Turn your buying dream into a reality
When it comes to buying property, particularly in the current market, there is no denying that there is plenty to think about before taking the plunge. However, that doesn’t mean the process should be stressful. Before embarking on this journey, there are certain things you should do as a buyer to help get you as prepared as possible for the buying process. Here’s what we recommend…
- Determine your budget. The first and most important thing you must do to before even proceeding to buying a property is working out your budget. This step involves a little introspection — you must first determine what you are planning in the years ahead and how much you can afford to repay.
- Research homes in the area. This includes recently sold properties of similar value to your spending capacity, as well as current properties on the market for sale. This will help determine what’s available, what’s selling and what you can realistically get for your budget.
- Don’t let real estate agent ‘talk’ deflect from reality. Some real estate agents will talk the talk – meaning they might try to deflect from a property’s underlying issues if they’re having trouble selling (such as the condition of the home, structural problems, maintenance etc). Often this is due to the price being too high or the property not being maintained. To prepare for this, do your own due diligence, building & pest, sold research and bank valuation and these will be able to give you a more accurate representation of its condition and whether or not you really want to buy the property.
- Attend as many open homes as possible. This will give you a good indication of what homes are selling for and how much competition is in the market – which means, you’ll have to present your best offer first to give you a better chance of your offer being accepted. In this hot seller’s market, it’s essential that you prepare for a multiple offer situation, so it’s best to present your best offer to the seller.
- Focus on the business side. While buying and selling property can be an emotional time for many, think of it like a business transaction. This will help keep your emotions in check and minimise the risk of you getting attached to a home if/when your offer isn’t accepted.