Buying a house can be one of the most exciting times of your life. But along with
moving home, it can also be one of the most stressful. Be prepared and enjoy the
experience with our tips below;
Ensure your Loan is Pre-Approved
Getting your loan pre-approved ensures that you are prepared to move quickly when
the right property comes along.
Know your loan & buying costs
Because of the fees, taxes and legal expenses associated with buying a home, it
pays to know how much they are and when they fall. Most of the fees are due before
or when the property settles so you will need money to cover these amounts.
Look around before you buy
You should try to visit more then 10 properties before you buy. This will provide
you with a good idea of the current market including the prices in your area and
the speed at which properties are moving.
Remember - Real estate agents do not work for you.
Real estate agents are legally obliged to work in the best interest of the vendor.
A real estate agent wants the buyer to pay the highest price to the seller. Agents
are generally paid a percentage of the final cost of the sale so the higher price
they achieve, the more commission they earn.
So do your research, get a good feel for the market and make sure you understand
the valuation process.
Auctions
The thing to remember when you go to buy at auction is that the auctioneer would
have conducted hundreds of auctions, but this may be only your second or third.
It's a good idea to attend a few auctions before the one you wish to take part.
Get a feel for the prices in the area and the styles of bidding you're likely to
encounter. If you do bid for a property at auction be clear about the value of the
property, the loan amount you have had approved, the maximum amount you are willing
to spend – and stick to it.
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