This is by far the most important information you can have. By having a complete understanding of your buying capacity (how much you can spend) the more control you have in ascertaining the types of property you can buy and the areas which you can buy in.
The best way to be sure you can get what you want in the way you want to. Talk to your accountant, financial planner, settlement agent, building services and your trusted Real Estate agent - they have the most in depth knowledge of how you can reach your goal without any issues arising. Learn the figures before the properties; document as much information as you can so you learn the processes you are required to carry out.
The time when you research and discuss with your agent as much as possible the ideal areas and types of properties you wish to purchase. Be sure to look for local amenities which add value to your decision, i.e. local schools, river or ocean proximity, new shops and cafes or value adding developments which are to occur within the specified area.
Finance – Find out how much you are able to spend and get PRE APPROVAL prior to making offers.
Find an Agent – Talk to us, this way we can steer you to buying the perfect property within your budget.
The Property – Find the property you want to buy which suits your needs and budget.
The Offer – Make the offer you are comfortable with on the property you want via your agent.
The Deposit – Offer is now accepted, ranging from 5% to 10% this ensures the purchase is going ahead to settlement. Usually due within 7 days of the acceptance of your offer.
Building Inspection – Talk to your agent or licensed building inspector to get the property inspected prior to settlement. Usually due within 7 days of the acceptance of your offer.
Final Decision – Take a look at the reports and discuss any issues that may have arisen, decide to go ahead with the purchase or discuss terms with your agent regarding necessary repairs.
Final Inspection – This is when you visit the property with your agent to inspect the current condition of the property, you are to confirm the property is in the same condition as the day your offer and terms were accepted otherwise settlement cannot occur. Preferably carried out on the day of settlement.
Settlement – The day when you become the new legal owner of your dream property. Your selected settlement agent will carry out all the legal documentation in transferring funds and all legal documentation.
The Keys – Your agent will forward the keys of your new property. Congratulations you are now the proud owner of your new home. Enjoy!
Remind yourself why you initially bought your home, take a look at other properties selling around you, how are they being marketed? Is there a common buying denominator? Are they selling in a timely manner or are they stagnant?
Real Estate is heavily driven by supply and demand, the level of demand in any product – be it a bunch of bananas or a luxury home – has a direct influence on the achievable sale price. Are you in the best position to sell? Is your property unique? If not, be prepared to de-clutter or freshen up its appearance to get more of the markets attention.
One of the best things you can do. Discuss your situation and ask for options from your local agent, it can be worth countless pennies. Ask as many questions as possible, collect as much information as you can. Information and advice is free, learn how the market is performing and how the agents are marketing properties. The same way you would talk to your accountant if you needed your tax done, it's their field.
Preparation of a property is the biggest action any seller can do to increase your property's selling potential and crucial to obtaining a premium sale price. Shiny objects attract more desire than a dull lifeless object. No difference in how you polish your silverware to the way you manicure your home! Areas to focus on:
Gardens – Tidy the gardens or get the gardener in.
Flooring – Tiles? Clean the grout. Floorboards or Carpets? Clean before home open.
Painting – Dull? Faded? If so, go natural white it's not too bright and adds warmth.
Gutters – Paint and clean them out!
Hot water system – Working without fail?
Air conditioning – Clean the units out and remove any smells from bacteria.
Driveway – Get the blower out, wash it down and make it clean.
Kitchen and bathrooms – Clean till it sparkles, remove as much clutter as you can!
Windows – Ensure they are clean and streak free.
Blinds – Remove any dust, draw them before the home open to let light in.
Pets – Clean their areas, take them for a drive during the home open.
Switches – Wipe them down.
Bedrooms – Remove clutter, open blinds to let the light in.
Candles – Get some vanilla or basic sweet smells in and light them up! Set yourself a target, write down notes and steps, set priorities and remember why you are selling, WHAT IS THE OBJECTIVE?
This can be looked at in multiple ways. To be honest one of the greatest statements my father ever told me was this: "It doesn't matter whether the market is dead or alive, there are always people buying.”
You can believe in the end of autumn or the beginning of spring period but the truth lies in how you market your property to increase your selling potential. As more people list during the end of autumn spring period, it can become harder to sell at your price based on more choice in the market. For example, winter is the AFL football season and most people are tuning out following their teams, the truth is the buyers that are looking are more focused on what they want, plus there is less stock to look at giving you more bargaining power. Food for thought - people are looking, you just need to get their attention...
There are many ways to skin a cat, but how do you see your property performing against others using your selling method? Are you financially stable, do you need a quick sale? Looking to buy another property but need funds from this property first?
Below are some methods which may appeal to you and your circumstances, have a read...
Private Treaty campaigns involve an ongoing marketing campaign with a set asking price, they are the most common and traditional method used for selling properties. However, in some circumstances this method may prolong the sale period if the property does not possess the highly sought-after qualities which create, or significantly contribute to market demand.
Expressions of Interest campaigns involve a short (4-6 week) concentrated marketing campaign followed by a pre-determined submission (offer) deadline date. The asking price is not disclosed to the public, instead, potential purchasers are asked to submit their best offers within the allocated timeframe. Utilised in the correct circumstances, expressions of interest campaigns can work exceptionally well producing results higher than above asking prices.
Auction campaigns also involve a short (4-6 week) concentrated marketing campaign followed by a public auction. Most effective for highly sought-after properties due to their public and competitive nature, auction campaigns (utilised in the correct circumstances) have also been known to produce results well above the asking (reserve) price.