November 07, 2016
Smart house hunting calls for effort and clever strategies, because the right property probably isn’t going to fall into your lap.
We suggest using these four key tactics to find the home that’s right for you and your budget.
Establish good relationships
Strong relationships play a valuable role in home hunting. Buying a home is a lot easier when you develop professional partnerships as you feel more comfortable and confident when starting the search. These professional relationships can also aid you during the search, with questions and advice that you wouldn’t ask your friends of family.
Being prepared is key! Having a relationship with your mortgage broker and a conveyancer or solicitor before your search is really important as they will prepare you for your search and when you have found a property, they are ready to spring into action.
Finally, contact local real estate agents and let them know the type of property you’re looking for and your ideal price range. Plenty of homes are sold before even going to market because savvy buyers have put the word out among selling agents.
Research your market
Commonwealth Bank research shows one in two potential home buyers overestimate median home prices in their capital city, it’s a knowledge gap that can be disastrous when it comes to bidding at auction or going through the to and fro of private treaty negotiations.
There is a wealth of online information about home values. Or just spend some time checking out homes listed for sale – note the asking prices and be sure to follow up and see what they actually sell for.
Find out if you’re conditionally eligible for a home loan
This is a biggie. There’s not much point house hunting for properties in the $1 million-plus price range if your lender is only willing to go half the distance with a loan of about $500,000. This is why it is critical to speak with us at an early stage. We can explain your borrowing capacity and let you know which loans and lenders are best suited to your circumstances. Having loan pre-approval in place before you begin house hunting ramps up your buying power during price negotiations.
Work out all the costs
Buying a home doesn’t just mean scraping together the deposit. You also need to budget for additional costs like stamp duty, legal fees, a pre-purchase pest and building inspection, loan establishment fees and possibly furniture removal expenses. It all adds up and we can crunch the numbers to show the total cost you’re looking at to buy your home.
Call Suzanne, Owun or Costa on 02 9517 1818, or email email@example.com to discuss your options. Or, if you feel like dropping in at our office, we are located at Suite 106, Flourmill Studios, 3 Gladstone Street, Newtown 2042. Be sure to share our blog on Facebook and Twitter and let others join the conversation!