If you’re buying a property for the first time, or you’re returning to the market after an absence of a decade or more, it can be difficult to recognise some of the great buying opportunities that could come your way.
That’s why using an experienced agent like myself can pay dividends.
While there are some basics to cover, such as always making offers that reflect the value of a property, there are some less obvious strategies that we can consider.
Below, I’ve listed a few practical hints for buying real estate in today’s market.
Have your funding organised
Today’s market is pretty hot right now, and if you find the home of your dreams you’ll need to move quickly. No seller is going to sit on their hands while you spend weeks lining up the cash. Have your finance pre-approved before you begin your home hunt to minimize the risk of someone beating you to a property.
Know what you want
Make a list of must-haves and a separate list of nice-to-haves, so when you find an ideal property you stay focused on what’s really important to you. If you hesitate for even a few days over a missing ‘nice-to-have’ feature, you might lose the property to a buyer who was faster out of the blocks.
Do your research
While your agent should be with you every step of the way, it doesn’t hurt to check out the prices independently of homes that you believe fit your criteria independently. Share those properties with me and we can discuss why they may be priced at those levels and the features driving their value.
Location, location
You’ve probably heard the saying, “Buy the worst house in the best street, not the best house in the worst street”. It’s a reminder of the importance of location. If you need a family home, you’ll want schools and transport close by. Young couples don’t want to travel 10 miles to the nearest restaurant or amenities. Start with your ideal location and then find the property that meets your brief.
Homes that need love
Thinking about future value is an important part of the buying process. A property is likely to be your biggest asset, and you’ll want to be confident it will gain in value. The best prospects for a return on investment are homes that need at least a little work – maybe a new bathroom or kitchen. Or an extension to the living space and an extra bedroom? If your situation allows it, don’t ignore these properties. It can be harder to make big dollar-gains from homes in pristine condition.