7 Things You Should Do When Buying Property

 

  1. Consider Your Needs Ask yourself what are you buying the property for? Do not become emotionally attached to the property. Consider how well the property will meet your needs either as a home or an investment property.
  2. Check Your Finance Do not waste time looking for a property without a clear idea of your budget. If you need to take out a mortgage, speak to a mortgage broker or your bank before looking at any properties. That will ensure that you don’t waste time lookig at properties outside your budget.
  3. Organise a Team of Reputable Third Party Service Providers to help you with your purchase. These will include your solicitor or conveyancer, a mortgage broker or banker, a building and pest inspector and a strata records inspector. Use people who have been recommended to you and establish contact with them before you find a property. That will end up saving you valuable time.
  4. Be Cautious but Respectful when Dealing with the Selling Agent The real estate agent is engaged by the seller to obtain the highest possible sale price for the property. Do not believe everything that the agent is telling you. At the same time, do not lose your cool with the agent because if you annoy them, they are unlikely to want to do business with you.
  5. Research the Property and Surrounding Area Check the most recent comparable sales in the area and in the street. How do these properties compare to the subject property? Check out the local area and consider whether the property may be adversely affected by its proximity to busy roads, schools, electricity power lines, flood planes and water courses and commercial or industrial zones for example. Consider both the positive and negative features of the property and how these things are likely to impact upon the price.
  6. Secure the Property at the Right Price Having done your research, you should have a better idea of how much you are prepared to pay for the property. Whether you are going to bid at auction or make an offer, plan ahead and think about your strategy. If you are going to make an offer, provide a deadline and make sure that you are ready to follow through with your offer.
  7. Consider Speaking to a Buyer’s Agent Buyer’s agents are real estate professionals who will assist you with all of these things and more. Using a buyer’s agent will save you a huge amount of time and reduce your stress. Speak to leading Sydney buyer’s agents, Buyers Domain today to find out how we can help you.
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