Here are our tips to buying a property.
Make a list of the attributes you most desire in a property, including your 'must have' features, such as location, number of bedrooms or parking.
Loan pre-approval is a big advantage. Approach your lender or have a mortgage broker visit you to find out how much you'll be able to borrow and what your repayments will be so you know how much you have to spend. Having your finances organised gives you more chance of securing a purchase and is an asset when negotiating with vendors. If you're bidding at auction, make sure you have adequate funds in your cheque account to pay the deposit.
Invest the time in inspecting as many properties as possible. This will give you a better understanding of the market, put you in a better position to negotiate, and help you recognise a bargain or an overpriced property. Sources such as The Sydney Morning Herald Home Price Guide also provide useful comparable price information.
Most agencies and all of the major property search sites such as www.matthewiaco.com.au,www.domain.com.au and www.realestate.com.au have 'property alert' facilities. Simply enter your details and your property requirements and you'll be emailed as soon as a property meeting your criteria is listed. This helps give you a jump on the market and saves considerable time.
It is always important to register your interest with the selling agent and ask them to keep you informed ~ if there are any prior offers being considered by the seller – provide the agent with your email address and contact details and request copy of section 32 or any additional information. If you are serious about purchasing the property ~ consider making a prior offer. Don't hesitate to pursue the agent handling the property & ask them to help you try to buy the property. Follow up calls to local agents enquiring if any new properties available is also helpful.
Always position yourself where you are able to see what is happening during the auction. Do not hesitate to open the bidding or ask questions and bid with confidence. It's OK to bid against a vendor bid and if the property is passed in ~ always try be the last bidder ~ in order to try negotiate exclusively after auction.
Visit the property on the day of settlement or shortly before to be sure there are no surprises. Be absolutely positive that the property was left exactly as you had agreed upon in the contract. It is advisable that you arrange building insurance immediately upon purchasing.