PLAN, PLAN, PLAN
The Other Three P's
Whilst not everyone goes it alone the first time it comes to buying a property, often people do. Sometimes with success, but sometimes .. not. Time constraints, geography, local knowledge &/or frustration with the process mean they seek the services of SYDNEY SEARCH to fulfil their property goals. We are happy to share some pointers with those who are hitting the streets and the Saturday open-house caravan.
PLANNING IS EVERYTHING AND CAN BE BROKEN DOWN INTO A FEW KEY AREAS:
First understand exactly what you are wanting to achieve from the purchase. This may sound basic but it is always so much more than just getting a roof over your head or starting an investment portfolio. Are you wanting to Upsize, Downsize or Sea-Change? How long a commute is acceptable? What yield do you need to make an investment work? Do you need to be inside a school catchment? Are you looking to meet SMSF rules?
Then you need to set out the 'Big Four' - Price, Location, Size and Quality - plus the priority or importance you place on each of them. People looking for a family home will have different priorities to someone looking for a commercial office, an investment property or to downsize. Numbering them from 1 to 4 at the start can be a useful strategy.
Be Ready! Before you start seriously searching for a property, it is imperative you have a few things in place. Finance is the most important of these and it is a big mistake to wait until you've found your ideal property before you approach a lender or broker to sort out a line of credit. Second is to have a trusted solicitor or conveyancer prepped so that you can send a contract through for a review. The ability to move quickly can sometimes be the difference between success
Do your homework. Researching the market you are interested in takes time and patience. Attend lots of inspections and, even if they are not quite what you're looking for, take notes and follow them through to auction/sale. The more you do this, the greater your understanding of the market and values will grow. Take agents' market estimates and rental estimates with a grain of salt. Remember, they are working for the vendor, not you.
Lastly, program SYDNEY SEARCH into your phone and don't hesitate to call if you need help at any point through your search. Remember, we provide a range of services to our clients from full-search to simply bidding at auction on their behalf. With more than twenty years experience in helping people achieve their property goals, we are always just a call away.
"Price is what you pay. Value is what you get"
- Warren Buffett