Looking to Buy

From Mike’s desk – better buying!

It doesn’t matter if you’re buying your first home, an investment property or even your 50th property – there is always a way to make the buying process smoother!

Set a budget.

As well as the purchase price remember to make an allowance for legal costs, stamp duty and incidentals such as the costs associated with any professional advice.

Confirm your limit.

Check with your loan consultant or bank before you start looking at properties and make sure you know how much you can spend.

Don’t spend it all.

Allow for the prospect of interest rate rises. If the property is for investment, do the sums based on the prospect of a slightly reduced occupancy rate.

Needs and Wants.

Draw up a list of what you need your property to have and what you would like it to have. Put the needs (must have) in one column and the wants (like to have) in the other. Using this list you will be better able to make a choice between the various options on offer.

Knowledge wins.

Gather as much information as possible including any relevant past sales. Your RAAS expert will be happy to assist.

What’s it for.

If you are buying an investment property remember that it’s being bought as an investment, not to live in. Too many buyers decide against a property because they couldn't live there, when it may well be the ideal investment.

Offer away.

After all your investigations and checks come back to your satisfaction and you believe you have found the right property, don't delay. Arrange to have the agent submit your offer straight away.

Be reasonable.

We all want a bargain, but don't be too cheeky with your opening offer as it may well just make further negotiation more difficult.