How can you be buy ready and have a competitive edge over other buyers?
We’ve outlined below some quick tips to put you in the best position possible to purchase that property you’ve fallen in love with. Here’s how.
Have Your Finance Sorted
Although properties are starting to take slightly longer to sell in Sydney, don’t make the mistake of not having your finances sorted. It is risky business to put yourself out there and not have your finance approved and ready to go. By having this sorted, you know what your capacity is and can act quickly and be a more reliable and appealing buyer to a vendor.
Don’t be afraid to ask the hard questions. It may put you in a better position. Although you can never be 100% sure, it’s better to have an idea of the vendor’s motivation and make a more informed decision rather than dismissing a property or going hard at a property based on assumptions. By having some intel it may help to direct your purchasing strategy.
Do Your Due Diligence
If you’re interested in a property make sure you have all your “ducks lined up” in order to be able to perform efficiently and swiftly. This includes such things having a building & pest inspection or strata search carried out and having the contract reviewed. Be sure to advise your solicitor of your intent to purchase so they can be ready to review the contract quickly should they need to. This will help put you in a position to exchange contracts faster once your offer has been accepted.
Know Your Market
It is crucial to understand the market you are buying in. This extends beyond your preferred suburb you are wanting to buy in but also consider other factors such as;
- What type of property is it?
- What properties are trading for in this area?
- How frequently properties are trading?
- How much stock is on the market in this area?
- What is happening with local infrastructure?Depending on your strategy and property goals different questions to understanding your market may arise.
In conclusion all the above is great for you to know and have prepared, however by engaging a professional buyer’s agent to act on your behalf in the property journey holds a huge competitive edge.
With the exception of arranging your finances we can carry out the other points for you while you sit back. By having a buyer’s agent you are already telling the selling agent and their vendor “I am a qualified buyer”.
A good buyer’s agent will communicate clearly with all parties to the transaction, have detailed knowledge of your preferred location and advise on property value and a purchasing strategy to ensure you purchase the right property at the best price and terms.