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Buying

The art of Buying

Be realistic when inspecting homes. Rarely will one home measure up completely. Be flexible and objective and try to avoid preconceived ideas that may cause you to miss better ideas highlighted in the home. Take notice of the homes, which meet most of your needs.

Don’t rush inspections and don’t attempt too many inspections in one day – it is easy to become confused. Be prepared to make a second visit to a home. If you are buying with someone else, both parties should inspect the property together. Each partner may have slightly different requirements in a home and it is important that you both agree about the suitability of a home.

When determining the style and size of your home, consider your basic needs and discuss these with the agent, for example:

  • Garage or carport requirements
  • An extensive garden or easy care surrounds
  • Family living areas: games room, bedrooms etc.
  • Inside and outside entertaining areas
  • Capacity to extend

Although your Right Place sales representative can relate the matters relevant to the sale, prior to submitting an offer you should make your own enquiries to satisfy yourself on the suitability of the property.

Qualified to buy?

Finance is a key issue. If you require a loan to enable the purchase of a home, then your capacity to meet home loan repayments will determine the price range in which you can consider buying.

Therefore, prior to inspecting properties for sale, it is a good idea to establish your borrowing capacity with your lending institution. Once your capacity is established you can then determine what properties are available in your price range.

Right Place Real Estate Home Loan Services can assist you in finding a loan which is right for you. Please click here to have someone contact you about finance.

Offer and Acceptance

Agents are normally paid by the seller to obtain a fair and reasonable price and are required to act in the interests of the seller. The agent is under no obligation to advise you if another buyer offers a higher price nor the value of that offer. The agent must simply present your offer when it is received.

If you have done your research you will know how much you can afford to offer and what is a fair and reasonable price for the property. You may be tempted to make a very low offer in an attempt to grab a bargain but others may also be making offers and if these are higher, you could miss out.

If you are genuinely keen on the property you have selected, then it is in your interest to make your best offer. For example, if the agent informs you that the seller is not willing to consider offers below a certain price, then by making a low offer, you may lose the perfect property.

For more great buying advice, feel free to download the following PDF which is a comprehensive Guide for Buyers and Sellers, published by the Consumer Affairs of Victoria; Copyright 2010.

Real Estate Guide (1MB)