ROMA Blog

Whether you are buying a 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.

• Set your budget – Establish a realistic budget and determine how much you can borrow and afford to repay.
• Making an offer – 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. Also, to avoid disappointment seek to have your finance pre-approved before making an offer on a property. This will provide you with piece of mind and will also greatly assist in the smooth purchase of your perfect property.
• Establish a clear vision – Think about why you're buying the property. Developing a clear vision will help you to discover what you are looking for. Determining the ideal location, the type of property sought after and compiling a list of key property features in order of preference will be beneficial when determining the perfect property for you. Compile a short list of requirements that best suit your needs and wants, for guidance ask yourself the following questions:

How many bedrooms and bathrooms do you need?
Would you like a new or established home?
Would you like to renovate?
Would you like a large or small backyard?
Would you like a garden or acreage?
Do you need a carport or garage?
Are stairs suitable for your needs?

• Location – Location is paramount, because you or your tenants will ultimately have to live there. If possible, 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. Be aware that location may add significant value to your property. In addition, make sure to be on the lookout for any future development plans which may affect the property’s value or your quality of life.
• Building & pest inspection – It is a good idea to seek a pest and building report before seeking to purchase the property. This will make you aware of any hidden structural problems or pest issues, which may need to be addressed.
• If buying at auction

Decide on a definite limit that is within your means
Make sure you have inspected the property
Bring appropriate identification and make sure to register as a bidder before the auction begins
If the property fails to reach reserve, the highest bidder normally has first right of negotiation for the property
And last but not least, when bidding, do so with confidence and authority!