Buying or Selling a Property? Our Top 10 Tips
Buying or selling a property can be confusing. Often, it takes a professional opinion to make sure you’re doing everything you can. Here are a few helpful tips to make the process of buying or selling a little bit easier…
5 tips for BUYING A PROPERTY
1. Know what you want
Make a list of desirable features for your property, such as close-by locations (shops, schools, etc), possible renovations, the community “feel”, and so on. Buying a new property is an emotional process; this list will help you focus on what you really want.
2. Research your market
This isn’t limited to attending open homes and auctions - conduct research to find out what other properties in your area are selling for. This will also help you to appear as a serious buyer and allow you to negotiate more effectively. We recommend sites such as www.realestate.com.au and www.apm.com.au, which provide information on house prices and suburb profiles.
3. Be patient
Try not to jump into purchasing the first property you find. Detach your emotions and consider realistic factors that may affect the value of the property, such as work required to be done, structural issues, covenants, and so on. Finding the right home can take months or even years!
4. Be ready, willing and able
When negotiating property prices, sellers are attracted to buyers who have pre-approved finances. Ensure you have a deposit or bank guarantee and the legal capacity to buy right away.
5. Know what you are buying
Looks can be deceiving when it comes to buying a new home. We suggest talking to your solicitor about organising an Independent Building or Pest Report. Reports should always cover every aspect of the property, including roofs, walls, windows, floors, plumbing, electrical wiring, structural defects, termites and bores and asbestos.
5 tips for SELLING A PROPERTY
1. Be prepared with your paperwork
The sale Contract is a required document prepared by your solicitor before your property is put on the market. The Contract will state any special conditions of the sale such as fittings and fixtures or appropriate settlement conditions. Your Solicitor will also require relevant certificates to be included with the contract:
- Certificate of Title
- Copy of the Deposited Plan and any special conditions attached to the title
- Zoning Certificate
- Sewer Diagram
2. Pick the right agent
Conduct research before choosing an agent, as they are the backbone to getting your property sold. Try interviewing agents until you find one you are most comfortable with. Ask them how they would sell your home and why. Get them to provide evidence (based off similar sales of similar houses in surrounding areas) for the price they suggest your property will sell for.
3. Set a realistic price
Don’t assume your property sale will pay for the years of renovations or upgrades to your house when selling. Be realistic about property value based upon current market trends, location, and overall presentation. www.myRPdata.com.au is a great online tool in providing information about sales within your area, and can help you gauge an approximate selling price for your home.
4. Do an early Spring clean
Potential buyers are more attracted to clean and tidy houses as this generally communicates that the house has been well looked after. If you’re organizing an open house, ensure your home is cleaned and de-cluttered – anything that could detract from the potential sale should be thrown out or put in storage.
5. Market your property correctly
It’s important your property appeals to the widest possible market. Consult your agent about hiring an experienced property photographer, or consider the power of online advertising and how it can increase the exposure of your property. It is also worthwhile to consider the more ‘traditional’ methods of advertising, such as print; your real estate agent may have their own magazine of which you can feature your property in.
Buying or selling a home is a confusing process. There are numerous factors involved that the average person would not consider as being vital steps in the process of a purchase or sale. This is why you should always rely on a Conveyancing professional. Our dedicated and experienced staff will liaise with the buyer or seller's representative and keep you informed on all developments of the process as they occur. Contact us today to find out how we can help you.