Time Is Money In Real Estate when buying property

When buying property, preparation is everything. Not being prepared can mean that you aren’t ready to buy when you find your dream property.  And if you are uncompetitive as a buyer, your only option might be to keep offering more money in order to stay in the hunt – or it could mean that you simply miss out on the right property.

Here are some hurdles that can slow you down:

Not having your deposit money ready in your bank account that you can access. If the money can be transferred within 24 hours you will find the agent will hold-off on depositing your cheque – but if it is locked in a term deposit you could have some difficulties.

A lawyer that can’t be contacted. We always advise that clients use property specialists, not generalists, who can often be in court instead of being available to advise on the contract at short notice.

Waiting for a building inspector to inspect the property. Decide in advance who you will use when the time comes and have two back-ups that you can call so that you can get the property inspected ASAP if the first one is booked out.

Waiting for a strata report. Sometimes the agent has one that you can buy immediately. We usually take this option if it available. Failing that, don’t wait for your solicitor to order one, this just increases the lead time. Find out the name of a strata search company and book the inspection as soon as you decide you want to go for the property.

Further reading:

Should you buy first or sell first?



Published:-  6 Nov, 2014

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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