Most Australians dream of living on their own property, but seldom thinking about the complexities involved in the process of home buying. That’s when they realise the wild world of real estate and property acquisition in Sydney.
To help you achieve your home ownership in the beautiful capital of New South Wales, and one of Australia’s biggest and most iconic city. You should also start applying for variable rate home loans available from your preferred provider ahead of time to ensure a smoother home-buying experience, especially if it’s your first time.
Looking with results. Purchasing a property means making a decision to financially constrain yourself to some degree. Research is the key as you find houses that you can afford, things you can compromise on as well as deal breakers to consider. If you see a queue of buyers during an open house, chances are that the agent was underquoting. When looking for a property consultant, ask for credentials and prior sales – agents with high and numerous successful stories have been through a lot of sales, making him or her a “real” expert on the field.
Check out review sites or a local home buyer’s forum to see comments and feedback on either a suburb or a real estate agent/company. These sites tend to have lesser bias and can also make a good sounding board if you need legitimate answers that don’t come from an agent’s smooth speaking skills.
Tactics that work. Putting it simply, if you don’t have an inkling about real estate (being a first-time homebuyer), the tactics will come from your real estate consultant. A good consultant will steer you clear from houses you can afford and be able to suggest suburbs where you might get good capital growth and bang for buck
The consultant will also do the negotiations for you, or teach you as you to handle it yourself. He or she will take your ideal house, ask about your current research, assess your “real” needs, and help you close the deal.
Wise researching. Do a lot of research before you buy since you’ll be stuck in with your decision for quite a long while. Get in and out of the market within three months, or else the market will get away from you and you’ll have to pay more. If you took more than three months of research and initial down payment, it means your list of must-haves is too long.
Don’t chat with agents at an open home, and never mention your budget, do not say you’re in love with the property and want to buy it ASAP, instead just say that you are interested in the property along with some others, and have the agent send you a contract and keep you in the loop.
Try to get everything in writing, starting with the price guide. If the agent says there’s an offer from other people, get them to email that to you as well.
Don’t make offers, or if you need to, go to the office agent with a signed contract, a deposit, and a deadline. Don’t let them get hold of their vendor since it’s just a technique to buy time. If it fails, go to the auction site as soon as registration opens, but do not go beyond your budget.
That’s it. Now that you know some home-buying considerations, you’ll be better equipped as you look for your Sydney home. Remember to consult with a home buying consultant (not the property agent/seller) throughout your home-buying journey. Best of luck!