Research Group: Buying Tips – Merrifield Real Estate

Buying Tips

Buying a property can be both an exciting and unnerving experience so it is important to take the stress out of the process.  At Merrifield Real Estate we believe that a buyer must do their research and become informed about the market as well as their own specific needs.  Although we will always be there to help you through the process, you should also ‘get self-prepared’, as you about to make a life changing decision.

Here are some of our tips to ensure that the purchase of your new property is a positive experience.

Prepare a Wish List

Make a list of the features you most desire in a property, including your ‘must have’ features such as number of bedrooms, en-suites and garage as well as the ‘nice to have’ features, such as large garden, swimming pool etc. Also consider factors such as purpose (home, investment or business premises), location, lot size, close to schools, shops, recreational facilities etc.

We also suggest that you take a moment to think about the lifestyle you are hoping to achieve through the new purchase. Imagining your new property and the changes it may bring to your life, this will help clarify what is ‘essential’ and what is ‘a nice to have’ attributes.

Prepare your Wish List now

Register your finalised ‘wish list’ with a reputable Real Estate Agent and let them work for you

This is best done in person so the agent can obtain sufficient information from you to find an appropriate property to your needs and in your price range. It also allows you the opportunity to ask the agent any questions and for them to give you helpful advice. You can however register online with many agents via a ‘property request form’ or a ‘buyer’s wish list form’. The process will not result in an in-depth assessment of your exacting needs but it can be a start.

If you want to get in touch and talk about your ‘wish list’ simply enter your details on our contact us page… Go There NOW

Also remember, when meeting with your agent, talk about any extra costs you may need to budget for as part of the buying process, such as stamp duty, pest control, building inspections and settlement costs.

Do your home work

Using your wish-list, do some investigation for yourself. Turn to the internet, newspapers or any of the real estate agent’s shop-front windows or their various homebuyer magazines, to get an estimation of what the property you may be seeking would be worth.

Also investigate the real estate agents in your location, do they sell in the area you want to buy or the type of property you are looking for, talk to family, friends and work colleagues to get their recommendations and thoughts, visit the real estate agents office and see if they appear professional and courteous. Not all real estate agents are the same, you need to find an agent with whom you feel confident.

You should also look into potential financial institutions whom you may need to call upon to borrow funds for the purchase. Look online at their various mortgage or investment loan interest rates, banking packages and potential setup and exit fees.

Set your budget

Setting the budget for your purchase is probably one of the most important considerations to make when contemplating the purchase of a property and it will often be dependent on your wish list ‘must haves’ and the amount of money you may need to borrow to finance the purchase of the property.

If you are uncertain of your finances, we recommend that you talk to a financial counsellor/planner. They are able to examine your financial circumstances and provide you with accurate advice of what would be a reasonable budget for you. If you can’t get to a financial counsellor, there are many online calculators you can use to calculate your potential lending power.

If you want to give them a go visit our own calculator section … Go To Calculators.

Obtain pre-approval

Being able to tell, your real estate agent that you have pre-approval to purchase a property, is likely to show the agent that you are a genuine buyer and this in turn may also provide you with some influence in negotiating the final purchase price or the terms and conditions associated with the purchase.

Inspect properties

When you inspect a property with an agent have an open mind, try to imagine the property with your furniture and fittings rather than what the current owner may have in their home. Test taps, lights and windows. Ask lots of questions and ask permission to take photographs. If you see something you really like in the property tell the agent, so they have a better idea of your particular needs. Similarly, if there is something you really hate also tell them.

It is our experience, that buyers who have undertaken the necessary preparation and investigations of their property needs and the buying process, are those that are best rewarded by their effort. They get the property they want, at the best price and with the least amount of fuss. Let Merrifield Real Estate help you find your dream property, it is part of our job.