Buying Tips

Don’t Judge A Book By Its Cover

Street appeal and outside appearance do not always give an accurate indication of what you may discover beyond the front door of a home. If the property is in an appealing location and its description fits your requirements, make sure you see inside the home as outside looks sometimes can be very deceiving. You never know, once in side the property it may “feel” like the home for you.

Location, Location, Location

Work out what’s most important to you regarding proximity to schools, shops, workplace, transport, beaches and waterways. It’s often difficult to get everything we desire in our price range. Be realistic with what you can afford. Keep an open mind about homes which may be just outside of your preferred area. Sometimes there’s a gem which is right for you just waiting to be discovered if you look in neighbouring areas.

Investment

Comfort – everyone wants it. Make sure the living space allows for flexible furniture options to appeal to a broad spectrum of prospective tenants.

Low maintenance – good tenants avoid homes that clearly need repairs or require a lot of upkeep by them. As an owner, you also want to minimize maintenance costs eating into your income.

Location – proximity to schools, shops, transport and water provide maximum appeal for tenants and it’s LOCATION that drives future capital growth.

Buying The First Property You See

There is nothing wrong with purchasing the first property you inspect. If it has all the features you require, it’s in an area that appeals and suits you and you can see and feel yourself living in the home…. buy it before someone else does!

Make An Offer

People talk about playing the ‘negotiation game’, but buying property is no game. A low offer can offend the owner and jeopardize your negotiating position. Make an offer that you feel will tempt the owner to accept, make it to a level that you can be seen as a purchaser worthwhile negotiating with. Low offers just make it too easy for an owner to say no and you don’t want the door closed on a purchase opportunity.

Building Report & Pest Report

One way to give yourself peace of mind about the property you are buying is to arrange a building inspection and pest inspection with reputable consultants. Make sure the company providing the report is prepared to speak with you personally, this allows you to have your questions answered and for you to better understand the property you are buying. Be fair to the property relative to its age and the price.

Strata Inspection Report

Your Solicitor or Conveyancer will arrange for a pre-purchase strata inspection when you are buying Strata Title Property. This report covers written records of the affairs of the Owners Corporation. The relevant information relates to management, insurances, cost of levies, deeds, financial records etc.

Lock In The Vendor & Exchange Contracts Quickly

An offer once accepted is not binding until the buyer and seller have signed and exchanged contracts. My advice to all buyers is to achieve an exchange of contracts as quickly as possible. This is the only way you know you have bought the property! Make arrangements through your solicitor or convenyancer with the agent to exchange contracts with a five day cooling off period in order to secure the property. During the five day cooling off period, the owner is unable to sell the property to another buyer.

Buying At Auction

I usually suggest getting involved early if you are interested in buying a property at Auction. It pays to be assertive. Make it clear you are there to buy the property by actively participating. When you bid during the Auction, you can see if another buyer is prepared to make a higher bid – it’s totally transparent! The best strategy is to aim to finish on top, even if the property is passed in. This puts you in the best negotiating position. The highest bidder is often offered the property at the reserve price, so make sure you are well placed to negotiate a successful outcome.