Buying Tips

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Before purchasing a house or property, it’s important to do your research. Start by determining your budget and the type of property you’re interested in. Once you have an idea of what you’re looking for, begin searching for properties online or through a real estate agent. When viewing properties, be sure to inspect them thoroughly and ask lots of questions about the property. It’s also a good idea to get pre-approved for a mortgage before making an offer on a property.

Once you’ve found a property you’re interested in, make an offer and negotiate with the seller if necessary. Finally, have the property inspected by a professional before closing the deal to ensure there are no hidden issues or problems. With these tips in mind, you’ll be well on your way to finding the perfect property for your needs.

1. Start the Savings Habit Early

While most lenders require a deposit of at least 5% of the property’s value, bigger is definitely better.

A larger deposit may help you to avoid costly Lenders Mortgage Insurance, which is charged when a home buyer borrows more than 80% of the property’s value. Putting a savings strategy in place early on in your financial lifecycle will make it easier to obtain finance.

buying a home

2. Get your Finance Pre-Approved

When it comes to negotiation property sellers are often attracted to buyers who have pre-approved finance over those who don’t.

Loan pre-approval lets you head into the purchase process knowing the maximum amount you have to spend on the property, giving you the confidence to buy at auction or negotiate on price. It also saves you from looking at places that aren’t in your price range.

That said, it is important to keep in mind that pre-approved finance is typically a limited time offer and it does not lock you into a loan.

3. Research the Market & Know What You Want

Research the market Before making an offer on a property, research the local market to determine its current value. Look at recent sales data for similar properties in the area and consider factors such as location, condition, and proximity to amenities. 

Write down a list of features that the property must have, including the number of bedrooms and bathrooms you require, whether you need a covered garage for your vintage car, or perhaps a generous backyard for your Golden Retriever. Once you know exactly what you’re looking for, you can narrow down the list of homes you wish to inspect. Don’t visit properties that don’t meet most of your requirements – unless you’re willing to spend big on renovations.

research the market

4. Attend Open Inspections

Attending open inspections will give you a better understanding of what you can expect from different types of properties in your desired area. Take note of any potential issues or areas that may need work, as these can be used as leverage during negotiations. 

Professional inspections can give you insight into whether that property is worth buying. If it’s not, that simple inspection may save you a lot of pain and money in the long run.

5. Save Time by Using Real Estate Professionals

Working with an experienced Subiaco real estate agent can provide valuable insights into the local market and help you navigate the complex buying process. Choose someone who understands your needs and has a track record of success in your desired area.

A mortgage broker can also take a lot of the stress out of the home buying process. They’ll be able to do a lot of the leg work for you and help you understand exactly what is required throughout the home buying journey.

They’ll also be able to help you choose the right home loan for your needs – both now and in the future.

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