Congratulations – you’ve made the decision to buy a property. Although it’s a big one to make, it’s far from the hardest choice of the journey and many buyers slip up along the way. When it comes to the property market, even the smallest of mistakes can prove costly.
Unsurprisingly, there are several key steps between deciding on the perfect property and actually buying it. Read on to discover what these are, so you can avoid making expensive errors.
1. Look into the value
You might have located your dream home, but how do you know you’re getting good value for money? It can be easy to get swept away in the rush of the moment when on a property hunt, but you should remember to take a step back. Survey any other similar properties in the area and compare the prices. Through doing this, you’ll be able to work out whether the asking price is reasonable, or whether you can afford to negotiate a lower price.
If you’re a first-time buyer, this can be tricky to do. To help you through the process, it’s advisable that you find a reputable real estate agent from your local area. They’ll be able to guide you through the process, as well as help you to source any relevant government grants that could take a chunk off of your mortgage.
2. Negotiate with sales-motivated vendors
This is one particular option to explore if you’ve located a type of property that certain vendors are keen to sell quickly. Someone could be a motivated seller for any number of reasons, but they commonly include debt, death, and distance.
Your real estate agent will help you to identify these motivated sellers, which means you might be able to land a property at a great price.
3. There’s nothing wrong with making multiple offers
Especially if you’re planning on buying a property for investment purposes, it never hurts to make several offers. By placing offers on 4 or 5 different properties, you’ll be able to diversify your options and increase the chances of securing a property.
4. Be prepared for an auction-based sale
If your chosen property ends up going to auction, you need to know how they work. Otherwise, you run a substantial risk of missing out when, in reality, there’s no reason you can’t land the sale.
The best way to learn about auctions is to attend them. Find a few in your local area and sign up to get a hang of the process. If you’ve been to auctions before, your knowledge may even help to give you an advantage over the other buyers.