When you find a home, you love and want to buy, you need to be in a position to make it yours. Here are some tips that will help.
- Don’t fall in love too quickly. A home may look different online and in real life, so make sure you investigate the home and the neighbourhood. We suggest that you inspect the home at least twice, at different times of the day, and bring other people with you too.
- Never make an offer in haste. Examine the market, work out what comparable homes are selling for and work out what you can afford to pay. It is important to make an offer in a timely manner, not to miss out, but never at the expense of your due diligence.
- Drive by the home at different times of the day and days of the week. It is good to get an idea of the area at various times of the week. Also, speak to neighbours and ask how they find the area.
- Never overstretch your budget. Remember: your maximum is your maximum.
- Ensure you have a deposit and your finance is pre-approved. This needs to be organised before you set out on your search for a home. You need to have the funds available to proceed as soon as you find a home that suits your needs.
- Engage a conveyancer or property lawyer. It is important to ensure that you have one available to you so that when you find a home that suits your needs they are available to review and negotiate the contract for sale on your behalf.
- Start attending auctions before you search. This will allow you to understand how much competition there is for a property similar to what you are looking for, and what other buyers are willing to pay.
- Be aware of exhaustion. A property purchase is the biggest financial commitment you are ever likely to make. If you have been searching for a while, you may be inclined to “settle” so that you can move on, but it is important that the decision to buy is considered, rational and a wise decision. Decide early what you can and can’t compromise on, and stick to it!
- Get to know real estate agents within your desired area. Being familiar with the agents in your area, and them being familiar with you and your property brief, can help you access more properties in a timely manner.
- Buyer’s agents are your friend. Buyer’s agents buy homes for their clients. They relieve the burden of searching, inspecting, reviewing, and evaluating homes as well as adding more value through due diligence, knowledge, experience, negotiation strategy and purchasing know-how.
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Purple Avenue is a Sydney based Buyers Agency. We provide expert guidance and advice to help you make the most informed decisions, and our buyer’s agents will be with you every step of the way to ensure the process of buying your home is a smooth and stress-free as possible.
About the author:
Marcus Feasey is a Buyer’s Agent at Purple Avenue Buyers Agency. An extensive career in residential finance has provided Marcus with an intimate understanding of the purchase process, coupled with his knowledge and experience in the real estate market means that his skillset goes beyond just the property acquisition itself. His experience in the industry includes a variety of roles in sales & distribution leadership, business development and relationship management. Marcus is based on the Northern Beaches of Sydney and currently helps clients purchase property in the Northern Beaches, North Shore, Eastern Suburbs and Inner-West.
Connect with Marcus on Linkedin.
Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial.