Tips for successful house hunting

The path to home ownership can be riddled with traps for the inexperienced first home buyer. But there are also some invaluable tips out there that could save you thousands of dollars on the selling price. Here are some common tips and traps that may help when buying a home.

Research your selected area
Getting a sense of what represents good or fair value in the current market can begin before you attend inspections. Research your area by looking at recent sales for the type of property you are looking for. Organisations like What Price My House www.whatpricemyhouse.com.au can provide you with this type of report. Also, after a period of time spent looking, you will find you can gauge your own assessment of market value.

When to look
Summer or winter - which season is best? Both have their positives and negatives. Summer is traditionally a more active season in real estate and there are more homes on the market. However, there are also more buyers out looking which means the competition is greater. There is more limited stock available during winter, but there is far less competition leaving more room for negotiation.

Remove the emotion (if you can!)
When you have fallen in love with a property, you have made an emotional connection with the property which is precisely what the agent needs to secure the sale. This movement from logical to emotional buying can see buyers end up paying too much, because they want the home so badly they are willing to move up in price just to secure it. Even if you know it's the one you have to have, never act too excited and gush about the home in front of the agent. They will see this emotional connection and work to push the price upwards.

Disclosing your price limit
It's important to remember that while the agent may seem like they are being very helpful, they are ultimately working for the vendor or the property owner with the aim of securing the maximum selling price. Never disclose your highest price limit to an agent, once you have done this you have placed all your cards on the table so the agent knows exactly how high you are prepared to go. If you play your cards closer to your chest, you could secure the home for a lot less.

Thorough inspections
No one wants to move into their dream home only to discover a few nasty and expensive surprises. Before signing any contracts, it's important to have a building inspection carried out to check that the plumbing, wiring, foundations, ceilings, window seals etc. are all in good condition. Similarly, if there is an infestation of wood destroying borers or termites, you want to know about it before you buy. If you do find a problem and discover it is treatable for a reasonable price, you could use this information to negotiate the selling price down.

Check the contract
Take a close look at the sewer diagram, included in the Contract for Sale, to ensure there are no sewer mains crossing your property. If repairs need to be made to the mains, then your property may incur some damage while they are being accessed. Always check the contract of sale and ensure that all of the pages and inclusions are present

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