Looking at entering the property market but not sure where to start? Follow these tips and tricks to be best prepared to buy your next home.
1. Have your finance ready to go. Make sure you’ve obtained pre-approval from your lender or broker before turning up to an open home. There’s nothing worse than falling in love with a property, only to find that you’re not in a position to make a firm offer on the day and losing out to someone else who is better prepared.
2. Know your limitations: have you started looking at fixer-uppers, only to get a little distracted by the beautifully styled and fully-renovated properties? Maybe you’ve decided that you’d like to live out of town? It’s easy to find yourself a little off-track but try and stick with your original goals. Your pre-approval might be for a residential property, not rural. It might also be for $100,000 less than the properties you’d like to buy. Buying a property is an emotional decision, but if you can’t afford that dream home you’re only going to be disappointed.
3. Review the listing contract: Found the perfect place? Contact us to have a read through the contract before making an offer. We can let you know if there are any legal issues with the property that might affect your decision to buy it.
4. Consider your cooling-off period: If you’ve found a property that you’d like to buy but are concerned that another purchaser will come along and outbid you, you have the option of exchanging contracts with a cooling-off period. This way, you’ve locked in your purchase price and can use the cooling-off period to finalise finance and pest & building inspections of the property. You pay a 0.25% deposit, which you forfeit if you choose not to proceed. But the vendor cannot accept another offer while you’re cooling-off, so it can be a handy tool to consider.
5. Buyer Beware: You’re buying the property on an “as is” basis, so it’s important to make sure that there aren’t any structural issues hiding under the surface. Invest in pest and building reports from a reputable inspector – it could save you thousands.
6. I’ve had an offer accepted – now what? Let the agent know who will be acting as your legal representative on the sale. Contact us today for a quote for your next purchase.