Secret to property buyer success
Property buyers are currently in line for some great opportunities after the recent market dips, but you will need more than just money to ensure you set yourself onto a successful financial path.
Although interest rates are creeping up the banks are offering deals. Couple this with State and Federal grants and incentives means cash is still plentiful but buyers will need to be on their game in order to make the most of the opportunities ahead.
Leading Property Strategist, Debra Beck-Mewing, said buyers who are in a position to make a purchase will need to skill up on key actions including how to find, assess and negotiate purchases and be vigilant about acting on the right information.
"We see many buyers who are given pre-approval but then burn months and months trying to make a decision. It's these buyers who then fall prey to the marketeers and spruikers who push them into problem properties," she said.
Market forecasters are predicting property prices will start to move upwards soon, so buyers will be under pressure to make good decisions quickly. Most buyers will have some knowledge of one aspect of the buying process, but to be successful buyers need to be across all aspects. At a bare minimum, consider the following key tips.
- It really isn't all about 'location'- the most important issue is to ensure your strategy is best for you. Under no circumstances should you be trying to chase 'hot' suburbs as this is a recipe for trouble.
- Validate all property information you are given – this is particularly important when considering new, off-the-plan, or house and land purchases. Do not rely on 'research' that accompanies a property. Check the information with people and organisations not connected to the sale.
- Ensure you are clear on current prices in your target suburbs and always do comparable checks when presented with a property – look at similar properties on any of the major property portals for a quick sense check.
- Always conduct strata reports and building inspections, and gather as much information as you can before making an offer – use a checklist to increase your efficiency.
"Of course, buying a property has many nuances, twists and surprises but if they get it right, buyers can set themselves up for life. This is only achievable if buyers are prepared and organised.
"It's easy to become overwhelmed, but we see how quickly buyers increase their confidence when they become clear on their target and have a good understanding of the process. After buyers have the knowledge, it's much easier to make decisions and actually buy a property but in the current market they will need to be match-fit", she said.
For those people who want to make their purchases unaided, a range of guides are available from The Property Frontline website. For those who would like some affordable independent assistance, The Property Frontline has developed a buyers support system – the Buyer Success Pack – for buyers who want the knowledge and support while doing the buying 'legwork' themselves.
The Buyer Success Pack is unique in that buyers can obtain information specific to their needs, making it easy to overcome any barriers for each individual. It includes the following components:
- Access to a range of tools, checklists and guides helping buyers through the buying process from start to finish.
- Key insights into how to determine the price of your target property.
- Know what to inspect at your property inspection and the smart way to manage your property visits.
- Tips and instructions for compiling a compelling property offer.
- Insider tips for how to win your property auction.
For further details click here or contact us at 1300 522 828.
Author: Debra Beck-Mewing
Debra Beck-Mewing is the Founder and CEO of The Property Frontline. She has more than 20 years' experience in buying property Australia-wide, and is skilled in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is experienced in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, Editor in Chief of Property Portfolio Magazine and participates on numerous committees including the Property Owners' Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.