Buying real estate is the biggest financial commitment you will ever make so its vital to get it right. It takes a lot of time, effort, knowledge and perseverance to find the right property, and then you still need try and buy it at auction. To help you succeed we have compiled a list of 6 tips to follow when buying in the Eastern Suburbs. Stick with these and you will be well on your way to finding, and buying, the right property.
This sounds logical but it is so hard to control your enthusiasm when you have finally found ‘the one’. Try to curb your enthusiasm because if the agent knows you love it, they know you will pay more! To help with this, always have a friend or family member with you to keep you calm and don’t start jumping for joy until you’re well out of the agent’s sight! Never, never make an offer on the spot! Go home, sit down and do your research. Making sure you are making a reasonable offer which you can back it up with facts and recent sales figures when needed
Many agents are lovely but they are not working for you. They are contractually obliged to get the best price for their Vendor. So don’t tell them what your budget is, in which school zone you need to be or that you really need a granny flat for your mother-in-law. If the agent has this information, they know which buttons to push and your ability to negotiate is severely diminished. Be friendly and engaging, but don’t give them every detail
There is a reason most homes go to auction in the East and its simple – auctions are designed to play buyers off against each other and get them to bid way over their budget. Do not let this happen as you will be paying for it for the next 30 years! Always have someone you can trust with you at an auction and have your maximum limit burnt into your brain. Go to a few auctions in your desired location beforehand so you know the process and you feel more comfortable when you are ready to register and bid. If you don’t feel comfortable, get someone else to bid on your behalf
Properties are being snapped up and competition is fierce at the moment. Auction clearance rates in the East are still very high and many Vendors are accepting offers prior to auction, meaning properties are on the market for 4 weeks or less. Once you think you have found the right property you need to move quickly to complete your due diligence and evaluate the property. You may also want to make an offer prior to the auction and if so, you should aim to make your offer within the first 2 weeks of the campaign. This will give you the greatest chance of having your offer accepted
In this fast moving market it is important that you have a good team of professionals you can trust and who will work quickly once you’ve found the right property. You will want to consider professionals such as a mortgage broker, solicitor or conveyancer, building and pest inspector and possibly a builder or architect if you are considering renovating. You should have your finance pre-approved before you start looking and if you have been looking for some time, check that your pre-approval has not expired. It is vital that your finances are in place and you know what due diligence is required before you start looking
It sounds so logical but if you have been looking for years, or even if it just feels like you have been looking for years, you might be over the stress of searching and be tempted to just buy something half decent. Don’t do it! Buying real estate is a huge investment and it should be your greatest asset. If you are tired of searching on your own and would like to outsource all of the work involved with finding, evaluating and negotiating the purchase to a licensed Buyer’s Agent please contact us. Do not buy the wrong property!
To find out more about how we can assist you buy your dream home or investment property in the Eastern Suburbs please contact us or check out our website
Felicity Schilling – Director
mobile: 0424 266 205
Unlisted Property… your key to buying in Sydney’s Eastern Suburbs