Buyers had a tough time in 2017. If you failed to get the home that you had your eye on, don’t feel dejected. Be ready next time armed with this plan of attack that I give to clients.
1. Organise your money situation
I always encourage my clients to maintain a good relationship with a bank or mortgage lender in order for them to know how much deposit they need. I also advise them to have their loan pre-approved.
2. Determine what you want
One of the major reasons for people not purchasing property is clarity, or lack of it. I recommend putting on paper what you want physically, emotionally and financially to get a clear view.
3. Make your own enquiry
I tell my clients to pick three primary and three secondary suburbs for consideration to prevent confusion. When you’ve selected a property, drive to the homes at various times to observe differences.
4. Get familiar with the market
Buyers need to establish a strong relationship with a selling agent and identify the real value of the home.
5. Regard purchasing like a job
After you have brought together your team, it is now time to be proactive. Newcastle is undergoing a transformation, with major developments as evidenced by the record number of cranes operating in the city. New developments to watch out for include apartment blocks, the light rail line, a new university campus, a 500-unit mall redevelopment, new office buildings, and more.
6. Buy in winter
I advise people to buy in winter when there are less buyers and competition. And I also warn them not to make a common mistake people make – looking at the furniture rather than the space and location.
7. Perform due diligence
Ensure you read the pest and building reports, and learn about heritage restrictions and look closely at the contract details. Don’t spend hundreds of thousands of dollars without getting independent advice.
8. Review your financial situation
When you’ve chosen a property, contact your financier straight away to discuss moving forward.
9. Don’t quibble over the smallest things
Don’t be fussy over small things like where the clothesline is.
10. Hire a professional
It would be natural for a group of buyers’ agents to endorse themselves, but you could save time and money from hiring a professional.