Before you decide you have found your dream home, some aspects should be always carefully considered:
- Emotions: Buying a property is an emotionally-charged experience. Being too attached to a property makes the job for the agent to sell easier the property and you to pay a premium. If you lose your common sense and want to make an offer in the heat of the moment, you may overlook crucial aspects. Extend the list and try to see as many properties as you can before choosing rationally for which and when to make an offer.
- Timing: Do not wait too long before making an offer thinking that a better property will come, because prices may rise and a great opportunity has been already lost.
- Legal Advice: It is in your best interest to talk to a lawyer before signing any contract, to fully understand all potential issues that may arise in the future, for example approvals needed to build extensions or do specific renovations.
- Overpaying: During the boom cycle, you can easily fall into the trap of overpaying just to get into the market. If you buy at the peak of the market cycle, you are certainly paying a premium but the property already experienced a lot of growth and it may be slower to appreciate in the next years.
- Cheap properties: if it is such a good deal, why it is so cheap? Very often, there are some problems associated with the small price that need to be investigated thoroughly. What are the risks associated with the property, neighborhood or region
- Valuation: An expert in valuation will help you to negotiate the best price for the property. Even if the lender may want to do a valuation to decide whether to offer the loan, you should do your own independent valuation to be sure on the right amount to be paid.
- Inspections: They may prevent you from buying a property with problems that can cost a lot to be fixed.
For other useful considerations when buying a property, visit our Buying Tips section.
To ensure that your transaction goes as smoothly as possible, it’s important to seek advice from a real estate professional.
Contact us if you would like us to assist and navigate you through the buying process!