Taking the fear out of buying a property

Buying a property is a major financial & emotional decision, so it’s no wonder we become a little afraid before committing & signing on the dotted line.

If buying a new home has become your New Years resolution for 2015, here are our 5 top tips to help you walk in with confidence when making your purchase.

1. Lifestyle

Give thought to your personal situation in terms of family, work, lifestyle & how that will impact on where you decide to buy. The suburbs you choose need to cater for all your needs. Always have a strategy for your property purchase. Consider your stage in life, short & long term, personal or family goals. What really matters to you?

2.  Research

Do sales research & seek independent advice from the experts, but don’t get too bogged down in this. Have an idea of what you want in your property purchase & check property listings. Go along to viewings or auctions to get a feel for that area & the houses in it.

Investors may want to watch the market for the timing of their purchase. Whilst those buying a house to live in for the long term, may not be so concerned with the state of the market. The right time is always when you are financially & emotionally ready to focus on buying a solid property that will do well in the long run.

3. Finances

So you don’t spend beyond your means, understanding your budget is crucial.  Stamp duty, property & pest inspections, settlement & Government fees all need to be considered.  Consider arranging a pre-approval with a broker, so you know your borrowing power.

If you are selling your current property have a good idea of what you can realistically expect to get for it by asking your local agents. There can be quite a difference in value between agents. You may need to look at a bridging loan to assist between buying & selling the respective properties.

4. Inspection

The fun part is now about to begin. It’s very easy to walk in with your rose coloured glasses & be bowled over with the décor & say it “feels right”.  Before you get caught up in that, equip yourself with a thorough checklist of the key criteria your new property needs to fill. Assess location, property condition & layout.

Given that buying a property could be one of the biggest financial decisions you’ll ever make, it’s vital to keep those emotions in check & consider your original objectives & budget.

5. The Offer

Once you’ve found your near perfect property, because let’s face it, very few people have the luxury to not have to compromise in some way, consider visiting the property at different times. This can help you see exactly what goes on around the property, thus confirming you have made the right decision.

Before making an offer ask the agent if the vendor would prefer the settlement period to be long or short. This information may give you an indication of the vendors eagerness to sell.  If they only want a short period, it may mean that they are keen to sell, so the vendor may accept a lower price if you can agree to this timing, because other purchasers may not.

Now you’re ready to go in with confidence & discard the shackles of fear. Talk to your local Mortgage Choice broker in Perth today to organize a FREE property report for you. Once you are armed with more knowledge- go make your offer!

Call Steve 0433 124 081 for a confidential chat or email steve.sims@mortgagechoice.com.au

 

Posted in: Tips

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