How to know when you know enough to buy without paying too much

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.

This knowledge 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 this knowledge does take time to accrue and if you make a decision too early you may simply not know what you don’t know.

If you have only recently started looking and have found what you think is the perfect property, be aware that your lack of knowledge may cost you – either by missing out on your dream home or by paying a too much for it. On the flipside, if you have been looking for ages, you might get fed up and settle for something that is not ideal, or make the mistake of thinking that you simply have to pay whatever it takes to buy something… anything! Maybe time to call in the professionals…

 

Published:- 30 June 2016

DISCLAIMER:

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.

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