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Buying Tips

Buying a home or an investment property is a huge financial decision and needless to say, you need to be careful! Hopefully the below tips will assist you in the process:

  1. Focus on a specific area. Looking in the inner west and the lower north shore will drive you mad. Every area in Sydney is different and the prices vary immensely. Choose an area or locality and study the market; it will save you a lot of time and heartache.

  2. Research is key. Get to know the market by looking at recent sales. There is so much information available these days that will empower you when making decisions and no one wants to pay too much for a property. Becoming an expert will mean you will know the right price when you see the right property. Be realistic and don’t hang out for a bargain – the best properties are rarely bargains (in any market)
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  3. Buy what you love and can afford. Whether it’s a home or an investment, buy a property that feels right. You will know when you see it – but make sure you can afford it. Financial stress is one of the biggest factors in relationship breakdowns; another reason why over extending yourself financially isn’t worth it.

  4. Appoint an excellent conveyancer or solicitor. Many people just choose their family lawyer who they haven’t used or heard from in years. Be careful with this one as many just do property work as a side job and it’s not their priority. You want a good (preferably local) legal advisor that is readily available, does a lot of property conveyancing, and one that you like! We will happily recommend the best conveyancers and solicitors in the area to you without charge or obligation.

  5. Be ready to buy! You have been looking for weeks and finally you see a property you want – make sure you are ready to secure it! This means having a conveyancer/solicitor ready and most importantly that your finances are in order. A good mortgage broker will help you source the best home loan; and we can happily recommend good local ones without cost or obligation (or kickbacks).

  6. Don’t sign anything until you have sought independent advice from a good solicitor or conveyancer. We have all heard terrible stories about real estate, most of them stem from people being ill informed, rushed or misled.  We often see people sign contracts without seeking the right advice, don’t let this happen to you.

  7. Try to meet the neighbours before you sign. Amazingly many people spend millions of dollars on a new home and meet the neighbours only after they have moved in!

  8. Overestimate building and renovation costs. When you buy something with potential, be aware that it has the potential to cost you much more than you think. Building costs are very high and projects rarely run to their original budget.

  9. Sell first.  In most cases the smartest way to buy and sell is to sell first. You may even be able to get a longer settlement on your property to give you more time to find a new home. We have seen many people get caught out. Having to deal with two moves is far better than having to deal with two mortgages.

  10. Don’t rush. There is a saying in real estate that ‘properties are like buses – there is always another one around the corner.’ Don’t get fed up and just buy something. Stamp duty is too expensive to just make a purchase because you are frustrated by looking. Be patient; if you are realistic the right property will come up.

Make sure you register your details as well as what you are looking for by clicking here or call us on 02 9968 2088 to discuss your plans.