Buying a new home in Sydney is always an exciting event. It is one of those emotional experiences that never fade, even for people who have bought and sold property many times over. It is also an opportunity to take a different path, meet new people and possibly forge new friendships. It can also be fraught with anxiety and frustration, if a few simple steps are not followed. By all means get excited with the prospect of finding the ideal property, but temper that with caution. This is not the time for impulse buying, or rushing into the first deal on offer.
Does the Budget Match the Buyer’s Expectations?
Having a budget figure in mind is a good place to start. Rather than waste time looking at properties outside the budget, buyers should speak to a lending institution or mortgage broker to find out how much money they can borrow. Those who don’t have a mortgage broker can get some idea by putting some figures into an online loan calculator. Most lending institutions have them on their websites and this will give a close estimate of what can be borrowed.
The next step is to approach a real estate agent in Sydney who will guide the buyer through a process to find out what type of property would be suitable within the specified price range. It would save much time and frustration if some thought had already gone into this. Agents tell horror stories of buyers arguing in their offices because they haven’t discussed their wants with each other in detail, as well as which features are not negotiable. This last point is very important. Most people can compromise over some features to secure a desirable property. However, there will always be a few items on which neither party will budge. These need to be identified at the very start.
How to Make Sure Everyone is on the Same Page
Once the buyer has a price range and a clear picture in mind of the ideal property, the agent will have something to work with. A good agent will ask questions to establish that the picture in everyone’s mind, including the agent’s, is the same. Now the agent can search the agency listings to match the desired property with what is already on the market. If this preparation is performed well, it is possible to find the buyers their ideal property after only three or four inspections and, at a maximum, ten or twelve.
Now that the buyers have chosen their new home in Sydney , they should discuss their offer with the agent who will have a reasonable idea of the price the seller will accept. Most times, the price is negotiable, but the amount of movement the seller will accept will vary greatly from one sale to another. However, with a figure verbally agreed upon, the agent will now present the seller with an offer, preferably in the form of a contract of sale with an accompanying deposit.
If all goes well, the offer will be formally accepted. Many agents can also assist buyers in sourcing their loans and recommend a professional conveyancer to prepare the transfer documents and arrange settlement. If you would like more information about buying a property and how a good Sydney agent can help, click here. With a little planning all the anxiety and stress will disappear and allow the buyers to experience first-hand the excitement of securing their first property.