Buying a house, whether you’re a first time home buyer or not, is an exciting time. Nevertheless, it’s something that you need to be fully prepared for. These seven tips will help give you the edge over your competition, and purchase of your new home for less.
1. Location, location, location
A time-tested technique, location is key when you’re starting to explore the property market and buy a house. It’s best to look as close to the city as possible (for your budget), while also searching for infrastructure close by, such as public transport, schools, and other amenities.
2. Contracts are key
Ensure you have a contract to look over and analyse before making any purchase decision, especially if you’re a first time home buyer. By contacting a conveyancer or solicitor to review this paperwork prior to making an offer, this will help you to understand all terms and conditions before making a decision.
3. Get a second set of eyes
If you’re looking at an older property, a professional building inspection is a must-do. You don’t want to have your new house, especially if it’s your first, plagued with problems the previous owner failed to address.
4. Look at future investment
Observe if there are any ways you can add value to the property. Whether that’s internal or external painting, extensions to the house, garden or landscape upgrades, these are all worthwhile possible future investments.
5. Get your (financial) house in order
Ensure your finances are secure and ready before exploring the property market. Speaking to mortgage brokers and/or bank managers is crucial, particularly after the royal commission. We have contacts to some fantastic mortgage brokers that have helped a number of our clients. If you wish for an introduction, please let us know.
6. Monitor results and see what’s ‘passing in’
Monitor auction clearance rates to see if any properties are passing in. If a property is passed in, your negotiating power potentially becomes much higher.
7. Spread your search if needed
If you find that your budget doesn’t line up with your desired suburb, look for properties in a suburb nearby. You may find somewhere close-by – only a suburb or two over – that’s significantly cheaper.
If you’re interested in buying your first home or simply something bigger, but need some assistance, the team at Industry Insider can help you take your initial steps with confidence. We possess advanced knowledge of current market conditions across Melbourne. If you are considering buying a property and need an Insider’s view, we can help you purchase your new home in Melbourne for less. So get in touch with us today and let a professional home buyer buy your home for you.
Don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a Zoom call here