Tips for Buyers
WHEN IS THE BEST TIME TO BUY PROPERTY
Buying a home can be a daunting experience and timing your entrance into the real estate market can be an even more frightening experience. In a perfect world, you should buy when prices are low and sell when prices are high. However, home buyers often back away from buying when prices are low because of fear they will drop further. Similarly, there is often a buying frenzy when prices are high.
LOCATION, LOCATION, LOCATION!
This is an old saying but worth considering before you start the house hunting process. How far do you want to travel to work? How close do you want to live to the major amenities – public transport, schools, local shops and other community facilities. How far are the local parks? What sort of neighbours do you want, ie retail shops or vacant land?
MAKE A WISH LIST
What do you need and want in a home? You can save many hours and potential arguments if you make a list before you start. Start with writing down the features you MUST have in your new home, then those items you know you don’t want and others you would prefer to have but are not essential. A great way to start your wish list is to make a list of things you dislike about your current place of residence.It’s also a good idea to consider your lifestyle and habits. For example if you love to entertain, a big kitchen and/or entertaining area might become a want. Similarly, if you hate gardening, you might opt for a home on with a small maintenance free garden.Also think about how long you plan to live in your new home. You might not be concerned with local schools now but later down the track this might become a priority. So before you start house hunting think about both your current and your future housing needs.
DO YOUR HOMEWORK
Today with the abundance of media outlets and advancing technology particularly the internet it’s relatively easy to find information with respect to sale and property information. Just open up the weekend newspapers to read the latest news of the market and obtain the auction prices from the weekends.
SEEK MORTGAGE PRE-APPROVAL
What you can spend on a new home is determined by what you can borrow. Rather than guessing this amount it’s a good idea to talk to your bank or finance provider so you can get a full assessment of what you can borrow. There are also many internet sites that have loan calculators ready to do the hard work for you. If possible seek pre-approval from your lender so when you do find the house of your dreams you won’t miss out while waiting for the paperwork to be finalized.
USE A CHECKLIST
Inspecting several homes can be confusing. Rather than relying on memory, make notes on each home you visit. Some people take photographs to help remember and look back on once you get home. However always ensure you seek permission first from the agent prior to doing this.
House hunting can be exhausting, especially when inspecting a dozen homes or more in a day. Be sure to wear comfortable clothing and shoes and bring along some snacks to eat in between inspections to keep up the energy levels.
MAKE AN OFFER
Finally, if you do find the house of your dreams or at least the one which fits your criteria most accurately, make an offer. After all, you don’t want to go through the house hunting process and come out empty handed