Advice for buyers on achieving success

Buying a home is a big step, you are going to acquire what will most likely be your biggest asset. And with interest rates hitting record lows, buying real estate has never been more attractive! But this might not work to your advantage if you are on the purchasing side of the transaction. Especially if you don’t know much about buying real estate. There aren’t that many properties for sale out there right now and the competition between buyers can be fierce.

Whether you are looking for your first home, thinking about upgrading or buying an investment property or holiday home the same basic steps will help you achieve a successful result. Here are a few tips to help you be in the best position when making an offer to purchase a property, and guide you through the process successfully.

Know your finances
Work out your deposit, how much capital can you raise to put towards your next real estate move? Then calculate what loan repayments you can actually afford before approaching lenders or a mortgage broker to get the best deal. Don’t forget to allow for future interest rate movements and to factor in mortgage repayment insurance. Then go and get your finances pre-approved. This will put you ahead of the competition.

Become a cash buyer
‘Cash buyers’ are the buyers vendors like most! This is because an offer presented subject to the sale of a property is never as attractive as an offer which isn’t. If you already own a property, put it on the market today, secure a contract and then go house hunting for your next dream home. If you are afraid of ending up without a house to live in, ask your Sales Consultant for advice on how to make a sale and purchase agreement subject to the purchase of your next property.
 
Select a reputable sales consultant
The market is so hot right now that properties sell before even hitting the internet! How to access these properties that get sold ‘off-market’? Work with a local agent. Harcourts Sales Consultants are trained professionals and will support and advise you through the buying process, as well as assisting you with any selling needs. Working with your local Harcourts agent will enable you to get exclusive access to properties that might not make it online. For exclusivity on properties coming to the market in the Tasman region, request to be added to my database HERE.

Decide what you want
Make a list of the most important, through to the least important points of what you want in a property, both now and in the foreseeable future, preferably weighting the different characteristics. Not only will this list be a great reminder for you but it will also be a valuable guide for your sales consultant.

Make the most of inspections
Make sure to check every detail that is important to you. Take your checklist, ask the sales consultant all the questions that come to mind and make notes on each property as you go because after viewing a number of them you can easily become confused about which house had what features. One of your friends or family members is a builder? Bring them with you, even on the first inspection! This could help you make an informed decision more quickly.

Manage your offer
Don’t get caught up in the emotion of finding a property you like, instead assess it against your checklist and consider things like the possession date, the price, the fixtures and chattels and also getting a builder’s inspection and doing other due diligence to ensure you know exactly what you are purchasing. If you find yourself in a multi-offer situation make sure to put your best foot forward and remember it is not always the offer with the best price which makes it to the negotiation table, it could be the one with the best conditions. If you do your homework beforehand (pre-approved finance, sale of your property if you have one, etc…) and therefore are in a position to reduce the number of conditions the sale and purchase agreement will be subject to, you might find yourself in the lead against most buyers you will be competing with.