Essential Tips For First Home Buyers
1. Get to know the market:
Spend time getting to know the market. Visiting open homes gives you benchmarks and comparisons of what your money can buy. Through our Exclusive Buyers Service we offer our clients free recent sales information to help you understand what similar properties are selling for. Click here to request recent sales information.
2. Mortgage pre-approval
You are competing with other buyers and being a cash buyer is a definite advantage. Contact a mortgage broker or your bank to arrange pre-approved finance so you know where you stand. This will allow you to see what you can afford and enable you to move quickly when the right property comes along.
3. Get real time information
Things can change quickly in the property market and it pays to be on the ball. We offer our clients free weekly updates and property alerts so you can hear about properties as soon as they come on the market and before print advertising. Leading edge technology is at the core of our business. Click here to subscribe to our weekly updates service.
4. Find good advice
There is a lot to work through in finding and buying the right property. Unlike most agents, we offer an Exclusive Buyers Service to our clients, with a dedicated person focused on buyers' needs. We will guide you through the whole process of buying a house, and the many questions that arise, providing advice on property values, investment potential, finance options and legal requirements. To enquire about this complimentary service [click here].
5. Location location location
We've all heard the mantra...'buy the worst house in the best street'. Its true...well located properties are a good longer term bet and make life a whole lot easier.
6. Budget for start-up
Purchasing a new home incurs legal costs, and often valuation reports, building reports, moving costs, and other sundry or unforeseen costs that can add up. Failing to budget for these on the way into a property can add unnecessary pressure and headaches you don't need. Pass the Panadol :-). Allowing a contingency for repairs and/or finishing touches will ensure you stay afloat.
7. Council visit
When buying check that what you see and think you are getting is what you are actually getting and is legally compliant. Local council has a file on each property that is free for you to view...draw a sketch of the house and section and compare this to the council file...isn't microfiche fun :-). Is the boundary where you thought it was? Have any alterations made got the required permits? Ask if there are any developments planned that might affect the property your are interested in. For a small fee the council will photocopy the house plans and permits for you to take home.
8. A good lawyer is not necessarily the cheapest
Sure saving a couple of hundred bucks on a lawyer was a highlight...but sitting on a front lawn with a house truck in the road and no keys while you can see the vendors are still packing is not fun. It happens :-). You need good advice and want to make sure your settlement goes smoothly. Ask around and get a lawyer who knows what they are doing and has a reputation for good service.
9. Due diligence
Independent reports allow you to see that you are making the right investment and protect you from risks. You may spend a $1,000 but it is money well spent, in particular if your decision is to walk away from a purchase for $400,000 that you should avoid. Your bank will require you to obtain an independent registered valuation on the property you are purchasing...we have an arrangement with an independent valuer where you can receive a 10% discount. We can also refer you to building inspectors and guide you through the purchasing process to avoid the pitfalls. Join our Exclusive Buyers Service. Its complimentary and offers you helpful advice, reassurance and peace of mind. click here
10. Build in a maintenance contingency
Well maintained properties hold value better and cost less in the long-run (all things equal). People often underestimate or don't have a contingency to keep a property up to standard. Work up a maintenance plan when you buy then you know what you are in for. Some property inspectors can do this for you. Big items can be factored into price discussions and having a plan for the smaller things will save you money in the long-run. What else are weekends for other than landscaping or painting :-)? Or we can refer you to a network of our preferred suppliers to get someone else to take care of these jobs - tell us what you need (click here).
