Tips For Buying A Property
- Do Your Research
Don’t just listen to all the publicity surrounding a particular suburb and whether it is good or bad. There are several tools available on line which will help you find:-
- median prices for properties sold in a particular area;
- supply and demand – the average number of people looking for properties in the area versus the number of properties for sale and the area’s potential;
- interest rates data and their impact.
By doing your research first, it can help cement your decision and whether and not it is the right time to proceed with your next venture whether moving or investing.
- Is The Area Right For You
You want a property that meets your needs or enough of your needs to compromise for long term capital growth. Make a wish list of things that matter to you, such as:-
- access to major roads;
- proximity to major cities;
- public transport;
- major services i.e. shops and schools;
Shortlist areas that meet most of your wish list. Then take your time to get to know the area, go out for lunch, do some shopping, and make sure the area delivers on the atmosphere in which you wish to live. Secondly look at what developments or infrastructure are planned for the area and make sure they will not infringe on your property. Talk to local residents and get their feelings on the area and what are the best streets.
- Budget Constraints
If budget restrictions prevent you from buying in your preferred area consider buying in a neighbouring area which may be more affordable. If you are attracted to a particular area because it seems to be an up and coming area with rising values, this may spill over into neighbouring areas as well.
- Buyer’s Market
Keep an eye out for lulls in the market which could just be your window of opportunity. Some areas are at the bottom of the pricing cycle and some houses have been on the market for a while. During these quieter times there is less competition for houses, and in particular, if you do your research and note that the property has been on the market for a while, there could be a bargain to be had, particularly if the Seller is keen to sell.
- Expert Advice
Talk to the experts in the area, your local real estate agent, Gatton Real Estate. It may take you a while to find your perfect home, but they can continually be on the look out to find just the house that meets your wish list. Also consider houses which may need a bit of TLC but meet most of your wish list if you want to buy in a particular area.
- Stay One Step Ahead
To find your dream home or be the first to grab a bargain constantly monitor websites as they are usually updated on a daily basis.
- Watch The Streets
If you are wishing to buy in the area in which you are already established keep an out for “For Sale” signs which pop up in your area. Monitor how they are marketed, how long they are on the market, and what they sell for. This will help you guage the market and what price you can expect to pay.
- Remove Your Rose Coloured Glasses
Sellers naturally want the best price for their property that they can attain, they therefore “stage” their homes to make it look the best they can before an inspection. Remember not to “judge a book by its cover” and take a close look at things like adequate cupboard space, lighting and power points, are the rooms big enough. Also look for anything that could cause a possible problem such as cracking and make sure you have your building or pest inspector follow these up for you.