Hurdles buyers face

“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.

Today were going to talk about some of the hardest things you go through when buying property.

Buying a property on the surface seems relatively straightforward.

Find a property you like.

Check it out.

Make an offer.

Presto. You’ve bought a property!

But in actuality there’s more to it than that.

Mainly because of the sheer amount of money a property costs.

Finance is one of the biggest hurdles for buyers.

The initial process can be time consuming with the paperwork.

Getting the pre-approval, is the ideal.

This means you can start making offers straight away as you know much you can afford.

Often times pre-approvals lapse.

Generally around 3 months.

Sometimes there’s simply not enough money to purchase the property you want.

The offer stage is another hurdle.

How much do you offer?

Do you go in low, high, medium?

Are you wasting your time on this particular property?

To make a successful offer the most important tip is to understand what the property is worth.

For residential property this is usually achieved through comparable analysis.

Another hurdle is the pest and building stage.

Particularly if it’s an old house you want to renovate.

Structural issues or termites can be alarming for the non-builder.

I would always highly recommend getting a professional and licensed solicitor or conveyancer to go through the contract for you.

Emotions are also one of the biggest personal challenges you will face.

There are emotions around inspecting, finance, dealing with agents, making an offer, missing out, securing it, exchange, moving out, moving in, settlement.

Buying a property can be an extremely fun process.

Hopefully some of these tips help make the process a little easier.”

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