When looking for real estate bargains, register for property alerts so you are among the first to hear about properties for sale.
Other ways to keep a step ahead include searching via the public trustee, deceased estates and mortgagee sales.
When it comes to negotiation, property sellers are often attracted to buyers who have pre-approved finance over those who don’t.
Loan pre-approval allows you to get into the purchase process knowing the maximum amount you have to spend on the property. It also gives you confidence to buy at auction or negotiate on price and saves you from looking at places that are not within your price range.
Once you’ve found the property of your dreams, or at least one that will help you on your journey, it is always a good idea to conduct pest and building inspections as soon as possible.
Professional inspections can provide you with a very quick insight as to whether that property is worth buying. If there is a problem, that simple inspection may save you a lot of pain and money in the long run.
Consider what other properties are available in the immediate area and speak to as many locals and real estate agents as you can. They will let you know if one side of a street is considered superior to the other. Always let competing agents know if you are looking at similar properties to see what they say, it's always a good trick to get inside information. Make sure you do the leg work and consult professionals you can trust. Accessing independent information from a source such as RP Data can give you information on average rents, property values, demographics and suburb reports.
You can access a lot of information on the internet but if you would like a free RP Data Report, contact us and we’ll be happy to provide you with one free of charge as we subscribe to their services.
It is also a good idea to find out what changes may be happening in your suburb and the local council can often help here. For example, a major construction next to your property could make it harder to find a tenant or on the other hand, a planned by-pass may mean traffic will be reduced and this could increase the value of your property quicker than expected.
With most properties receiving multiple offers, try to get a box seat for negotiations. Make the first offer and have the agent agree to come back to you with the final right of refusal to beat the highest offer, or to submit a counter offer.
By making the first offer, you are in a position to negotiate with the agent so that you are the only person given a second offer opportunity.