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The biggest pitfall when buying property is not doing your research. People rush in and buy, and are left to deal with the consequences.
Here are some tips to remember before you buy.
1. Carefully consider the types of property you can really afford
Make sure you know how much you can afford. That doesn’t mean the maximum you can borrow, it means the maximum you’re prepared to pay each month. Home loan repayments – plus the associated costs of owning a home – impact your monthly budget far more than rental payments do.
2. Research the local area. Then do some more research
There’s no such thing as being too informed when it comes to buying property, so take your time to know as much as you can about the suburbs you’ve identified as having potential. There is where an agent can help you decide what you can afford and where you will get the best bang for your buck.
4. Work with experienced professionals
With such a big purchase, it makes sense to surround yourself with experts. Hire the most thorough, licensed home inspector you can find to pinpoint any issues that could potentially end up becoming costly repairs. Your agent or us here at dowling real estate can steer you in the right direction if you are unsure.
5. Use your head, not your heart
Many good things in life come from following your heart. Property ownership is rarely one of them, it is important to love the feel of the home when you are in it, but also pay careful attention to everything else at play such as inspections and price.
6. Negotiate as much as you can
As a buyer, you should feel in control and as though you have nothing to lose through robust negotiation. Ensure you negotiate as hard as you can. While an extra $10,000 or $20,000 may not seem much in the grand scheme of things, when you’re dealing with a six or seven figure deal, it all adds up.
If you’d like any more information on buying or negotiating, please email us at [email protected]
Hi, I'm Roseanne Gaut, and I'm Monique Gaut, and we’re from Dowling Maitland. Roseanne, what would your advice be to a buyer looking at purchasing a home. The first piece of advice, I think would be really important, is to make sure they are pre-proved and know how much they can actually borrow. And once they see a place they like, then give the agent the offer. Give it to them verbally and then follow them up with a text or an email with your offer. And what would you do if there was a situation where the agent had multiple buyers? If there was a situation with multiple buyers, I would probably say to the buyer, to get me your best offer in writing by a certain time frame as soon as possible. Once you have got an offer accepted, get it as soon as you can, pest and building, the whole lot of it together because you are in competition when there is multiple buyers. That sounds great, thanks for the advice. If you have any other questions about negotiating or putting in an offer please contact us at [email protected],com.au
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