Buying a property is never easy. One of the most challenging aspects is choosing the right price. You might have a particular amount in mind for auction day or a max price you’ll want to use for putting in an offer. It can seem like a real grind when you get close to putting in the winning offer.    Too often buyers let emotions get in the way of their judgement. You feel so close to getting a property so an extra 10k or 15k doesn’t seem like much. But it’s little snap decisions like this which can really let you down. You could end up paying an extra 20k you didn’t have to part with. The real kicker? You could end up seeing similar properties going for way less. All you had to do is hold out and wait for the right opportunity.    To help you avoid paying too much for a property there’s lots of little tips and tricks you can follow. With the right information and guidance you can still pay the right price for your next property. 

• Contain your excitement

Finding what you think is your dream property can heighten emotions. This extra excitement can cloud your judgement and leave you in a vulnerable position for price negotiations. Revealing your enthusiasm for a property can show a real estate agent just how desperate you are to get a property. It’s a clear indicator to them that they can squeeze thousands more out of you compared to other buyers.    It’s simply a matter of the real estate agent urging other bidders to push their bids up so you will do the same. That’s why it’s best not to reveal too much enthusiasm for a property. Try your best to hide this to avoid a real estate agent taking advantage of you. 

• Get familiar with the local market

Nothing beats good research and knowledge of an area. Make sure you have a clear vision of your specific needs for a house. And don’t forget to make sure these needs align with your partner if you’re purchasing the property with them! One way to stay focussed is to have a target suburb in mind. You’ll be more familiar with the area and know what to expect when a house gets listed in that suburb.    Don’t forget to take a deep dive into as much data as you can for a suburb. Familiarise yourself with property sales in the area. Having all this data behind you will help you make more informed decisions. 

• Don’t believe the hype

Try not to be lured into all the fancy features advertised for a house. These can be used as a strategy to distract you from all the negative features of a house. You may discover a cheap 4-bedroom house only to realise the bedrooms are really tiny. You may find a really spacious house only to find there’s no backyard or parking space for visitors.    Look past all the most appealing features and make sure it’s still something you’re interested in. Try and see a house for all of its flaws before you start looking at all the good stuff. To make a more informed decision about the property it’s always best to have a look at the house in person and suss out the surrounding streets before you start getting serious about it. 

• Make sure your finances are ready

Want to act quickly and put in an offer on that dream house you found? You’ll need to make sure your finances are in order. Make sure you have a bank in mind for your home loan. At the very least you should also have pre-approval for a home loan. This is usually enough to guarantee you’ll be approved for a home loan by the time you put in an offer for a home.    If you put in an offer without pre-approval, then you’re set to make the buying process a whole lot more stressful. It can be very time consuming to get all your finances in order in a short amount of time. There are many documents and processes you have to follow before your pre-approval can be finalised. So save yourself the stress of doing everything at the last minute. Get your finances in order before you put in an offer on a house.

• Get professional advice whenever you can

You’re not a property professional so why not leave more of the work to the experts? From the very start you can get a property lawyer to review the contract of sale. You can hire a building inspector to inspect the home for any pest or structural issues. There’s also mortgage insurance to consider straight after you’ve purchased your first home.    When it comes to buying a house you could use the professional services of a buyer’s agent. After sourcing and recommending properties they can also represent you when you need support the most. Your buyer’s agent can attend auctions and bid for you when you want assistance. They can also do the same for offers on private sales. 

• Be cautious during an auction

The competitive nature of an auction can leave you feeling all sorts of emotions. In the heat of the moment it’s easy to lose your common sense and make a bad decision. Make sure you do your research and find out how much properties are selling for in the area. Get to know what the maximum price should be for the property.    Before the auction starts make sure you have a solid number in mind. This dollar amount needs to be non-negotiable. You need to promise yourself that you won’t go over it. Don’t let the illusion of a being close to the end convince you to up your max bid on the day.

• Make sure you’re available for decision time

Timing can be everything when it comes to a property purchase. Putting in an offer at the right time can be crucial. You need to make sure you have an offer in writing that’s ready to go. The same can be said for a signed version of the contract. If you don’t have these ready in time, you could lose your chance at getting the property.    Putting your offer in at the right time can also ensure that the seller doesn’t look at any other potential offers. Your offer could be so substantial that the seller decides to stop accepting any more.    Get more professional advice from a trusted Buyer’s Agent today. Head over to wiserealestateadvice.com for more great resources on real estate.