I come across often come across buyers that have made the big decision to buy their next dream home. Problem is it’s not something that is done everyday and it can be a scary and daunting process. It’s also a competitive environment with other buyers in the marketplace, particularly in this current market, which can further add to confusion and make things emotionally charged.
To be successful in today’s marketplace you’re going to need some help. Your first best move is to learn a few inside tricks. Below are 9 key things that buyers need to do:
Know what you want
Be clear and concise on what you want. Have a ‘Must Have’ and ‘Want to Have’ list that is prioritised. If a home logically ticks 80% of the boxes and fits emotionally i.e. it just feels like home, you can imagine yourself living there, then you should act. It’s a hard road to the perfect house, if you keep looking for the perfect one the chances are the property market will run away on you and your life will be overrun with open homes every weekend.
Being pre-approved in today’s market is essential. Know how much you can borrow and what you can afford to spend – these may be 2 separate amounts! Being pre-approved is different to pre-qualified. You will need a good mortgage broker to help you with this, a good broker will be able to negotiate much better rates for you than the standard advertised rates.
Beat the competition to the listings
Buying property is a competitive environment, there are numerous other buyers out there that are just like you. All searching the net, all looking at the same properties and all racing to the open homes in the weekend. You need to be on the inside edge.
Have a good North Shore Real Estate Agent that will work for you. I operate a VIP Buyer Service. It is my aim for all my buyers will hear about properties that meet their needs at least 1 day before the open market. This means that they have a slight leg up on the competition and sometimes a small window to act. This is essential.
It also pays to become an internet savvy home buyer and learn how to eliminate properties quickly and early.
Do your research
Make yourself a value expert by investigating local properties to get an idea on price points, good areas vs OK areas vs bad areas. Know what the properties actually sold for, not where listed for or what the Government Valuation (CV or GV) is. Once you know what your money can buy, I will be able to update you with up to the minute market knowledge of what the comparable properties are selling for.
Conduct a careful property inspection
When you are conducting a viewing, look deeper than the paint job and room size. Are there signs of damage or potential pitfalls that could arise? Does the property logically meet your needs with your Must Have list? Does it feel right? Could you see yourself living here?
Take your time when doing this. There is no rush when you are about to drop $500K.
Become familiar with the Sale and Purchase Agreement and Know Your Negotiation Points
The Sale and Purchase Agreement is a document that has been designed by solicitors to be equal for both the purchaser and the seller.
You need to be reasonably familiar with this document. When you put the offer in it can often be an emotionally charged process. It pays to know what clauses and conditions you will need to put in ahead of time and to understand those clauses.
You need to know about Builders and Thermal Imagery Reports, LIM’s, Property Files and Property Titles.
If in doubt speak to your solicitor early in the piece. Your North Shore Real Estate Agent will be able to give you guidance on this as well.
Know your numbers
Know what your legal; mortgage; due diligence costs are. As well as your ongoing property costs – Auckland City Council Rates, Water Rates and body corporate rates are.
Often people forget about these and get are surprised when the bills come in.
This may not be your ‘ideal’ dream home. It might be your ‘for now’ dream home.
The property ladder is just that, a ladder where you need to take one step at a time and build up to the home you want. This is mostly governed by your financial means, you can’t always afford what you want right now.
It’s important to get on the ladder or the property market will go right by you and before you know it values will be even higher and your affordability just changed. Right now I am often meeting buyers saying ‘I should have brought 6 months ago’.
Enjoy your new home!
Once you have found your new home enjoy it!! Property ownership is a wonderful thing.
As an experienced North Shore Real Estate Agent, there are many more than just 9 tips for buying a home that I could give you, however these are the nine tried and tested will greatly increase your market awareness and sharpen your competitive edge out there. Then when the perfect home does come up, you will be ready to act quickly so that it does not get away from you and go to another buyer.
If you need some assistance with finding the perfect home, you are more than welcome to sign up for my VIP buyers service, or just give me a call to have a chat about what you’re looking for. You can reach me on 09 481 0648.