1. Know what you are buying into
One of the best ways to prepare yourself when it comes to purchasing your dream home is to research. Preparing yourself by researching can help you know if you are getting a good deal, if you are buying in the right time frame, and whether you have enough finances to afford your dream home. Comparing sales in the same area for properties similar to the one you are interested in can show you what the property value is, and if you are about to make a good investment.
2. Get the intel from an agent
Unless if you are a native to the property industry, it can take a while to know the ins and outs of it. Speaking to an estate agent can help you cut down the legwork that comes with finding out which areas have the best property values, and if you are getting the best value for your money. When you are speaking to a sales agent it is advisable not to tell them what your budget is as this can give them leverage into getting a price that favours them.
3. Know how the sale process works
Wrapping your head around the process of how property is sold can prepare you as a buyer. Knowing what is involved during the offer process such as; whether offers will be disclosed, and whether you will get leverage of having a pre-approved loan is essential. You can ask your sales agent how the sale process will be handled as this process varies from agent to agent.
4. Know when to walk away
You may have already pictured yourself in your dream home and grown an attachment to it, but it is vital to know when to let a dream house go. Having a set budget can help you stick to your guns and help you walk away from a property that you cannot afford. Holding onto your dream property with an iron fist can give a seller leverage to make the deal swing in their favour. By doing your research and sticking to your budget you will know when it is time to walk away.
5. Get your finances in order
Once you have put in the research into property prices the next thing you can do is start saving for a deposit if you don’t already have one saved up. Saving up to 20% of the deposit can lower the amount that you need to borrow in terms of a loan. It also helps to get a pre-approved loan even if you are just looking. This can give you better negotiating power.