There are many important decisions to make in buying or selling real estate.
Buying and selling a home can be a complex and time-consuming process. Even before you make the ’big decisions’ of which property to buy, which home loan to select, and which real estate agent to sell your home, there are many other important decisions you need to make. Doing some homework can help you avoid potentially expensive mistakes.
You are more likely to make the right choices if you know what you want; are informed about your options, shop around for the best price, and service or product that meets your needs; refuse to be hassled or hurried into a decision; read everything before you sign.
Make a list of what you absolutely must have in a property so that you don’t get carried away and buy something that looks ‘great’ but doesn’t have what you really need. Make a “wish-list “also, so that these desired but non-essential items can be factored into your decision-making when you find them in a property within your price range.
Learn as much as possible about all aspects of the property buying and selling process. Find out all you can about the market value of property in your preferred area by attending auctions, speaking with a variety of estate agents, surfing the internet and reading newspapers for auction results and prices of properties listed for sale.
Apart from being informed about current market values, and what you need and want in a residential property, you will also need to be informed about the products and services offered by real estate agents, solicitors and conveyances, and loan providers. Shopping around is the only way of really knowing that you are getting value or money and that your needs are being met as fully as possible.
Never rush or be pressured into making hasty decisions. There is a lot of money at stake – a lot of years spent paying off the mortgage. Make sure that you are making this commitment for the right property.
If you take your time and do your homework, you will feel more confident that you have found the right house at the right price, the right agent or the right loan when it comes your way.
Read before you sign:
During the buying and selling process you may come across several types of contracts such as loan agreements, listing agreements, sale contracts of real estate. A general rule is not to sign any document without reading and fully understanding its content including terms, conditions and fine print. Make sure that anything which has been agreed to verbally is put in writing; you will therefore know exactly what you are committing yourself to.
If something is unclear ask the agent to explain it to you. If you still uncertain, it is better to wait and seek professional advice before signing.
Source: Consumer Affairs Victoria. “Real Estate a guide for buyers and seller”