While a Buyers Agent can make it look easy, buying a property can be hard work. And depending on your target property, what often starts as the prospect of a bright new future, can quickly turn into a despondent grind to a seemingly distant finish line.
It’s at this point that the ‘budget’ often gives way to emotions and in desperation, many end up paying much more for a property than they should.
But it doesn’t have to be that way. Armed with the right information, support and advice, you can be sure to pay just what is needed to secure your property goals.
7 Tips for Paying the Right Price for Your Next Property:
1. Keep a firm lid on your excitement!
Realising a property dream can give rise to heightened emotions and unhelpful excitement. But it’s important to stay cool. Revealing your intentions and enthusiasm for a property early can leave you unable to negotiate hard when the time counts.
2. Know the Market
There’s no substitute for thorough research. Knowing your specific property needs, target suburb and previous property sales in the area will put you in good stead for making sound decisions.
3. Don’t buy into the hype of a property
Bells and whistles are for trains, not houses. It’s important not to be lured by fancy staging or slick print campaigns. Ensure you really understand the area and property you’re buying into.
4. Have your finances in place
To act quickly and understand your budget, it’s important to have your finance in place. Having conditional loan approval really comes into it’s own during price negotiations and adds to the credibility of any offer you make.
5. Get professional advice
Having lawyers review contracts, building inspectors complete inspections or using a buyer’s agent to source properties and negotiate on your behalf can amount to huge savings in both the short and long term. Consider professionals insurance for getting your foot safely on the property ladder.
6. Act with caution at auctions
Competition and emotion can have you leaving common sense at the gate! So ensure you’ve done your research about what similar properties are selling for, have a firm non-negotiable budget and a solid plan for sticking to it!
7. Be available to act at decision time.
Timing is everything. Getting an offer in writing and having a signed contract in place when it counts can be critical to securing a purchase before other offers are heard.
Want more advice on how you can avoid paying too much for your next property purchase?
Our team of experienced Buyers Agents can assist you to find the best property for your needs AND budget. Avoid paying too much for your next property purchase by speaking to one of our expert Buyers Agents today on (03) 9645 3418.