The most popular dilemma we all face when comes to buying property is to determine where and what to buy. It is always about Location Location Location Australia.
There are places with more land space to offer but are located so far away from the action, and yet there are people who are willing to pay premium dollars to secure shoebox size apartment just to be closer to CBD. Ongoing debates are happening all the time to what makes a great buy at a great location. We aim to provide article on a regular basis that covers the broader and pertinent subjects of real estate for allowing us to make a sound and rational decision on purchasing property that would best suit our purpose and lifestyle.
As for the time being, in order to establish our search area without going round the circle, first and foremost:
1. Set a true and realistic budget
We will be amazed to know how many people who actually do not have a clue on what their budget are. Make sure to find out first our borrowing power from the bank, the maximum amount we are willing and prepare to spend. This will enable us to save both time and resources by focusing only on a subset of property which meets our budget. It is therefore very common for real estate agents to enquire on our budget before anything else.
2. Get the finance ready or pre-approved
Be able to move quickly is definitely a luxury to have in real estate and a prequisite in seller's market. The biggest culprit of all failed negotiations or transactions is more likely due to finance. The agent in general is more willing to deal with prospective buyers than not. What defines prospective buyer is NOT someone who is very interested in the subject property but rather someone who has the finance ready to rock and roll. It is therefore prudent to obtain pre-approval that provides us with the financial security to shop around for 3 months. Qualified mortgage broker certainly comes in handy on this matter.
Equip ourselves with these weapons to prepare us for the battle ahead so we can hit bull's eye on the target.
Stay connected with Steven Steven Property for update on our blog. Take care for now.