Buying Tips

Know your budget

Many buyers begin their search for property without having spoken to their bank or mortgage broker to ascertain exactly what their borrowing capacity actually is.

This may lead to finding a property and negotiating a price only to find the bank will lend insufficient or more funds then required, resulting in having to start the property search process all over again.

Find out your borrowing capacity first - then you can begin the search for properties that you know are within your budget.

Seek professional financial advice

Speak with your accountant or financial adviser to discuss how best to structure your purchase and if there are any tax benefits or implications to consider.

This should be done before you start looking at properties. A vendor may not have the patients to wait for you to set up a Self Managed Superannuation Fund (SMSF) to purchase his property if there are other interested parties.

Work with your agent

The more information you can give to an agent the better understanding they will have of your requirements and capabilities.

This will assist the agent to locate the right property for you sooner.