Author // Georgina Auton, Place Graceville
Placing an offer on a house can be daunting because it’s one of the biggest financial decisions you’ll make in your life.
Whether it’s your first home or third, there’s always that little niggle in the back of your mind asking if you’ve covered all the bases when going to purchase a new home.
To help ease the nerves, agent Paris Arthur shares the steps buyers can follow to ensure all boxes are ticked.
1. Are you ready to buy?
Ask yourself this question in 100 different ways.
If you’re looking at a property as a potential home, try to visualise yourself living there.
Decide where you’d put the TV and couch if your offer is successful.
Ask yourself how much you want this particular house and if it’s wise to keep looking and gain a better understanding of the kind of area or what you envisage in a home.
As local experts, real estate agents can be extremely helpful during this process, but at the end of the day it comes down to you and your needs.
Paris says, you’re the only one who knows your budget and how much you’re willing to spend.
If you’re buying at auction, don’t overbid (or bid at all!) if you know you don’t have the funds.
It’s important to ensure you’re fully financed for the property because the moment you place an offer at auction, you need to have a deposit ready to go.
Depending the property’s terms and conditions, the deposit amount could be up to 10%.
2. Building and pest
This step is pivotal in being prepared for the best and the worst outcome of a property.
These inspections determine whether there are termites, termite damage, structural issues, leaking roofs, cracked walls, safety hazards - the list goes on. It’s important to make sure the property is perfect, if not, close to it!
Some B & P reports, depending on the scale of problems, can either make or break a deal for prospective buyers. Don’t go in blind - it’s best to know what issues may lay ahead in the future.
The final decision is often based on the feedback from these inspections.
3. Put in a strong offer
Don’t play games with the owner when it comes to making an offer.
You can always negotiate up, but it’s a lot harder to negotiate down.
Paris says, potential buyers also need to make sure their offers are in writing to ensure they’re legitimate.
Ask yourself, do you really want this property? Then consider if someone puts in a winning offer, will you be prepared to miss out?
If this is the property you’ve been looking for, make an offer that shows the agent and seller you want it.
If you play the game properly, the owner will too.
Photo: Supplied
4. Are you buying at auction or private treaty?
There are many different methods of sale when it comes to selling real estate.
First-time buyers might not be aware, but the terms and conditions of the contract are just as important as the price itself.
It’s important to assess whether you’d like to include or change conditions in the contract and if the owners decline your request, will it be a deal breaker?
On the flipside, if the owners have contractual requirements, you must consider whether you’re willing to agree or meet them somewhere in the middle.
At the end of the day, if there’s anything you’re unsure about – talk to the agent.
While the agent is employed by the seller, they assist both parties to ensure the transaction is smooth and hassle-free.
Photo: Supplied