Tired of spending your Saturdays traipsing from one property inspection to the next? According to experts many first-home buyers are over-inspecting and under-researching. Here are five ways to get your weekends back and move into your first home faster.
1. Map it and app it
The age old saying, 'location, location, location' is a classic for a reason. Because, while living close to amenities is great, busy major roads can be a headache and hurt resale values. The answer is simply to use the map function on the realestate.com.au listing and assess if the property is close to your favourite locals while avoiding those noisy rat runs.
Once you know it hits your criteria use the realestate.com.au app to save the property and add to your planned inspections. The new 'planned inspections' view clearly allows you to see your open for inspections on any given day – helping to sense check if there are any clashes.
2. Phone ahead
Ever rocked up to an open for inspection only to be told the property is under contract or was sold the day before? To minimise the frustration, phone the listed agents before you hit the road. Confirm the property is still for sale and the open for inspection is going ahead at the times advertised.
While you're at it, press the agent around likely sale price to make sure it's realistic for your situation, Josh Brockhurst, Licensee at Century 21 Team Brockhurst, said some agents are happy to give you the low down on the property and how the local market is trending to avoid wasting your time.
"The market in Perth is moving fast – Our sellers are receiving offers within the first week or two of their launch to market. Quite often we're needing to cancel advertised home opens due to our listings being placed under offer."
Forming a relationship with great agents can also help you get the inside track on upcoming properties.
3. Study the market
Doing your research saves time, money and disappointment, according to buyer's advocate Cate Bakos from Cate Bakos Property.
"Knowledge is power! It makes for less wasted time, as well as a sharper idea of what to pursue and what the price tag is."
Start by saving comparable properties to a collection in the realestate.com.au app when they're first listed and take note of what they eventually sell for, compared to the initial advertised sale price. If you're lucky, you may even spot some properties with prices that have dropped or have passed in at auction, which gives you the perfect opportunity to start the negotiations.
4. Comprise where you can
"Being clear about the dealbreakers is essential, otherwise a buyer could find themselves regretting a purchase." Bakos warned. "Being prepared to compromise on the non-essentials is vital though, otherwise a buyer could find themselves spinning their wheels for months (or even years), leading to lost opportunity and likely timing themselves out of the market they could have afforded.'"
Making a clear list of "must haves" and "nice to haves" is a great exercise for would-be buyers to clarify the non-negotiables.
5. Get money smart
It's easy to become emotionally attached to property. Imagining yourself waking up in a beautiful home in the perfect neighbourhood... the sales pitch writes itself.
But for first-home buyers, learning that real estate a numbers game is crucial, according to Cate Bakos.
"Like any shopping adventure, going in without a budget usually means confusion, wasted time and disappointment."
Her advice: "Log into realestate.com.au and focus on the SOLD tab in your selected areas.
"If you can't find at least five properties that match both your search criteria and budget within the last three months, it's likely that your search for that budget isn't yet feasible."
Brockhurst's tip is to future-proof your purchase 'With interest rates on the rise, it's always advisable to plan ahead with your budget and allow yourself the "breathing-space" to be able to cope with a rate increase or two'.
Another great tip to avoid wasting time on wishful thinking is the market explorer function on the realestate.com.au app.
For more buying tips visit realestate.com.au/advice/buying
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