“We felt very comfortable discussing our requirements with you, and in discussing the property, which we ultimately purchased. Thank you very much for the honest approach you took, and in always responding to questions before, during and after the sale process in a timely and courteous manner”
For most people, buying a property is a 3-6 month project. From the time you take the first positive step such as talking to your bank about your borrowing capabilities to actually signing a contract for sale, there are a number of distinct steps along the way. Of course, the thought of buying may have lingered for many years, but so too may the thought of giving up cigarettes.
“A journey of a thousand miles begins with a single step”…
It is speculated that the philosopher Laozi made this statement after he first saw his mortgage broker. The fact that you are reading this now shows that you also are well on your journey.
There will be many friends and relatives only too eager to give you earnest and well-meaning advise about buying real estate. Take on board what sits well with you but the following tips may assist in your search:
- It’s all about “Minimising the Compromise”
Whatever you purchase, there will be a compromise on at least one of your criteria. It could be buying in a less desirable area or having to renovate a kitchen. If you can be 80% happy with your property choice, you are probably doing very well.
- Trust your instinct
It is so easy to talk yourself out of buying a property. Everyone has doubts, we are only human. You may love the very first property you see but are worried that there may be something better out there. If you find that a property becomes a constant benchmark that you use to compare against others, you have probably found the home you are after, and it is glaring you in the face. Instinct is there to protect you, but it can also guide you to making a safe decision.
- Be philosophical
Along the journey there will be some disappointments. You may miss buying a property to another purchaser because your finance was not in place. Or the price at auction went beyond what you had planned for or perhaps the building report listed unseen structural problems. You might even face losing the 0.25% deposit by deciding not to purchase in a cooling-off period. But alas, do not despair or lose hope. Invariably, something better usually comes along!
- Bargains Beware
Unless you are a seasoned property dealer or investor, your search may be long and disappointing if your goal is to buy a bargain. Bargains are a rare find in residential real estate. Very few buyers will say that they “got a bargain” when they purchase. Buy because you like it, not because it’s cheap. Even if you feel that you are paying too much, the market will look after you in the future with good capital gains (besides, the bank won’t lend you the money if they think you are paying too much)
- Enjoy the journey
Searching and buying a property is fun. You will see all sorts of homes in all manner of presentation. You will come across many different and interesting people. And you will learn a lot about yourself and how your opinions can change when you see properties or possiblities you hadn’t even thought of.
You will reach your destination all in good time and you’ll be SO HAPPY !
We hope that Philip York is part of your journey. Start here.