Buying property is one of the biggest investments that any person ever makes. Not only is it very expensive and capital intense, it is also an investment in a lifestyle as much as it is a financial one. So there are lots of considerations that need to be factored in before signing on the dotted line and committing to long years of repayment plans and maintenance. For the first time buyer it can often be quite an overwhelming experience, seemingly beset on all sides by banks and lawyers and estate agents who all offer conflicting advice. So what should you be considering when buying and who should you be listening to. Here’s our guide to help you manage your way through the maze of that first time purchase.
The old adage that information is power has never help more true than in the property market. Remember that estate agents are employed to represent the interests of the seller and they are paid commission for making sales. So while they might not be dishonest, they are still incentivized to get you to sign on the dotted line. So find out everything you can, not just about the specific property that you are interested in, but also about the area. Make the internet your friend. These days almost everything is online so use a search engine to, for example, enquire about house and land packages Point Cook. If the information that is returned is what you expected great, keep moving forward, but if there are warning flags, delve deeper.
Know your limits and who you are
It’s important that you and your property can exist side-by-side and play to each other’s strengths. If for instance you are great at DIY, then buying a fixer-upper is a good idea. If you want to purchase a pad with a majestic garden but you struggle to keep a cactus alive, then maybe it’s not such a good idea. You must play to our strengths so that you can enhance your property and add to its value. Why would you buy a place with a swimming pool if you can’t swim? It might sound obvious but too often people don’t think these things through and they end up miserable and trying to make something that is unworkable work.
Just because something is available doesn’t mean you need to buy it. The same applies with bonds and lawyers and every other aspect of the purchase. Compare display homes Melbourne and let it be known that you are savvy. Your business is important and people want it. So use one quote to drive the price of another down. Or let the sellers of your potential new house know that you are looking to make an offer elsewhere on a different house. They won’t be shy to pretend that there are other purchasers queuing up to buy from them, so flip the tables the other way and take the negotiating high ground.
Avoid emotional decisions
Financial decisions need to be informed and objective – devoid of emotion. Don’t fall in love with a place and then negotiate for it. That is very bad business and you will only end up overpaying.