any legal complexities that may arise during the buying process.
CONSIDER ALL ADDITIONAL EXPENSES
While upfront costs like mortgage insurance and stamp duty are typically highlighted by lenders, it’s crucial to be aware of ongoing expenses. Investigate maintenance costs, land tax, council rates, home insurance, and strata fees (if applicable). Factor in ongoing expenses such as utilities, maintenance, and any potential renovations or improvements. Knowing the full scope of expenses helps you budget effectively, going beyond mortgage repayments and avoiding financial surprises down the line.
CONDUCT THOROUGH RESEARCH
Invest time in inspecting numerous properties to gain a comprehensive understanding of the market. This hands-on approach positions you better for negotiations and equips you to distinguish between a good deal and an overpriced property. Utilise online platforms like realestate.com.au and Domain’s Home Price Guide for valuable comparable price information.
SIGN UP FOR PROPERTY ALERTS
Stay ahead in the property search by leveraging property alert features on major real estate websites. Register your details and specific property requirements to receive daily emails listing properties that match your criteria. This proactive approach gives you an early advantage in the market and saves valuable time in the search process.
PRIORITISE BUILDING INSPECTIONS
Invest in a thorough building inspection to avoid unpleasant surprises post-settlement. While these inspections come with a cost, they can potentially save you thousands in future repairs and provide peace of mind. Whether it’s a strata, company title, or building and pest inspection, these searches reveal crucial information about the financial and structural condition of a property.
EXPLORE VARIOUS NEIGHBORHOODS
Broaden your search by exploring different neighbourhoods. Consider factors such as local amenities, schools, public transport, and future development plans. This ensures you have a comprehensive understanding of the areas you are interested in, allowing you to make an informed decision about the location that best suits your lifestyle.
ATTEND PROPERTY INSPECTIONS WITH A CRITICAL EYE
When attending property inspections, approach them with a critical eye. Look beyond the superficial aesthetics and assess the functionality of the space. Check for any signs of wear and tear, potential maintenance issues, and the overall condition of the property. This scrutiny can help you avoid unexpected costs and ensure the property meets your standards.
UNDERSTAND MARKET CONDITIONS
Stay informed about the current property market conditions. Being aware of trends, demand, and pricing fluctuations in your target area empowers you as a buyer. This knowledge can be instrumental in negotiations and may prevent you from overpaying for a property.
KNOW YOUR RIGHTS AND RESPONSIBILITIES
Familiarise yourself with your rights and responsibilities as a property buyer. Understand the terms of the contract, including any special conditions. This knowledge ensures you are well-informed and can navigate the legal aspects of the purchase confidently.
BUILD A RELATIONSHIP WITH REAL ESTATE AGENTS
Establishing a positive relationship with real estate agents can work to your advantage. Agents often have insights into upcoming listings and can notify you of suitable properties before they hit the market. Being on good terms with agents can also make the negotiation process smoother.
BE FLEXIBLE WITH SETTLEMENT DATES
Flexibility with settlement dates can make your offer more appealing to sellers. Discuss potential settlement periods with your legal representative and communicate your flexibility to the seller. This can create goodwill and may give you a competitive edge, especially in a competitive market.
CONDUCT A PRE-SETTLEMENT INSPECTION
On the day of settlement, visit the property to ensure it aligns with the agreed-upon terms in the contract. This final inspection gives you confidence that the property has been left in the condition specified in the agreement, avoiding any last-minute discrepancies.
TRUST YOUR INSTINCTS
Lastly, trust your instincts. If something doesn’t feel right or you have reservations about a property, take the time to reassess. Purchasing a property is a significant investment, and your intuition can be a valuable guide in making the right decision for your future home.
Familiarised yourself with these buying tips and ready to start your buying journey?
Last Updates: 07 December 2023