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5 Tips & Tricks to Remember When Purchasing Property

When Purchasing Property

Buying a property is one of the most stressful times that you can go through. When there’s so much to consider and take into account it can turn into a very daunting process, so it’s important to be prepared when searching for your next home.

1. The Market, Money & Location

Location of the propertyThese three factors can make or break your decision to purchase a property. Before you even get an idea of what you’re after in a home, you need to take into account what area you’re looking to buy in and if the market will allow for what you want. House prices are largely steered due to its location and its proximity to local shops, recreational area, public transport and nightlife. Before deciding to venture out into weekends worth of inspections, it’s important to sit down and decide on your budget and go through your finances.

This may seem tedious, but it will save you a heap of time and (and potential disappointment) by working out what you need in your next home in terms of price and location. This step is important, and you will need to be as realistic as possible about what you want vs. what you need.

Once you have figured out exactly what you can afford and where you can afford, then you can take a step back and have a look to see if the market is in your favour. The property market can be driven by interest rates, government incentives, and buyer sentiment – these are then driven by the larger economic conditions. Together, they can drive houses prices up or plummet them down and you don’t want to be caught in the crossfire.

Researching the property market is an easy task to do while you’re deciding to buy and keeping track of average houses prices and average days on the market can really help. From here, you can decide as to whether or not now is the right time to buy into the market or if it’s best to wait for a more opportune time. 

2. Electrics & Interior

Upon inspecting the property, it’s essential to look out for the finer details on what’s on offer. Don’t be afraid to flick a few light switches here and there or even flush the toilet. These are details that can be easily missed, especially when the existing owners have made an effort to showcase their home. Sometimes an immaculate presentation can be misleading for the not-so-keen eye.

With that being said, be prepared to ask question to the showing agent – has the property been inspected by a professional? Are there any issues with the property that aren’t entirely noticeable (i.e. the foundations)? Asking these simple questions can make a huge difference in your decision to buy. It will also put some issues into perspective in regard to whether or not you can factor in renovation/replacement expenses into your budget.

Remember, the overall presentation of the house is important, however, you can’t let it deter you from noticing the smaller issues that may become a huge hassle later on.

3. Keep Your Emotions in Check

home-inspectionIt seems silly, but it can be easy to be swept off your feet by a home that you feel ticks all of your boxes. The location might be perfect, the bedroom sizes are exactly what you need it might have a walk in wardrobe you could die for! However, overlooking the little things can end up being a huge mistake later on.

Although it can be easy to get emotionally invested, it’s important to keep your head ruled over your heart. This might mean being realistic about the asking price, the size, its practicality, and it’s location – can you really afford it, is this really want you want?

Purchasing a home will end up being your biggest asset and your biggest financial investment. So, try to not let the little things slide because you think it’s “the one”. Shop around, or be strict with your offer – this way, you can limit your disappointment by putting all of your eggs in one basket.

4. Be Prepared to Negotiate

Even if the home you choose ticks all the boxes and you’re in a position to make an offer, there is still every chance that you will need to negotiate the asking price. Negotiations can be a tedious process, especially if both parties have different values in mind in regard to what the property is worth.

If the time comes and you’ve entered into negotiations, then it’s important to stick your budget. Furthermore, you’ll have to be prepared for them to knock back the offer. Although this can be disappointing when this happens, it’s best to be prepared to move on and not dwell on it too much.

Negotiations are tiresome, so in order to save your energy, stick to your guns and accept the loss if it occurs. The last thing you want is to waste time pushing an offer it is means stretching your finances more than you can allow.

5. When in Doubt, Seek a Valuation Expert

Valuation-of-propertyWhen purchasing a property, the biggest mistake you can do is to over pay for a property. When everything is said and done, seeking out an expert to perform a valuation for pre-purchase can really help in understanding a property’s correct value within the current market.

A professional property valuation will include a detailed report on the zoning information, comparable local sales, environmental risk factors, the building’s features, fixtures and fittings. This will give a clear understanding on the worth of the property with an accurate figure.

If you’re looking to buy a property, having these things in mind will save you time and money down the track. Furthermore, knowing what to look out for will help you make the most out of your overall investment. If you require a property valuation, seek out an expert team for pre-purchase advice and ensure that you’re getting what you pay for with your next home.

Article Submitted By Community Writer

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