If you've been looking to buy a property, it's more than likely you've missed out on a few opportunities and that's normal. However, there are a few things you can do to ensure your offer is favourable and more appealing to the vendors. Here are some of our buying tips to help you with your next property purchase:
Research the market Before making an offer on a property, be sure to do your research. Research the property’s location, amenities, and comparables to determine the property’s true market value.
Get pre-approved Before you start looking, get pre-approved for a loan. This will give you an advantage when competing with other buyers, as you will have the ability to close the deal quickly.
Hire a buyer's agent Working with a real estate buyer's agent can help you find the right property and make an offer quickly. An experienced agent will be able to give you advice on the market and help you craft an offer that stands out from the competition.
Be flexible Be flexible on the terms of the sale. Consider offering a higher deposit, a shorter or longer settlement date (depending on the vendor's needs) or a higher offer price in order to beat out the competition.
Make a strong offer When you make an offer, make sure it is strong. Include contingencies and be willing to negotiate, but be clear that you are serious about the purchase. Don't try 'low-ball' as this usually never ends well dnd selling agents won't want to deal with you again, which means you could be missing out on other opportunities they have coming up.
Have a backup plan If your offer is not accepted, be prepared with a backup plan. This could include offering a higher purchase price or sweetening the deal with other incentives.
Be ready to move quickly Have your documents and financing ready to go before you make an offer. This will give you an advantage
If you miss out on a property, it's not the end of the world. You should start searching for another property that meets your needs and budget. You should also consider expanding your search area and research different neighbourhoods.
You can also reach out to real estate agents in the area to see if they have any listings that match your criteria, as many properties are sold pre-market and off-market. Best of luck with your property journey!
Disclosure: The information contained in this blog is our personal opinion only and is not to be taken as financial advice, as we do not know your financial situation. Please speak with your accountant or any other licensed professional for specific advice based on your own personal circumstances. We will not be held liable for any losses.
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