Julie-Ann
01-04-2010, 10:54 AM
Today we have a guest writer- our local real estate agent Paul Evensen from Caporn Young Real Estate.
Paul has been in real estate in our area for several years and we have recommended to many friends. He often sends out letters with some tips on buying and selling property. So I have asked him if he could share his latest 10 tips with you:).
TOP 10 TIPS WHEN BUYING
By Paul Evensen
1. Get Pre-approval before House Hunting. This will save you the disappointment of falling in love with a house you can’t affordand will put you in a much better (and possibly stronger) position to make a serious offer when you do find the right house.
2. Location! Location! Location! A bargain is never really a bargain when located in a bad neighborhood. It’s better to buy a smaller home – or one which needs repairs – in a great area where the likelihood of property prices increasing is greater.
3. Get Professional Help. Even though the Internet gives buyers amazing access to properties for sale, most buyers are better off using a professional agent. Look for an exclusive buyer agent who will have your interests at heart & can help with strategies during the negotiation process.
4. Know Your Motivations. Consider your short & long term motivations. Growing family home, second home, retirement, investment. Talk to others in the same position. Write down a list of your “must haves” eg. northern light, views/aspect, garaging, workshop, pool, garden.
5. Oral Agreements. Get it right and get it in writing. Written agreements will almost always outweigh oral agreements when it comes to contracts and disputes.
6. Overbuying. You may qualify to borrow more, but can you afford to? ****yze your monthly costs: mortgage, food, transportation, entertainment, and savings. Be sure to budget to cover additional costs such as stamp duty & allow for increases in ongoing expenses such as utilities & taxes.
7. Don’t Forget the Resale! Carefully consider before buying a home which is priced significantly more than neighboring homes and think before buying the most expensive home on the block as your neighbors’ lower home values will weaken yours.
8. Different Times. Viewing a house is like reading a great book & the 2nd or 3rd inspections at different times will help you to become aware of the nuances of the property as well as its’ surrounding area eg. busy roads etc.
9. Learn The Local Market. Become familiar with recent sales in the area, particularly the asking price of the homes, what they sold for, and the price per square metre. With this information, you can submit a more competitive first offer and come across as a serious buyer.
10. Think outside the square and buy an investment property to get on the property ladder, then rent it to tenants until you can afford to live in it yourself.
Did you miss my Top Ten Tips when Selling last year? If so please contact me today for your complimentary copy.
Kind regards,
Paul Evensen
Sales Representative
0439 923 844
paul@capornyoung.com.au
Paul has been in real estate in our area for several years and we have recommended to many friends. He often sends out letters with some tips on buying and selling property. So I have asked him if he could share his latest 10 tips with you:).
TOP 10 TIPS WHEN BUYING
By Paul Evensen
1. Get Pre-approval before House Hunting. This will save you the disappointment of falling in love with a house you can’t affordand will put you in a much better (and possibly stronger) position to make a serious offer when you do find the right house.
2. Location! Location! Location! A bargain is never really a bargain when located in a bad neighborhood. It’s better to buy a smaller home – or one which needs repairs – in a great area where the likelihood of property prices increasing is greater.
3. Get Professional Help. Even though the Internet gives buyers amazing access to properties for sale, most buyers are better off using a professional agent. Look for an exclusive buyer agent who will have your interests at heart & can help with strategies during the negotiation process.
4. Know Your Motivations. Consider your short & long term motivations. Growing family home, second home, retirement, investment. Talk to others in the same position. Write down a list of your “must haves” eg. northern light, views/aspect, garaging, workshop, pool, garden.
5. Oral Agreements. Get it right and get it in writing. Written agreements will almost always outweigh oral agreements when it comes to contracts and disputes.
6. Overbuying. You may qualify to borrow more, but can you afford to? ****yze your monthly costs: mortgage, food, transportation, entertainment, and savings. Be sure to budget to cover additional costs such as stamp duty & allow for increases in ongoing expenses such as utilities & taxes.
7. Don’t Forget the Resale! Carefully consider before buying a home which is priced significantly more than neighboring homes and think before buying the most expensive home on the block as your neighbors’ lower home values will weaken yours.
8. Different Times. Viewing a house is like reading a great book & the 2nd or 3rd inspections at different times will help you to become aware of the nuances of the property as well as its’ surrounding area eg. busy roads etc.
9. Learn The Local Market. Become familiar with recent sales in the area, particularly the asking price of the homes, what they sold for, and the price per square metre. With this information, you can submit a more competitive first offer and come across as a serious buyer.
10. Think outside the square and buy an investment property to get on the property ladder, then rent it to tenants until you can afford to live in it yourself.
Did you miss my Top Ten Tips when Selling last year? If so please contact me today for your complimentary copy.
Kind regards,
Paul Evensen
Sales Representative
0439 923 844
paul@capornyoung.com.au