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Planning Ahead
Your Priorities
Inspecting the Home
Choosing the Right Mortage
House Hunting
Conveyance and Legalities
Helpful tips and wise cautions
When it comes to house hunting, being prepared with a good knowledge of the property market and knowing
your priorities are two of your best weapons. However, even for the more experienced buyer, choosing the right
property is rarely a level headed decision because it is hard not to feel emotionally involved. Albeit, with a little
common sense, forward thinking, and some sound advice, the would-be homebuyer can be confident that their
final decision is the right one.
Who is buying the property? When you go to see a house, always take whoever else who is involved in the
purchase. It may be tempting to split up with the reasoning that you can see more properties in less time,
however if you have an idea that the property may be suitable, make the effort to see it with your spouse or
partner. By going together you can both get a feel for the place and if you like it, you will be in the position to
put in an offer straight away. If only one of you attends the initial inspection, not only will you have to arrange a
second viewing for your partner if you are interested (during which time someone else's offer may be accepted),
but the selling agent may not see you as a serious contender if they realise only one of the buying party is
present. Don't assume that taking a friend or relative to see a property is a suitable substitute as their opinion -
while important to you - may be distracting and will not hold to the same priorities as yours.
How many homes to inspect? Some experts advise buyers not to even think about making an offer until they
have inspected at least 20 homes in order to acquire a sound knowledge of the market and a feel for the type of
property they want. This is good and common sense advice, but there are occasions when such an in-depth
market research exercise could mean missing out on the home of your dreams. If you are confident that the first
house you see is the right house, give careful consideration to whether you will find something better by going
through another 20 houses just because the books say you have to. It does happen that people fall in love with
the first house they see and then find disappointment later when they miss out on it because they felt obliged to
see several other homes 'as standard practice'. While it is normal to want to have something to compare with, if
you do believe you have found the right home at the start of your search, don't be afraid to make an offer on it
so that you are at least in the running for negotiations. Then, at least you have a chance to buy it but will not be
legally obliged to do so if you change your mind early on.
Feeling tired and discouraged? House hunting can be frustrating and exhausting, especially if you have missed
out on a place you had your heart set on. The discouragement from such an experience can easily lead you to
compromise on the house you choose, especially if there do not seem to be any houses on offer that meet your
ideals. However, if your heart is not in it, do not give in to your fatigue. It is better to take a break for a while
than to end up with a house you are inwardly dissatisfied with.
Pressure to decide? In a seller's market when properties are selling quickly or when prices are increasing, buyers
may feel under pressure to find a place and buy it, even if it not exactly what they were after. Agent's hype
about getting in quick or the media's coverage of buoyant markets only adds to this feeling of not wanting to
miss out. However, buying under pressure, especially when you are not entirely satisfied with the product,
usually results in regret and possibly financial loss. The decision behind choosing a new home goes much deeper
than the lure of financial rewards should be made with careful consideration. Even in a steady market, a buyer
can still be made to feel under pressure if they think the agent is losing patience with them. In this instance,
remember that the seller pays the agent a commission once the property is sold and not the other way around.
Overcautious? Wisdom and caution lead to good judgment even though an element of risk taking may be
involved. However, procrastination, whether due to fear of making a mistake, lack of knowledge or waiting for
something better leads to no result at all. If you have been watching the property market for years, preparing
yourself to buy, talking about taking the plunge and even looking at finance options but have never taken any
action, consider the reasons why. Have you been waiting for the 'right time', a better job or until you can afford
just what you want? Chances are, you've seen at least one boom in the property market during that time and
missed out on an increase in property values that would not have been possible to accumulate over many years
of saving. Sure, the property market goes through fluctuations but if you are in it for the long term and do your
homework in the search, you will very likely make a wise investment that will continue to increase in value.
Odd sales history? Be cautious about properties that seem to have come back on the market time and again.
They may be physically sound, but chances are if one owner after another has given up on them, the next owner
will too - after they have put up with whatever the problem may be until they can bear it no longer. Perhaps
disagreeable neighbours or stench from local rubbish tip or factory is the problem; perhaps it is something less
obvious. With any property you are considering, visit it at different times on different days of the week and if
possible introduce yourself to the neighbours - you'll at least get a feel for the type of people they are and find
out what they think of the neighbourhood. Many experts agree that inspecting a property during heavy rain is
the most ideal time as problem areas, otherwise concealed, will often show their true colours.

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