In the market for a home this spring? Before you hit the auctions and open inspections, there are a few important things you should know.
So thanks to insights provided by our experienced Boffo agents, here are seven tips to help you buy with confidence:
Have your finances pre-approved
There’s nothing worse than finding a home you love, only to miss out because you don’t know your borrowing limit. So before you get caught up in the excitement of house hunting, contact your lender so you know how much you can borrow and to get your finance pre-approved. That way you’ll be ready to put in an offer or put your hand up at auction.
Right now, most properties are being sold at auction, so it’s important to know the rules first. When purchasing a home via an auction, the contract is cash unconditional and is not subject to finance. You’ll also need to pay a deposit (usually 10% of the sale price) on the day of the auction.
Going once, going twice...
It’s always a good idea to attend an auction or two before buying your own home. That way you’ll understand the process and won’t be overwhelmed when the bidding begins.
We advise a building inspection
If you’re intending to make an offer or bid on a home, we strongly recommend you get a building inspector to check it first. It might cost a few hundred dollars, but it could save you many thousands if there’s a problem you didn’t know about, especially if renovations are part of your plans.
Do your due diligence with local councils
Council rates vary greatly around the Adelaide metropolitan area and so do rules regarding pets and things like tree pruning and removals. It’s always a good idea to check regulations of the council you’ll be moving into so there are no surprises later.
See if the price is right
Before you bid or put in an offer, check median house prices and view recent sales in the same suburb or area. Compare like for like too - if you’re looking at a 3 bedroom 2 bathroom home for instance, check the sold prices of similar homes in similar condition.
Databases open doors
If you’re struggling to find the right property, we strongly recommend being added to the Boffo database. You’ll see our properties exclusively and before everyone else does, plus you’ll receive off-market opportunities.