August 19, 2014
Spring is in the air which means the home open season is almost upon us! In Perth’s highly competitive housing market, it pays to do your homework first to ensure you’re armed with all the knowledge you need when inspecting a property.
Establish a budget
If you’re in the market to purchase a property, it’s a good idea to meet with a mortgage broker first. Your broker will review your individual financial situation and help you to establish a budget for your purchase.
Tip: Ask your mortgage broker for a Mortgage Choice Loan Eligibility Certificate. The certificate confirms that you’ve met with a broker and the loan amount which you are eligible to borrow. Take this along to the home open as it could come in handy if you want to make an offer.
Research the area
Make a list of what’s important to you, for example:
- Do you want to live within close proximity to work?
- Are there good schools?
- Is there public transport?
Be clear about what features are non-negotiable, and what you would be willing to compromise on.
Tip: Spend a bit of time driving/walking around the suburbs that you are interested in, at different days and times. You may want to visit the local shopping centre, or check out the local school. Take notes on the things you like / dislike about each suburb.
Research the property
Before attending an inspection, it’s important to gain as much information about the property as possible such as:
- How long has it been on the market?
- What was the last sale price and date?
- What have other properties on the street sold for?
Tip: Did you know your mortgage broker can provide you with a free RP Data property report? The report contains the sales history, comparable sales and appraisal price of the property. Bring it along to the inspection as the information could prove extremely valuable in helping you make an informed decision.
Complete an inspection checklist
When attending an inspection, it can be easy to overlook many of the small but important details of a property. Make sure you are prepared by bringing along and completing a property inspection checklist. You can download our handy checklist by clicking on the following link:
Ready to start looking for that perfect property? Contact your local Perth mortgage broker David Sims on 08 9277 9888 or email email@example.com.