When buying a property, you sign a contract of sale to purchase a property, and you usually also sign a contract with a lender to repay a loan for several years. Buying a property is often a large financial commitment, which requires much preparation and due diligence to ensure that you are getting value for money. So it’s important to get it right!
Tips:
- Know who your friends are
Always be mindful of who the Real Estate Agent represents. No matter how nice they are to you they are representing the Vendors and they have the vendors best interest in mind.
- Do your due diligence.
- Engage your solicitor
Avoid signing a contract for the sale of a property until you get your solicitor/conveyancer to have a look over the terms and conditions.
- Building and pest inspections
Always arrange for a building and pest inspection it is money well spent for peace of mind.
- Never be afraid to negotiate.
When buying a property don't be afraid to offer the vendor a price much lower than the asking price especially if the property has been on the market for some time. What is the worst that can happen? The vendor will say no.
- Buyer’s advocate
If you feel you don't have the confidence to negotiate or don't have time to look at properties the consider appointing a buyer's advocate, such a licensed person can remove the emotion of buying from the scenario and may secure you a lower price. They have access to much of the same information as REA’s and are more likely to be familiar with the current listings and market conditions.
