The unspoken rules of house hunting
Buying your first home is scary for many first home buyers. And that’s normal – you’re about to experience your biggest ever financial investment!
Friends and family have probably offered you loads of advice. “Don’t say this”. “Don’t do that”. There seems to be so many unspoken rules. And at the back of your mind, you’re wondering if your dream home might be out there – and sold before you even know about it!
It’s okay. Take a deep breath and read our 5 insider’s tips on how to find your dream home.
1. Don’t give away too much
When you’re inspecting a property, it’s best to keep your cards close to your chest – and put on that poker face! Yes, real estate agents are usually lovely people, but they are also legally obliged to get the best price for their seller.
Try to avoid sharing your budget or strong enthusiasm upfront as it might affect your negotiating power if you decide to put an offer in.
2. Never make an offer on the spot
Yes, that’s right. Even if you think you’ve found ‘the one’. House hunting is a very emotional journey and it’s easy to get caught up in the moment.
If you’re visiting a few Open Homes that day, make a note about the property on a notepad or in your phone. Write down the key features so you remember why you liked it.
When you get home, assess how you feel. Are you still thinking about that place? Still feel excited? If yes, do some research before making an offer. Find out its past selling price. Or find out how much similar houses in the area have sold for.
We recommend doing this research on the day of the viewing, especially if you think it will be snapped up quickly. But by taking the time to properly consider it, you’ll know your head is in the right place and your offer is the right price before contacting the agent.
3. Know your budget and stick to it
If you’re heading to an auction, know exactly where your price limit is. Auctions are designed to encourage competition among bidders, so it’s very easy to ignite the competitive streak within and overstretch yourself.
Have someone you trust by your side to keep you grounded. Get a feel for the auction environment and processes by attending a few others beforehand.
Just remember, the auction price is just the purchase price. You also need to consider expenses like stamp duty, building and pest inspections, legal fees, and possibly strata. Here’s a first home buyers’ checklist to help you out.
4. Have a good team on your side
When it comes to finding your dream home, you need a good support network around you. We recommend:
- Talking with a broker or bank to get your finances in order
- Seeking a solicitor or conveyancer to help with the legal side
- Considering a Buyer’s Agent to uncover suitable houses in the neighbourhoods you’re interested in
- Asking feedback from family and friends for an outside opinion
5. Try an off-market approach
If you’re completely overwhelmed or experiencing buyer fatigue and think it’s best to grab the next house that comes along, don’t do it! Try an off-market property platform like Listing Loop first.
With Listing Loop, you can uncover your potential dream home before it hits the major real estate sites. You can be the first to know. With a free registration, you can select key property criteria and receive instant alerts when matching properties are uploaded to the platform. You’ll also be allocated an Agent Assist to help you with your house hunting journey.
We hope you find your dream home very soon!
Eager to get started? Register on Listing Loop today and find ‘just listed’ off-market properties matching your dream home ASAP!