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Australasian Conveyancing Group
Property Conveyancers Adelaide S.A.
Unley Conveyancing is a member of the Australasian Conveyancing Group.
Buying a good home or investment property can be a fantastic financial asset for you and your family. Avoid making costly mistakes by being better informed with the following tips.
You should do some detailed research to work out the market value of the property. The process is called comparative market analysis. It's extremely powerful when you're trying to negotiate the best possible price. Also see Tip #6 below.
Select a maximum of three suburbs and see as many properties as you can in preferably a 6-12 week time frame. Preferably you should inspect at least one hundred properties and document their main features.
Invest the time and effort to get a good deal, otherwise the selling agent will have the upper hand when negotiating with you!
To put it bluntly, the Selling Agents are NOT there to help you get a good deal. They are working for the seller, NOT the buyer. To really know important details about the property, you need to ask the right questions and do your own research.
Some good questions to ask when doing your research are:
Use the answers to these questions (plus you own research) to your negotiating advantage with the selling agent.
Obtain a 'pre-approval' from your Lender. Identify the maximum price in your comfort zone. Importantly paying bills and credit cards on time sets a ‘clean’ money management view to your Lender, assisting your loan approval process.
Don’t commit to a mortgage beyond your means. Four important rules to avoid trouble:
Termite infestations, dodgy wiring, sub-standard renovations ... there are many potential problems with any home that you're not likely to pick up yourself.
For your peace of mind & to avoid potentially large unforseen expenses, get a Building Inspection Report done.
Before you rush off and make an offer on a property you should determine whether you can afford the running costs on top of the mortgage such as council rates, water rates, land tax etc.
If you're buying an apartment, find out how much the Corporation fees are, and how much money is in the sinking fund. Corporation fees typically range from $300 to $2,500 a quarter.
Avoid properties with a rental guarantee. A good property doesn't need one. An inflated rental figure pushes the return on investment up against the yield (the ROI / Yield) and allows the seller to put a higher price on the property. As the saying goes - anything that's too good to be true probably is!
Buying property sight unseen is a recipe for disaster. You can't possibly consider all factors important to you. With hundreds of thousands of dollars – take the time to inspect it yourself.
Avoiding the auction experience reduces your property selection. Do your research by going to a number of auctions, and identify the value of the property. Part of your auction plan should include a maximum bid price and stick to it.
Everyone's an expert when it comes to real estate. Avoid well meaning 'kitchen table advice'. Put in the necessary hours of research, ask Unley Conveyancing questions BEFORE you sign, then you can move ahead with greater confidence!
Offer what you think is market value, from your 'comparative market analysis' (see Tip #1 above). If your offer is below the owner's expectations:
However, be prepared to walk away! You are better off letting someone else pay above the market value. Offer your details to the selling agent anticipating the owner may be willing to come closer to the market value. There are other suitable properties out there.
Renovating a property can add value to a property. However, unless you have the know how or experience do not embark on it yourself.
Add 10-15% to any renovation budget to allow for unexpected expenses.
Buying a property is an investment – spend some money along the way for added value when you eventually sell.
Choose a Conveyancer who has been in the industry for a number of years, like Unley Conveyancing. Take time to have sound contact with good advisers and tradespeople – setting up your own team will reward you!