Avoid overpaying on a home

1

Avoid overpaying on a home

Finance Broker Sydney : Overpaying for a house is every buyer’s worst nightmare. Knowing what a property is
worth is crucial – so do your homework, know what you want, understand the market and make sensible
offers

Before being swept up in the property market, consider the following things.
Set a benchmark

Compare nearby properties – real estate comps are comparable properties in a specific area that you’re
looking to buy or sell in. Comps are used to determine the value of a home by comparing it to similar

https://pointerfinance.au/

2
properties sold in the same neighborhood or in an area as close as possible to the house being valued. This
provides a valuable bargaining tool when you are negotiating with a seller or agent. Make sure the properties
are comparable, with a similar land size and number of bedrooms.

Keep in mind current market conditions

Market conditions are the factors that influence the housing market in a particular area, such as cost of living,
demographics, supply and demand, mortgage rates and more. The property market is always changing, so
doing this research once and sitting on it for a few months will offer little help. Going to open homes and
auctions regularly will give you insight into the current state of the market and how much certain properties
are going for.

Expand your search

You may have your eyes set on one particular suburb, but don’t limit yourself to that area – especially when
starting your search. Explore other suburbs and see what’s available in areas that still tick all your boxes. Being
able to see what else is out there will allow you to be sure in your decision and be more aware of what you
can get for your budget.

Avoid overpaying on a home
Don’t exceed your financial capacity

Before you start your search make sure you set a budget. Sticking with this will stop you from getting into
financial troubles further down the track. If you are thinking of taking out a loan, make sure you get pre-
approval before making any offers on a property to eliminate the risk of the loan falling through. Remember,
only ever commit to a loan that you can afford alongside your current income and expenditure. Lastly, when
calculating figures for the price of a home, ensure you budget for maintenance and repair costs, as well as any
other expertise you may require in the purchasing process.

Bring in the extra support

https://pointerfinance.au/

3
Buyer’s agents have insider knowledge and expert negotiation skills that can prove very useful. Buyers agents
have the opportunity to find the best properties that fit your search criteria, whilst being able to eliminate
properties that far exceed your budget. This is a practical option for individuals who are less experienced in
the property market or who aren’t comfortable with negotiations and bidding at auction. Buyers’ agents also
have the capacity to fast track your property search, which is especially helpful to those who are tight on time.
Are you starting your property search? Get in touch with us today to discuss your next moves.
Contact Pointer Finance now for a no-obligation chat. We’d love to talk you through your available options!

Source: https://pointerfinance.au/avoid-overpaying-on-a-home/

Contact Details

Name: Pointer Finance
Address: Sydney

New South Wales, Australia - 2000
Phone No: 0408 440 009, 0438 455 035
Email: [email protected], [email protected]

Website: https://pointerfinance.au/

https://pointerfinance.au/