The obvious answer is when you can’t be at the property when you need to be there to buy it. However there is a bit more to it than that. The first step before shopping for a property is making sure your finances are in order. This could be as simple as checking the account balance and ensuring you have sufficient cash in the bank to cover the purchase price, stamp duty, legal costs and incidentals. However there are very few people that are in the position to do this. Most buyers are using finance to purchase whether it is equity from an existing property or using a deposit saved. The majority of lending institutions will provide you with a conditional approval for a certain amount as your purchase price. This is often referred to as a pre-approval. A pre-approval gives you an idea of how much you can spend subject to the lenders right to ensure the property is adequate security.
The next step is to work out where you want to buy. For home buyers this usually comes pretty easily as it can be dictated by work, schools or their lifestyle. For investors on the other hand, there are so many people telling you where to spend your money. I won’t go into detail on some of these organisations but you should always ask how the person gets paid and by whom pays them for the property advice they are providing. A buyers agent is paid solely by the buyer and is bound to act in their best interests. Buyers Agents provide a service, not sell product. Newcastle Buyers Agent specialises in the Greater Newcastle Region. So if this is where you want to buy, Newcastle Buyers Agent is the only option if you are looking for an experienced and professional buyers agent based in the Newcastle area. A buyers agent can give you an in depth overview of the market and guide you in not only the process of buying a property but also the area of where to buy.
The last step is to have a clear picture of the property you want to purchase. Whether you want a place to live or an investment, the vision of what the property looks like should be reasonably clear before you set out. When I start working with clients I liken building the vision of the property they are looking for like putting together the a jigsaw puzzle without the box with the picture on it. I’ll cover what information I need when looking for a property for home buyers in my next blog.
Once have you followed those steps and if you have no time to look or are nervous about the whole process, it is time to give me a call.
Image Source: Mark Lawler Architects
