7 HOT Tips to Buying Property in Sydney
There is a lot of talk about people feeling like they can’t get into the Sydney property market. People always ask me, when will prices go down? When is the right time to buy? What area to buy in?
The Sydney property market is hot hot hot right now, which means competition is fierce! But it also means there are great properties available.
So here are my top tips for buying the best property in Sydney:
- Be clear about what you really want out of this purchase BEFORE you decide anything – write it down, create a vision. Are you looking for financial freedom, an upgrade, your first property or your last property?
How do you want to feel with this new purchase?
- Get your finance approved BEFORE you do anything else otherwise you may fall in love with properties you can’t afford and this will only disappoint you and prolong the agony.
- Map out your best-case scenario and always have a plan B. You may be fixated on an area only to realize that if you are more open to the process, something even better maybe available in a area nearby or somewhere that offers a similar lifestyle. It could even be better value and have more potential for capital growth. BONUS!
- Go to as many open homes that you can. Get to meet the selling agents. Keep notes on quoted prices and what properties sell for. Even keep notes on the agents themselves, this helps with negotiating.
- Know thy market! Do not rely on other people’s opinion or on pricing software with automated prices when it comes to property values, they are not consistent. Look at the amenities of the property, location, land and previous sales in the area. Ask the agent what comparable sales were they using to arrive at the figure of the property they are selling.
- Before putting an offer forward MAKE SURE you are ready to unconditionally exchange. Do this BEFORE you talk about price. If you don’t know your market or prices this can be a bold move. It means being ready, having the contract looked at, doing a strata report, building inspection, having finance unconditionally approved and making sure any other due diligence is done.
- When it comes to buying property before auction, make sure you do a pre – negotiation. There is no use in being ready to buy prior to auction if the owner simply won’t sell before. Speak to the agent and put the feelers out. Find out if the owner is willing to sell prior. Gather intelligence! Find out how the agent deals with multiple buyers. Is there anything else other than price that you can offer that will give you an advantage?
There are many ways to buy property these are just a few of what we do on a daily basis. The key is to have an understanding of market value. This forms the foundation of a successful negotiation.
Go out there and put this into action! Otherwise enjoy the sunshine and let us do the job for you! Either way we would love to know how you go. Email us at email@example.com