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Do these six things before you start looking for a home and the process should run smoothly. Picture: Thinkstock.
BUYING a property for the first time ever can be a bit intimidating.
Aside from it being one of the biggest financial commitments of your life, making what should be an avoidable mistake can make it all the more stressful.
We’ve asked agents from PRDnationwide for their tips on how to be properly prepared for the property market.
KNOW WHAT YOU WANT BEFORE YOU START LOOKING
It should be obvious really, but not everyone has a set idea of what they want before they start inspecting properties. Know what locations you are interested in, what style of home you would like, and which features you can’t live without.
This allows you to make an offer quicker and be ready to act when you do find a property you like.
INVESTING’S NOT FOR THE FAINT HEARTED IN THESE TOWNS
BUILD A RELATIONSHIP WITH A LOCAL AGENT
Develop a relationship with a sales agent who specialises in your preferred area. They can keep you in the loop with new listings coming up for sale which will give you a head start on competitors.
Before you start looking at properties, make sure your get a pre-approval from your lender, so you know just how much you can spend. Picture: Thinkstock.Source:Supplied
HAVE YOUR LOAN PRE-APPROVED AND LEGAL ADVISERS READY TO GO
This is a step you should take even before you start looking. If your loan is pre-approved and your deposit is ready you can confidently bid on a property.
You should have found a solicitor already so once you have a contract they can review it. If you don’t have these things ready to go someone else could snag your dream home while you are still waiting for approvals.
It may seem early, but not pre-organising finances and legal could mean someone else snagging your dream property while you are waiting for approval.
LAND IS YOUR ASSET
The size and location of the land you buy could have a significant impact on the property’s future growth. When possible, aim to buy larger blocks for possible future development or subdivision even if it means sacrificing a bit on the house, in the long term it will pay off.
Get a verbal overview of any building and pest inspections as well as a written report, this may help you understand what needs to be done urgently and what can wait. Picture: Thinkstock.Source:Supplied
BUY INVESTMENTS WITH YOUR HEAD, HOMES WITH YOUR HEART
Use your head when buying an investment property, it should be an unemotional business transaction. The key things you should weigh up are price, rental return and capital growth.
When it comes to buying a home to live in, it’s understandable to take a more emotional approach. Price, rental return and capital growth are always important but you mostly need to be happy where you live.
GET A VERBAL OVERVIEW OF REPORTS
It’s a good idea to get a verbal report once the pest and building inspections are done. You should always get the written report as well, but speaking to the people who’ve done the inspections may help you better understand any issues with the property. First home buyers can often become very concerned about small issues, so it’s a good idea to find out what really needs to be done and how much it might cost.