Home Buying Basics
The following points outline the most important factors to be taken into consideration by home-buyers. By utilising these essential tips you will avoid the most common pitfalls associated with buying a property and will be ensured that the home buying experience will be an exciting and stress free process!
CHOOSE THE RIGHT REAL ESTATE AGENT
Before commencing the house hunt, find a real estate agent who is ethical, courteous, professional and who will listen and acknowledge your requirements. Even though real estate agents are paid by the property seller, it is no excuse for them to treat property buyers in a disrespectful manner. Choosing a real estate agent who is genuinely interested in helping you find the right property will make all the difference throughout the home buying experience.
DO YOUR RESEARCH
Whether you are a first home buyer, upgrading to a larger family house or a seasoned property investor, it is essential that you obtain comprehensive property data and statistics for analysis before purchasing your next property. A FREE Property In Focus suburb profile can provide you with past sales history, suburb growth, average prices and many more essential statistics in the area of your choice to help you make an informed decision when the time comes to make an offer on a suitable property.
AVOID LOSING A PROPERTY TO ANOTHER HOME BUYER
Be aware that you haven’t legally entered into a contract of sale until both the property seller and your self have fully signed a legally binding contract. By verbally submitting an offer you run the risk of losing the property to another buyer who has made a better offer in the form of a written contract. Always submit offers in the form of a contract of sale and you will greatly reduce the risk of losing the home of your dreams.
BE CAREFUL WHEN MAKING AN OFFER
When you find the right property, be careful when submitting a formal offer. Human nature dictates that as a buyer you will want to save as much money as possible. You do need to be aware though that the lower you offer the less chance you will have of securing the property. You don’t need to exceed your financial limit but you must consider your offer carefully! Decide what is important to you – securing the home of your dreams or paying a discounted price. By playing the “hard negotiator” game you may just miss out.
OBTAIN INDEPENDENT LEGAL ADVICE AND PROPERTY INSPECTIONS
For most people, purchasing a property is the biggest financial decision that they will ever make. It’s therefore essential for your own peace of mind that you seek the services of independent building and pest inspectors as well as obtain legal advice from your solicitor or property conveyancer. Ensure that the property is in sound structural condition before proceeding with the purchase and if you are in doubt about the price, you may consider obtaining an independent valuation by a qualified property valuer. By seeking independent advice, you could be saving yourself from possible financial heartache.
WHEN IS THE RIGHT TIME TO BUY?
There is no right or wrong time to purchase a property. The right time to purchase a property is when you find the right property at the right price. This could happen within the first week of searching or possibly after months of painstaking effort. Don’t make any rushed choices but when you do find the right property be clear and concise with your decision and submit an offer accordingly.
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