5 tips for buying your next property in Brisbane
Need some help to buy a home in Brisbane? Buyer’s Agent Matt Reeves, from Your Property Hound, provides 5 tips for your next property purchase:
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Like all good boy scouts, it is important to “Be Prepared” when looking to buy a home in Brisbane. Nothing is more frustrating for buyers than finding a dream-home only to miss-out because they are not in a position to make an offer. Homebuyers should have finance pre-approval in place BEFORE they begin the search for property. The process of obtaining pre-approval helps home buyers establish a maximum budget for their purchase, and gives them the confidence to make an offer as soon as a suitable property is found. Homebuyers should also ask their lenders: how long finance approval will take once a contract is signed; and whether or not their finance approval allows them to purchase at auction. Buyers should consult their accountant or financial planner regarding the purchasing entity; and begin researching other service providers (eg solicitor, and building and pest inspector) who will assist them with the purchase.
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Be flexible and open minded
No home is ever perfect. Consider which of your criteria you can compromise on. Search in suburbs adjacent to your preferred area, and recognise opportunities that others will miss. Never rule out older listings just because “there must be something wrong with them”, or those with bad photos, or difficult sales agents. These factors will put-off other buyers and may offer a good opportunity for the savvy buyer. Minor renovations and cosmetic changes can be easy to make – remember bathroom tiles can always be painted; light fittings can be updated; and feature walls can be neutralised! You didn’t really want a pool did you?
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Treat it like a job
Buying a home in Brisbane is a major financial and emotional commitment and will require hard work and long hours. Dedicate the necessary time and energy to find the right property. It won’t just happen on its own! Plan to make yourself available during busisness hours and arrange babysitting or other childcare if required. Dust off your clipboard and dig out some spreadsheets!
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Check that properties are still available
Currently in Brisbane it is common for sales agents to schedule property inspections even AFTER the property has gone under-contract. This can be frustrating for homebuyers who waste time inspecting properties that are no longer available. Phone sales agent before attending their inspections – it may save you some time!
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Perform desktop research before you inspect
Inspecting properties in Brisbane can be time consuming, and inspection times conflict conflict especially on weekends. It can be emotionally draining to inspect a great property only to find out later that it has been flood affected or is in the wrong school catchment. It is equally frustrating to arrive at an inspection to discover that there are major powerlines overhead, or a factory next door! Before getting in the car, perform due-diligence online using google maps to check aerial photos and street view, and various searches which are available on the Brisbane City Council website . Click here for more tips about performing due diligence online.
Hopefully these 5 tips will assist with your next Brisbane home purchase. If you need additional help consider employing the services of a local buyers agent. Matt Reeves is a liscensed buyers agent who helps home buyers purchase property in Brisbane. A full service buyers agent service assists home buyers to search and inspect properties, negotiate the purchase price and contract conditions, and to manages the purchase process through to settlement.