Anyone who’s been in the real estate game understands how tedious purchasing a property can be.
For some it’s an emotional rollercoaster of rejected offers and can take up to a year or more to finally have a set of keys in your hands.
So how can we prepare for buying a home in order to give ourselves the best chance? Here are Call2View’s tips on preparing for buying a property.
When buying a home it is always best to know exactly what you want from the beginning, in order to be able to act quickly when the time right.
But you also have to acknowledge that there are factors outside of our control which also come into play as well.
First things first - create a ‘home features list’ which indicates everything you are after in your new property.
This list can include internal and external features including whether the home is new or old, big or small (bedroom quantity), modern or period, yard or courtyard, pool or no pool and so on.
Local Market Environment
Knowing where you want to buy is important, but once this has been decided upon you have to look at conditions of that particular area.
If the area you are looking at is a newer suburb, the abundance of opportunity is much greater and thus negotiation is possible, with time being on your side.
If the area is established, properties are scarce and thus your options are limited. This means price negotiation is risky and timely offers are of essence.
Familiar Territory or Foreign Territory?
Is the area you are looking at buying nearby or familiar to you? Or is it in an unfamiliar area outside of your general?
Understanding area codes and their price tag is important, so know the area whether familiar or unfamiliar and come to terms with what your budget will actually get you, and then modify your expectations.
Understanding the Vernacular
Most areas have their own characteristics. So knowing and understanding the characteristics for the area you are looking at is important.
These factors vary, so make sure potential properties offer certain features and if not make sure they have the capacity for it to be added (for future value add).
Knowing your Budget
Yes – you’re probably thinking this is an obvious one!
But this means having finance in place, and knowing all the costs involved with buying (we’re talking about building and pest inspections, stamp duty, legal fees etc).
So if you’re beginning your buying journey – take into consideration these tips and gain a better understanding of what you want from the outset. Give us a call on (08) 8932 8858 and we can assist you through the process.
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