When you’re buying a house, whether it’s your home or an investment property, there are three things you must do.
- Have your finance organised. Finding the perfect home and then missing out on it because someone else can sign the dotted line or pay the deposit before you can is hard! Arranging pre-approval, knowing your borrowing capacity and having everything ready to go, gives you peace of mind and confidence when bidding at auction or making an offer.
- Know the market. Do your research on the area you’re looking to buy in, know what’s for sale and how much properties are selling for, get to know the local agents, the good streets and the bad. If it’s an investment property, find out the vacancy rate, rental demand and renter demographics. Do everything you can to make sure you’re buying with your head as well as your heart. It’s also great to know your options with lending.
- Arrange an independent building inspection. You can use the report offered by the real estate agent, but they’re organised on behalf of the vendor and the inspectors aren’t usually licensed builders so they don’t have the ability to look beneath the cosmetics. An independent building inspector who is a licensed builder will give you a thorough report so you know what you’re getting into. They can even sometimes give you repair or restoration quotes. If you’re buying a new property, make sure you arrange a completion report.
If you can get these three things ticked off your list, then you’re in a good position to buy that house with confidence.
If I can help with finance or referrals or knowledge, please reach out. I’m here to help in any way I can!
