What’s holding you back from buying that dream house? Are you frightened of negative equity? Or a sudden pricing crash?
You’re not alone: experts are fearful too. All this talk of falling prices has left many would-be buyers waiting on the sidelines. However, with the market flatlining at best, now is a great time to purchase.
Here are our top 5 house buying tips for any housing market.
#1 Let’s Go For A Walk!
We generally talk about the housing market as if it’s one big street. Fortunately for you, it’s not. We often forget that within our town or city there are multiple property markets, all of which behave in their own way.
You’d be wise to walk around where you would like to live and investigate each sub-market and neighbourhood. Either ask a local agent or research online how prices have changed in your area over the last one to five years.
Also by walking around, you might be able to spot properties in need of work which you could try and purchase off-market with no competition.
#2 Think Location, Location, Location
The most important thing to look for is a great location. After that, you want to look for the worst house on the best street.
Goes against your instinct, doesn’t it? Remember, you can fix a house. But you can’t move your house into the city’s best school catchment area or push it away from a noisy road.
When looking at location, make sure you look at proximity to city centres, transportation, schools, culture, and work. But think it through, and take into account where you live.
#3 Don’t Show Your Cards
It’s a buyer’s market out there. So be ready to play poker, hold your nerve, and don’t show your cards.
First off, be careful who you talk to. The seller’s agent is looking for the best possible price for his client. So don’t tell them the budget you have or what your motivations are for buying. It gives them the temptation to raise the price.
Even if you get a discount further down the line, it may be smaller than if you had played your card closer to your chest.
#4 Smart Premiums
When viewing a property, make sure you take the time to evaluate the property correctly. Understand what the true value of the house is, and what premium may have been added, is critical to paying a fair price.
The smartest way to evaluate a home is to take your own video and pictures of the property. If it looks like a house that deserved a premium from your own photos, and not the glossy touched up agent’s ones, then it may be worth that little bit extra.
#5 Remember, It’s An Investment
The last of our house buying tips is that your home is in all probability the biggest investment you’ll ever make. So treat it like one. Don’t panic about the perplexing current market situation.
After you have held the property for over five years, you can usually ignore any blips in the housing market.
If your house devalues by 10 percent in the next three years, who cares, you’ll perhaps live in it for eleven, and by then, the market will have settled and you’ll see a great return on your investment.
There you have our top 5 house buying tips for any housing market. As long as you hold the cards, you’re in control. Take your time and invest you money wisely.