Whether you are buying property as an investment or to live in, extreme care should be taken to ensure your purchasing experience is risk and stress free. These buying tips might help you avoid some of the common pitfalls.
- Think about why you're buying the property. If you intend living in the property does it really suit your needs? If you have young children or elderly people living with you, you might wish to avoid stairs and prefer a level block. Do you intend to install a pool in the future? Is the garden too big or too small? Will you need more bedrooms in the future? Is it close to schools, etc?
- Be sure to have reports for a building inspection and pest inspection before committing yourself to the purchase.
- If you are buying a villa, apartment or townhouse you may be sharing a common wall with your neighbours. If possible, take time to check the noise levels.
- Try to meet your prospective neighbours. They may not be your cup of tea and might influence your decision to buy. Undertake some research using council web sites, newspaper archives or just by word-of-mouth. Knowing the real estate market in a particular area will keep you informed on property values.
- If a property was renovated recently, check with the local council to ensure planning or building permits were approved.
- Deciding how much to offer can be difficult. You might wish to make your best offer up front or start with a lower offer and negotiate upwards. Just remember that a higher offer from another interested party might secure the property without giving you the opportunity to increase yours.
- To prevent someone else purchasing the property you have decided to buy, be prepared to exchange the contract with a cooling-off period.
If Buying at Auction:
- Decide on a definite limit that is within your means
- Make sure you have inspected the property.
- Have any relevant legal documents checked by your solicitor.
- Organise a cheque for the deposit.
- Make sure your finance has been approved.
- And last but not least, when bidding, do so with confidence and authority.