Written by Cara Fitzgerald | 13 March 2024
Buying a property is an experience that can test your resilience – where your dreams and aspirations can become tangled with open home exhaustion and financial considerations. Given this, maintaining a focused approach is essential to ensure nothing is overlooked and that your chosen property aligns with your objectives. Here, we present seven must know tips for property buyers to guide you through the purchasing process.
Property buyers tips
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Clearly define the property’s purpose
At different junctures in life, the purpose of the property you need changes. Whether it’s stepping onto the property ladder when you secure your first home, or expanding your real estate investment portfolio, clarity regarding the property’s intended purpose is paramount. This clarity not only shapes your desired features of the property but also aids in pinpointing suitable locations.
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Do a thorough due diligence
Regardless of your motivation for buying a property, doing a thorough due diligence is on the list of non-negotiables. Be meticulous at this – extensively research the property’s location, comparable sales and examine market trends. Due diligence also means talking to local agents, spending time in the prospective street and suburb, as well as ensuring you understand the intricacies of the purchasing process.
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Sniff out any issues with the property
A great way to make sure the property you’re interested in has no nasty hidden surprises is by attending the open house or booking a private inspection. While there, do not be shy – smell for mould and animal-related odours. Knock on walls to see if they sound hollow. Does the toilet flush properly? Is the water pressure okay? Open the oven and dishwasher and check the air conditioners and hot water system are in good working order – these can be expensive to replace, so may be a key factor in your decision.
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Be pragmatic
Emotional attachment is inevitable when buying a property, but try to find a balance between your head and your heart if you want to avoid the risk of overlooking its potential drawbacks. Carefully evaluate the pros and cons to ensure the purchase aligns with both your needs and your budget. Also remember to consider future costs, such as maintenance expenses, as these are commonly overlooked.
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Prioritise pre-purchase inspections
Beyond surface appeal, be sure to investigate the structural integrity and legal aspects of the property through comprehensive pre-purchase assessments, including building and pest inspections. These inspections provide crucial information before committing to the purchase contract.
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Know the full spectrum of costs
The expenses associated with property acquisition extend beyond the purchase price. Legal fees, stamp duty, inspection costs and moving expenses contribute to the overall financial outlay. Factor in these costs during budgeting, allowing room for unforeseen expenditures.
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Obtain finance in advance and stick to your budget
Whether it’s your first rodeo or you’re a seasoned property investor, getting your finance pre-approved before making an offer is very sensible. It gives you a clear understanding of your financial constraints and helps you resist the urge to exceed your budget limit.
Now suitably armed with our seven must know tips, the absolute key to a successful property purchase lies in maintaining a steadfast focus and doing your research. There’s no such thing as being too informed when it comes to buying property, so take your time to know as much as you can about the property you’ve identified as having potential.
And, with such a big purchase planned, it makes sense to work with experienced local real estate professionals. Rated the number 1 agency in Forest Lake 9 years in a row, our team at @ap-realty will help you to navigate the property buying market with confidence, and make informed decisions that align with your objectives and financial parameters. Contact us today, we’d love to help you.
