Buyers in the current market are often quite frustrated with the process of securing their next property, or for first home buyers, their first home. The thought of looking to buy a property can be quite overwhelming and daunting. If you don’t do your homework and have a clear plan then it can be like going to the Olympics without any training… you’re never going to win! #raywhitecroydon#missedopportunities#purchasingtips#househunting
So, how do you put yourself in a winning position… there are a few key steps.
• I would recommend seeing a well respected mortgage broker and getting your finance pre-approved. Brokers can generally get you a better deal as they work with lots of lenders not just one bank and they make the process easier as they do a lot of the paperwork for you. (I can recommend someone if you don’t know anyone). Find out the maximum you can borrow & what repayments would be – it doesn’t mean you need to spend it all!
• Do some research on property prices for properties similar to what you are looking for and within your budget. A lot of this you can look online for or, if you have a good real estate agent they should happily give you a report on recent sales matching your buying criteria. (I’d be more than happy to do this for you – feel free to ask).
• Set alerts for properties matching your criteria on your preferred real estate portal. This way you’ll get alerted via email as soon as they are listed.
• View properties within the first week ideally of them coming to the market. If you wait till week 3 they’ll likely be sold.
• When you find the right property and you are comfortable with making an offer – don’t waste time, the longer you wait the more inspections there will be, this may well go against you.
• Ask the agent what the offer process and the negotiation process is. Every agency works slightly differently – so make sure you are fully informed. Will you get a second chance to make an offer? How does it work?
• Keep in mind there usually are multiple parties offering to buy a property in this market – so you need to put your best foot forward when the time is right. You may need to pay a little more than what you perceive market value is. Long term you’ll get it back – so don’t stress!
• Ideally the seller will be looking for as few conditions as possible. So, if you can make the offer unconditional you’ll be in a much better position (ie no finance or building & pest clauses). You will need to feel comfortable doing this though.
All the best with your house hunting!
If you would like some advice or require some more information, please give me a call on 0408 585 319.