When I was a selling agent I learnt that buyers become experts in their price bracket for the period of time in which they are seriously looking for a property. They have an intimate knowledge of what they can get for their money in a way that a local real estate agent can’t. The agent has to be abreast of all property types in their geographical area, and across all price points and as a result, their knowledge will always be a little more general than that of the avid property hunter.
You, as a buyer, will most likely have personally inspected every property that vaguely suits your requirements, including those slightly above and below your budget. After a period of intensive property searching, you will probably know instinctively a property’s value immediately upon entering the front door. You will also get to know the most active selling agents in your area and begin to glean additional information from them.
But this knowledge does take time to accrue. It can be extremely useful when it comes to negotiating a deal and can help you to avoid making a poor property purchase. Our advice is to always make a decision after acquiring as much knowledge as possible about your chosen market. But if time is not on your side and you have found the perfect property, be aware that the lack of knowledge may cost you – either by missing out on your dream home or you by succeeding in securing it by paying a premium price. Maybe time to call in the professionals…
Published:- 5 August, 2011
Please note: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.