Property

Don’t get caught making a fed-up purchase



Are you are a prospective homebuyer exhausted by months of searching for “the one”?

Even if you’re not hunting in a hot neighborhood, more cashed-up and game-ready buyers can regularly pip you at the post.

The current competitive property market is leaving many buyers feeling increasingly disappointed, says Buyer’s Agent and Author Patrick Bright.

First-home buyers in particular may be finding it hard to keep their spirits up.

 

"Always remember a suitable property could be just around the corner."

 

“Naturally buyers become disillusioned when they miss out on a potential home they really like,” Bright says.

“They are sick of looking and some end up making a ‘fed up’ purchase that will cause them grief both emotional and financial for many years to come.

“Unfortunately, after buying an unsuitable home a lot of buyers realise they can’t live with the home’s shortcomings and either begin an expensive renovation, which often leads to over capitalisation, or decide to sell and buy a more suitable property.

Bright says homebuyers “must keep their emotions in check” and remember that another suitable and appealing property is always just around the corner.

Here are 5 tips to help buyers avoid making a ‘fed up’ purchase:

 

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>> A Guide to Viewing Second-Hand Property

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1. Trust your needs/wants lists

Pull out a piece of paper and pen and, if you haven’t already, write a two-sided home wish list.

One side is all your needs. The other side is all your wants.

The needs list must only include features you cannot compromise on – for real.

“This process will help you rule out unsuitable properties and save you from becoming emotionally attached to a house that doesn’t meet your requirements,” Bright says.


Clarifying your needs and wants will help you define your property search.

2. Become a home values gun

Make sure you’ve done comparable market analysis and know current values as opposed to following price guides.

“By keeping your search to properties that are in your price range, your top three suburbs and that match your needs list, you’ll become an expert on that particular type of property in your research area … able to spot a quality property and make an informed offer.”

>> Check out our listings now!

3. Can you get your hands on the dollars?

One of the surest ways to seal a deal on a high-quality home is with a deposit cheque today.

If you find your dream home but still have to talk to a lender about getting funds, you run a high risk of losing to a more organized buyer and ultimately making a fed-up purchase of a lesser home.

Have pre-finance approval in place and make sure you’re aware of all the upfront costs of buying property e.g. stamp duty, legal fees, mortgage fees etc.

4. Consider hiring an agent

If you’re suffering home-hunter fatigue, minds can play tricks: It may be time to pay for professional (agent) help.


The hunt for a home can be tiring – know when to find an agent for help.

Engaging a buyer’s agent will cost a percentage of your home’s purchase price, but may save thousands in the long run.

5. Walk away for a wee rest

Guess what? The housing market never sleeps and it doesn’t vanish if you give yourself a break. You will come back fresher and there are always new fabulous listings just around the corner.

Log-off for a week and see what happens.

Source: Realestate.com.au
Author: Caroline James