Buying property is not as simple as finding your dream home & signing on the dotted line. The market is highly competitive and there are many tips and tricks that can help ensure your dream home isn’t bought by someone else.
Innovative Property Advocates are expert in helping everyday Australians buy property. With more than 20 years experience in the property industry, we love to share our knowledge and experience to help you gain the upper hand when buying property. We have so many tips to share that we’ve had to break down this information into several parts. Here is Part 1 of our education series – The Property Search.
To save time, frustration and find the right property, buyers should follow these 6 Top Tips.
Top Tip # 1:
Flexibility & Compromise
When buying in partnership, both parties should be on the same page.
If not, then one or both parties should be prepared to compromise and be flexible in their search
Top Tip #2:
Planning is Key
Here are some simple but effective steps to help you in the planning phase to make the buying process easier and more efficient for you.
Prepare a Wish List and split it into 3 sections:
- What are your “must haves”? (no. of bedrooms, LUG etc.)
- What are your “negotiables”? (no. of bathrooms, proximity to shops etc.)
- What are your “non negotiables”? (quiet street, south aspect etc.)
This will help narrow your search and save you time.
Top Tip #3:
Get to Know Local Real Estate Agents
- Make friends with your local agents & put your name & requirements on their database.
- Don’t hide that you have interest in the property. You may risk missing out altogether.
- Offer the selling agent an incentive, i.e. if you have a property to sell they’ll be more inclined to help you if they think they can get your listing.
- Stay ‘top of mind’ by keeping in touch with them regularly.
Following these steps will ensure the agent sees you are a serious buyer.
Dealing With the Agent
- Remain unemotional but make sure that you let them know you have some interest.
- Let them know you have offers on other properties.
- Ask them how they arrived at their asking price. Request details on comparable sales to substantiate their estimate.
- Show them you know the market by commenting on what’s been selling in the area.
- Ask more questions like:
- “Why are the owners selling?”
- “Have they bought elsewhere?”
- “How long has the property been on the market?”
- “Has anyone done a pest & building report?”
- “How many contracts are out?”
- “Will they take offers before auction?”
- And finally “Is there anything negatively affecting the property that you should make me aware of?” Agents have a legal obligation to share with you any knowledge they have about the property that may affect your willingness to purchase. They will not offer this information, so you must always ask for it!
Top Tip #4:
Surf the Internet
Register your details with multiple websites & subscribe for daily alerts to match your criteria. This will cut down your internet search time to only a few minutes per day.Suggested search sites:
Top Tip #5:
If your dream home isn’t online or currently on the market you need to be proactive! You can try various methods to find properties off-market.