7 Helpful Tips When Purchasing A Property
Purchasing a property is a major decision in anyone’s life and although it is an exciting prospect, it can often be time-consuming and stressful. From searching through countless listings, to inspecting endless properties, all the while ensuring they meet your criteria can be simply, exhausting.
We spoke to Emily Wallace from Emily Wallace Buyers Advocate on The Bottom Line. She provided our listeners with some amazing tips when purchasing a property.
Tip One: Understand your situation
It is important to know exactly what you are looking for in a property. Write down a list of your non-negotiables, such as: location, the orientation of the property or the number of bedrooms. Write down a list of features you can negotiate on. These features could include: newly renovated bathrooms, a small backyard or air-conditioning. This will give you a clear vision as to what you are looking for. If you are purchasing the property with someone else, it will ensure you are on the same page.
Tip Two: Be realistic
It is now time to do some research and find properties you’d ideally like within a price range that is realistic. Often an individual’s budget does not match their property requirements, or the property they are looking for is a rare find that only enters the market once every six months. Look for at least three ideal properties within your price range to ensure you aren’t looking for a property that may not be on the market.
Tip Three: Look for red flags
Upon inspecting a property, you should look for an array of red flags that a house may have. For instance: The smell of mould, insufficient ventilation, raised areas in the flooring and if the property is orientated away from the sun. Always request a building and pest inspection to ensure there isn’t any major structural damage or decay.
Tip Four: Take the emotion out of It
It is important to analyse the property for what it is and evaluate if the asking price is reasonable. Often individuals can be overshadowed by the features of the home and forget to check off all bases before signing on the dotted line. This can cause major issues down the track.
Tip Five: Put a deadline on your offer
An offer is valid for 3 days, so it is important to always state a deadline when putting in an offer. Give the vendor 24hrs to either accept or reject your offer so you are aware of the outcome as soon as possible and it doesn’t allow the vendor too much time for deliberation.
Tip Six: Have a budget and stick with it
If the property is being sold through an auction, ensure you have a walk-away price. It is easy to get caught up in the intense atmosphere of an auction, but it is important to have a budget and stick with it.
Tip Seven: Be vocal
At an auction, it’s best to stand at the front of the crowd to show that you are a real contender. It also allows you to have a clear view of your competition so you can monitor their body language throughout the auction. When bidding, be vocally strong and clear with your delivery to give you the best chance of being heard right up until the final hammer!
Purchasing a property is a big decision, but it doesn’t have to be complicated. It’s only natural for emotions to come into play, but it’s important to make rational decisions rather than getting caught up in the notion of having your dream home. Understand your situation, be realistic, look for red flags, take the emotion out of it, put a deadline on your offer, have a budget and stick with it and lastly, be vocal in an auction. You’ve got this.