In a competitive market, making your home stand out will assist in the saleability and price you will achieve for your property.
We have put together 5 simple tips to get a good deal.
- Sticking to budget: One of the most important aspects of buying is knowing what you have to spend. By having strict rules as to what you can afford it will stop you overspending and blowing out your budget. If you overspend, either by getting caught up in the drama of auction day, or being intent on competing with another buyer, you may get the property, but find out you cannot afford the payments.
- Knowing the worth of a property: Researching the market prices of an area is vitally important and should be done in depth before making an offer or bidding at auction. Your research should include the property’s sale history – which can usually be found online, how much comparable properties are selling for in the area and a history of recent sales in the area.
- Know the property inside out: Having a solid knowledge of the property puts you in a better position. While you don’t want it to have too many faults, knowing what problems do exist may help you in knowing how much to pay. Knowing the history of a property will also help. The best way to do this is by asking a lot of questions. Has it been passed in at auction? What was its sale price when the vendors bought it? How many offers have been made? How many people have inspected it? Has the price been reduced?
- Do some due diligence: Have all the relevant inspections been completed, especially building and pest. If so you know you are considering a solid dwelling that is unlikely to fall apart around your ears in years to come.
- Don’t be in a rush – and don’t get too emotional. Doing things in a rush is often a bad idea. No matter how great a deal seems, don’t rush in without first doing due diligence. Always ask yourself, could there be a reason if everything seems so good? It is also important not to get too emotionally attached to a property. You can love it but getting attached pre-sale may mean overspending. Remember, buying or investing should be done by the numbers as well as by heart.