It is a dream any person will want to
achieve — to own a home. Owning property gives you financial security as well
as let you establish roots in a community and area of your choice. Having your
own home also enables you to pass on a valuable inheritance to your loved ones
when you pass away. As such, buying a house becomes one of the major decisions
you can ever make, requiring careful thought.
The first step towards property
purchase is to make sure that your finances can meet the prevailing prices of
homes. House prices are not only determined by current market conditions but
these are also controlled by the type of property (e.g., one level home with
small backyard or two-storey house with views) you want to get and the suburbs
or neighbourhoods you want to live in. It is worth noting that certain areas in
Sydney may have pricier homes than other areas. Differences in median prices
may indicate the desirability of one suburb over another along with other
factors that influence the asking price of some houses.
The buyers advocate, Sydney area in
particular, would recommend getting an evaluation of your suitability for financing.
By knowing that your financing will go through before you start making plans
and visualising how your life might be in that particular property, you avoid
getting emotionally invested in one house or unit and obtain an assurance that
you will be able to pay for that property.
Another tip from a buyer’s advocate is
to approach house hunting efficiently by signing up for email alerts on
specific properties from a real estate resource. In some cases, finding your
ideal property may be more time-consuming than you think, especially if you
have a very particular requirement for accommodations and location. By signing
up for a property email alert and furnishing the real estate resource details
on the sort of properties you want and need, you cut the search time in half
and easily discover properties that have not been advertised to the public.
When you find a property that meets
your requirements and it is being put up for an auction, a buyer’s advocate
recommends that you get in touch with the seller or that seller’s agent and
find out the actual price. It turns out that the price for most auctioned
properties may be 10 percent higher than what has actually been quoted. So
before you invest time and money on getting the property appraised and
inspected by professionals, make sure you have a realistic idea of the property’s
price.
Finally, when you truly want a
property, always put on a poker face. Never show obvious desire to buy the
house because then you will lose leverage come negotiation time. This is not to
say that you should show disdain for the property, pointing out all the
negative aspects of it. But rather try to ask all the right questions, control
the amount of interest you show over the property, and seek the expertise and
experience of a buyer’s advocate who will follow up with the seller’s agent and
represent you during the transaction.
Author bio – Denver Miller is a real
estate investor who shares helpful tips on buying and selling properties. Click here for more info.
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