Seven must-know tips for property buyers
When it comes to buying a property, there’s a lot involved. It’s also an experience that incorporates hopes and dreams, along with plans for what that property will accomplish financially.
So how can you make the right decision, ensuring you leave no stone unturned and you select the property that will suit your needs?
Here are our seven must-know tips for property buyers to help you through the purchasing process…
Be clear on the property purpose
At different stages in your life, property will serve different purposes and it’s important to be clear on exactly what that purpose is from the outset.
For example, often your first home is about getting a foot on the property ladder, which might mean you opt for something a little further afield and forgo the big-ticket features you ultimately want so you can affordably enter the market.
Meanwhile, purchasing an investment property is very different to buying the residence you intend to call home.
When you’re clear on the purpose the property will serve, it helps define the features the property will ideally have and also helps identify possible locations.
Do your due diligence
Regardless of why you’re buying a property, due diligence is a must.
This involves researching the location and any plans that might impact it, knowing the market and what’s available for what price, and understanding how the purchasing process works.
It might also involve spending time in the suburb where you’re considering buying, and looking at long-term trends and potential when it comes to property in that area.
Don’t be ruled by your heart
As much as buying a property involves forging an emotional attachment to it, it’s important not to let your head be ruled by your heart.
In other words, don’t overlook the negatives just because the property takes your fancy.
Consider the downsides, including future costs such as repairs and maintenance, and carefully weigh up the pros and cons to assess whether the purchase serves your needs and suits your budget.
Conduct pre-purchase inspections
Sure, the property looks great from the outside, but what exactly lies beneath and does it have the required approvals.
Before signing a sales contract, do have all the necessary pre-purchase inspections done including pest and building.
Ensure your finance is lined up
Regardless of whether it’s your first time buying or your fifth, if you’re serious about purchasing, have your finance lined up in advance.
A lot’s changed in the past decade when it comes to finance approval, so it pays to have your ducks lined up prior to making any offer to buy.
Stick to your budget
Lining up your finance also allows you to understand your budget and the exact dollar figure you will have at your disposal.
Don’t be tempted to exceed this figure. Know your budget and stick to it, while allowing a small buffer for any unexpected costs that might occur.
Understand the costs of buying a home
On that note, the costs of buying a property are not just limited to the purchase price. There’s legal fees, stamp duty, inspection costs, moving costs and more.
Do take this into account and factor it into your budget, leaving a bit of a buffer in case something unexpected arises.
How we can help
If you’re considering buying or selling a property, why not chat with one of our friendly agents to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
