Whether you’re buying a home or making a property investment, it will probably be one of the biggest single purchases of your life. That’s why it’s important to avoid a costly mistake.
Searching for the right property can take a lot of time, so we’ve come up with 10 ways to save time during your property search.
1. Get a deposit ready
Before your do your property search, work out your budget. Keep in mind that having a deposit of 20 per cent of the purchase price will reduce the cost of getting a loan to buy a property.
2. Get your home loan pre-approved
Ask your mortgage lender how much you can borrow, so you’ll know how large a loan you qualify for.This will determine what houses you can afford and how much your monthly repayments will be.
3. Know what you want
Write a checklist of the features you want in a property. Do you want a four-bedroom house? A swimming pool? An open floor plan? Knowing what you want before conducting your property research can save you time.
4. Go on real estate websites
With the plethora of properties listed online, going to real estate websites is the easiest and the most convenient way you can search for a property. Plus, you can setup alerts and customise your search based on your preferences for price, home features and locations.
5. Talk to a real estate agent
If you prefer talking with a person when searching for a property, you can go to a real estate agent to help you with your property search. Tell them what type of property you want and your budget, they might be able to give you a heads up on new properties coming to the market. Making friends with a real estate agent can sometimes make all the difference when finding the right property.
6. Drive through the neighbourhood
Are you very specific about the location you want? You can try driving around the neighbourhood you want to live in and look for ‘For Sale’ signs which will have the seller's number listed on them.
7. Know the schedules of open houses
Try to visit as many open houses as possible. You can schedule one whole day of seeing all the open houses in a certain area.
8. Reach out to family and friends
You can ask for help from your family and friends with your property search. You never know, they might actually know of a property that meets your criteria and budget.
9. Take photos and notes
When you visit a property, you can take your own pictures or videos of the house so you have a more personal view of the property. Make sure to ask for permission first. Taking notes on each property you visit can also help with your property research. This way it’s easier to narrow down your prospective properties.
10. Weigh the pros and cons
Have you narrowed down your property search? It’s time to compare and weigh the pros and cons of the homes and check which will best fit your requirements and budget.
While house shopping is an exciting adventure, it can also be stressful if you waste a lot of time. But if you follow these techniques you can save time and make the right choice.