Tips to Ensure You Are Buyer Ready

Buying a property is a major decision in your life, and it comes with much emotion and trepidation.

It’s really important for you to get your ducks in a row before you start walking through those open homes. Once through the doorway you start to feel that emotional connection, thinking you want to buy this property.

So, I want to share with you some ideas that I tell my buyers, to get us ready so we can hit the ground running and start that property journey.

Ensure your finances are in order.

You really need to understand your numbers. You need to be comfortable with what your mortgage payments might look like. You need to understand what you can afford. What’s going to happen when the market adjusts with more interest rate rises. Really look at your own personal figures and see what you’re comfortable with before you even start the process with a mortgage broker.

Understand your loan structure

When we move on to look for mortgage brokers or lenders, again you really need to understand the structure of the loan. How you are going to make those payments? What that loan looks like? Is it going to be principal and interest or interest only?  Don’t just take the first loan offer that’s presented to you. It’s a very competitive market in the lending space at the moment, so it’s really important for you to shop around. Find a lender or a bank that’s actually going to work with you, and give you a long-term solution that you will feel comfortable with as you enter your property journey.

Get your pre-approval

So you’ve found a mortgage broker or lender, now it’s the time for you to actually get a loan approval. You’ve understood what your deposit is, you understand what your loan amount would be, so now it’s really important for you to get that pre-approval in place. The banks are looking at your financial status, and determining whether or not they can offer you a loan, based on the amount you are seeking. So, if you have a pre-approval, it demonstrates to the seller, and also gives you peace of mind that you know that typically a bank is going to lend you to that dollar value that you are seeking. Then you can start your property journey knowing what your maximum budget involves. It’s really important to get that pre-approval, but on the other side, you need to understand it’s not a definitive yes you will get a loan. Sometimes things can go pear-shaped through that process, but pre-approval does give you that reassurance that you can start looking to purchase.

Engage a Buyers’ Agent

Next step would be to engage a Buyer’s Agent. Why would you engage us? There are so many reasons why and again you can look at my other blogs to see the many benefits from engaging. I guess one of the big things, is that we’ve talked about the buyer fatigue – we can help you from the beginning process right to the very end so there is no need to get to this position of exhaustion while looking for a property. We do all your inspections, due diligence, we talk to agents daily and are notified of off market and premarket properties. We’re your negotiator, your emotional filter. We do so many things for you through the journey to give you peace of mind that you can understand what you’re capable of buying and what that looks like for you.

Find a support team

Now that we’ve found “the one” and we’ve entered a contract, there are a few stages of that contract that need to be nurtured. We need to engage a building and pest inspector, we might need a plumber for additional reports, an engineer…there’s so many things that we don’t know when we’re setting out on this property journey, but your buyer’s agent will have access to all these professionals. Due to the relationships we have with these property professionals, they are usually readily available for our clients. We can always make sure that there’s a professional to come through and do those extra inspections or research – often through the conditional contract phase.

We bring so many other values to the table, so it’s really important to consider using a buyer’s agent if you are out there lacking property knowledge, are time poor or need an emotional filter to work through the needs vs wants to find your perfect property.