The information provided on this website is general in nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice.
1. Not letting an agent know you are interested in a property. Don’t be afraid to tell the agent you like something, that way they can keep you informed on any updates concerning the property
2. Disclosing your budget to an agent. If they ask you what your budget is, a good answer is “my budget is within the range”
When buying a family home, you are looking for somewhere to raise a family and have friends over. It will be important to you as to which suburb you buy in, what the neighbourhood is like and which school zone the house falls in.
An investment property does not need to be in a suburb you like. Important considerations are how much rent you will receive each week and the possible capital growth of the property over time.
1. Ideal price – what it is you want to pay for the property
2. Stretch price – the maximum price you are willing to pay for the property
The stretch price comes into play when bidding exceeds your ideal price.
Remember, your stretch price is your maximum budget – if bidding goes over this price, stop and walk away from the property.
When planning your budget, consider things such as how rare is this property? Do you need to purchase now, or do you have time to wait for something else?
- Inspect the property – either yourself, or by someone acting on your behalf
- Do a valuation of the property – what is the property worth to you
- Due diligence – arrange a pest and building inspection, obtain a copy of the contract, contact council, arrange a solicitor/conveyancer to review contract
- Speak to agent about payment method and settlement period
- Have your budget set (ideal price and stretch price)
1. On market properties – properties listed for sale online
2. Pre-market properties – properties not yet listed for sale online, however they will be shortly
3. Off market properties – properties not available online, and that will not be made available online