Advice for Buyers

Advice for Buyers from Josh and the Luschwitz Team.

DO YOUR HOMEWORK

There is a huge amount of information available on the web to buyers in this day and age. Just a few clicks can find you historical sale prices, zoning information, school catchments, transport routes and timetables, local café reviews and much, much more. Much of this information can be gleaned from the agent at an open for inspection, but when you have 8 open houses to look at on a Saturday with 2 hungry kids in tow it can be easier to do your research yourself at a quieter time.

  

Online research is great, but make an effort to go and inspect as many properties you can, especially if you are buying into an area you are unfamiliar with. Photos only show so much and things can look very different in the flesh – both better and worse! It can also take practice to visualise the space from only a floor plan and it is good practice to refer to the plan as you walk through a property. Visiting the home also allows you to check out the surrounding area – is it noisy? What are the neighbouring homes like? Just how steep is that walk up the hill to local transport/schools/amenities? Furthermore, don’t just look at properties at the top end of your price range, but also those marketed for a little less and a little more. Sometimes stretching the budget can get you a lot more ‘bang for buck’ or you might find something a bit cheaper that you can renovate and add value to.

A family home is often bought with the heart as much as the head, but be careful not to be overcome by presentation, which can fool many buyers, and understand the importance of location for future resale – it’s a cliché, but one that is proven true time and again. If you have done your homework then instinct/gut feeling should get you over the line for a safe purchase.

BE HONEST AND UPFRONT

Be straight forward and talk to us openly and honestly about exactly what you are looking for – what you want and do not want in a property. What location do you need and what other similar properties you have been interested in and perhaps missed out on. Also what your comfortable price range is. Once we have your criteria we can keep you posted on other suitable properties before they hit the market. It is important to understand that there are many sales that occur ‘off market’, so if we don’t know exactly what you’re after you may miss out on an opportunity.

A good agent will be willing to help and give advice, even if a listing is not on their books – we love discussing property and value long term relationships with our vendors and buyers.

MOVE FAST IF YOU’RE SERIOUS

When you find your dream home be ready to act quickly to secure it – it is amazing how often we see a property which has seen little interest suddenly catch the eye of two buyers simultaneously! Talk to your bank or mortgage broker and get your finance pre-approved as soon as you start looking. This will also give you a better idea of your budget. Be prepared to complete your due diligence as soon as possible – ask your solicitor/conveyancer to look to over the contract for you, obtain a building and pest report and/or a strata report if the property is strata title. Finally, if you are bidding at auction, remember that any amendments to the contract (such as changes to the settlement term or deposit amount) must be approved prior to the auction and don’t forget appropriate ID and a cheque for the deposit on the day.