It’s not just first home buyers cutting their teeth on the property market that make mistakes when buying property. Even seasoned career-property investors fall into some pretty common traps. To avoid the property investment blues always:
1. Do Your Research
You can never over research the subject of property purchasing. Knowing your target property type, suburbs, and the future of the market will put you in the drivers seat for a well-considered property purchase.
Your property research should include:
• Establishing the best finance options for you and your target property
• Closely surveying a range of properties that suit your target criteria
• Evaluating the community, services and amenities beyond the fence of your preferred property
• Looking at population movements and stock on the market.
A property located close to desirable schools, public transport, and essential services makes your property appealing in the short, medium and long term.
2. Think Ahead
Nothing stays the same forever. While some property purchases are stepping-stones to great gains, others are about preparing for the future. The perfect home today, may not meet your needs down the road.
It’s important to consider the nature of your purchase, is it a short-term investment? Or a much desired forever home? The future plans for your purchase may significantly impact your decision making, so it’s important to understand this.
3. Know what its worth
We’ve all seen advertisements that quote “$600,000 – $660,000 for well presented and located properties. But when you turn up for the auction, it sells for $900,000!
It’s difficult for many agents to provide accurate price indications on properties in a challenging market. That’s why many agents often suggest that they’ve “had interest in the $…. range” from prospective buyers.
But at the end of the day, this all adds up to confusion and difficulty in sourcing and securing the property you’re after. But knowing what a property is really worth is the ultimate time saver.
4. Trust the right agent
While great real estate agents can be worth their weight in gold, they don’t always have your best interests in mind. Real estate agents represent the house they’re selling and ultimately, work for the home’s seller. Their job is not about helping you get a “steal” – it’s about helping the seller maximise their sale.
Working with a buyer’s agent ensures that the ball on property buying is always in your court. A professional buyers’ agent will;
• Complete all the necessary research required to understand the value and potential of a preferred property
• Evaluate the best properties for your purchase criteria
• Take the time and leg work out of in-person inspections
• Establish a target list of properties suitable for you
• Conduct due diligence and any purchase negotiations required, including bidding for you at auction.
Engaging your own Buyers’ Agent is ultimately an investment in your property purchase. A buyer’s agent takes the time, hassle and uncertainty out of the process and places you in the drivers seat to make clear, informed decisions at a time and pace that suit you. If you’re interested in learning more about how Australian Property Buyers & Boutique Property Management can assist you, please call us on +61 3 9645 3418 or contact us via email today.