House Hunting?? Then, do your homework!!

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The search is long and exhausting.. make sure you have your needs carefully planned..

Buyers should continually drive around the streets they want to live in!! Get a feel of the environment, imagine yourself living in that area.. is it the close proximity to the shops or beach or park that you enjoy? Or simply the tranquility and safeness of the area?

''They need to start doing the rounds, even if they are properties they are not interested in. Look at who is going to open for inspections and listen to what agents are telling them and start reading the media about home-buyer reporting. Compare this period data with the same period last year - year-on-year."

Buyers should ask themselves why they are buying - for a home, for lifestyle reasons, for an investment or a combination of both? The answer will determine the features that are important to them.

They need to work out the budget and to obtain finance pre-approval.

''Get a feel for the overall state of the market, but confine it to the general area they are interested in, one or two suburbs. Establish whether what other properties are actually selling for are within your budget to see whether the quoting range is then followed through, and go to the auction - see what it actually sells for and how much competition there is for it.''

Buyers should ask whether the vendor would consider a pre-auction offer - more likely when the market is not booming - while Coutinho recommends saving such questions for a follow-up phone call or private viewing, rather than alerting potential competition at an open home.

HOWEVER.... Questions such as openness to offers and flexibility of settlement period should be asked only when buyers are sure they are very interested in a property. And don't tell the agent how much you have to spend, or give clues by divulging which other properties you have seen.

''You never reveal your hand publicly.."

 

Here's a few starting points to finding the right one for you :

- Begin by making lists: your preferred areas, essential features and non-essential features.

- Research market values in your preferred areas.

- Make several visits to a home before deciding to buy it.

- Don't be pressured into making hasty decisions.

- Read and understand all documents before signing. Have all verbal agreements put in writing.

- Consider obtaining independent advice, especially if uncertain about documents and contracts.

- Consider obtaining an independent, professional building inspection report, even if the agent or seller offers one.

- Use an inspection service with full professional indemnity insurance.

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