TOP TIPS FOR BUYING PROPERTY
It is currently a buyers’ market in the Mission Beach area, which often means those savvy buyers after a good buy are ready and waiting to go once a property comes on the market that ticks all or most of their boxes. Buying in this low market is ideal, knowing the property value will increase steadily over time.
If you are from outside our state, please be aware that the contract process will differ. Contracts in Queensland are prepared by the agent when the buyer is ready to submit an offer. Fully prepared Contracts of Sale cannot be sent to you. If you would like to view a draft contract, you can download one from this page.
Tip 1: Obtain Finance Pre-Approval
Before you start looking at what is available on the market, it is important to determine what you can comfortably afford, taking into account your lifestyle and future needs. Speaking to your bank or broker and obtaining your finance approval beforehand, will not only save you time but also place you in a good position in the event a property comes on the market that several other buyers are also interested in.
Tip 2: Research the Property Market
Find out what properties have sold for in the area you are looking in and compare them against what you are after and your budget. The properties that sell the quickest on market are often listed for sale about 2-5% higher than the actual sold price. Some sellers list their properties for sale much higher than this and consequently they stay on market longer and slowly drop in price until they reach where the market is at.
Tip 3: Looking for a suitable property
Contact Andersons Real Estate and let them know the type of property you would like to buy, how much your budget is, and mention any other things that are important for you to have. If you live out of town and wish to inspect properties, it is important to give the agent a fair amount of notice as a large proportion of the properties on the market for sale are tenanted and they must be given 24 hours minimum notice. Tenants also have the right to refuse entry on a Sunday and Public Holidays, so plan ahead if you don’t live locally so you are not disappointed.
Choosing to look at too many properties in a short amount of time only creates confusion. Buying a property is a big decision and not one that should be rushed into. We’re here to help you every step of the way, so don’t worry.
Tip 4: What to look for in a property
Take your time and make notes at each property of anything you feel you would need to do to the property, be on the lookout for what repairs may be required. Ask questions. Imagine how you could make the property look and feel with your furniture and perhaps adding a coat of paint, etc. Visualising can be hard to do if the seller or tenant has a lot of furniture or clutter. For any properties that have made your shortlist, ask the agent for another inspection, make sure to bring any notes or questions with you.
Tip 5: Do the calculations
Factor in all of the costs you will be outlaying before you even move in. As this will help determine the amount of your offer. Obtain a quote from a QLD Conveyancer/Solicitor to find out about the legal costs, stamp duty, searches etc. Get a price for Building and Pest Inspections and moving costs. Be realistic about what you feel you would have to do to the property immediately, it may be that the extra bedroom or the painting can be done at a later date.
Tip 6: Putting your offer in
Before submitting an offer to the agent, have your finance pre-approved. An offer that is subject to less conditions or has an early settlement date is more likely to be accepted by the seller. Be prepared to put your offer in writing and to negotiate if the seller feels your offer is too low for them to accept.
Tip 7: Getting the jitters
This is a normal part of the process, getting nervous about taking on the responsibility of meeting your obligations does scare a lot of first time buyers. As long as you have not over extended yourself, this panic feeling will pass, once you move in and get settled and know that the property is yours to do as you please, gives a great sense of achievement.