7 secrets of buying
- Get your finances in order
Before you start, consider how much you can afford.
Take into account:Your savings…
– How much you can borrow
– The extra costs of buying like stamp duty
and settlement fees
– Your income and outgoings – and be honest
Doing your homework before you start looking will help you to set realistic limits.
- Get pre-approval
Getting a pre-approved mortgage will help you to be sure of the price range that fits your lifestyle. It also enables you to spend time researching and learning about the best mortgage for you, before the added pressure of an approved offer and the deadlines that it brings.
- Start looking
Look at potential areas and research them on the web. You’ll soon be able to work what you can get for your money in any given area. When you do start looking around properties, be sure to take notes, to help you remember the good and bad points of each property. They will come in very handy as all the houses start to blur together.
- Compare properties
When you’ve narrowed down the potential properties, start to compare their prices as well as how they rate in terms of location, age and overall condition, size of rooms and quality of fixtures and fittings. One may have a lower asking price, but if it needs a lot of work, it could well be more expensive in the long run.
- Could this be the one?
Once you’ve singled out a property that ticks all your boxes, look again with an objective eye. Ask yourself ‘how easy is it going to be to resell?’ It may seem like a strange way to look at your potential new home, but from a practical point of view, your home is also an investment. If there are things about it that are going to make it difficult to on-sell, you should think twice.
- Get your offer right.
Having got a feel for the market, make a realistic offer with some room for negotiation. Too low and you could be dismissed from the negotiation process altogether or simply used as a price guide motivate other buyers to put in more acceptable offers. In short, don’t miss out on your dream home because you’re trying to pay below the fair market price.
- Make your offer provisional
Unless you really know about property, make your offer subject to inspection. It’s worth investing the money to find out about any serious flaws in the home. If the owners won’t accept this condition of purchase, there may be cause for concern.