Since the home-buying process differs from state to state, a little guidance with the real estate Elizabeth Bay will make it easy for first-time home-buyers. Depending on local customs, the home-buying process roughly consists of 5 different stages. They include:
- Finding an agent
- Finding the right property for purchase
- Obtaining a loan
- Price negotiations
- Getting the home inspected
The steps do not necessarily have to follow the pattern mentioned. But before commencing the actual process, all first-time home-buyers should keep the following in mind:
- Only 7 home tours should be scheduled in a day as researching the neighbourhood also takes time
- Obtaining a pre-approved home loan will help the home-buyer to understand his limitations and also increase the competitiveness of the offer
- A good agent will provide a fair expected price that is acceptable to both the seller and the buyer
- Issues might crop up during the home inspection and the buyer can request repairs but the seller is not obligated to comply with the request
Buying a house requires a fair amount of investment, both in terms of money and time, and the buyer should be willing to devote the required time.
Hiring a real estate Elizabeth bay agent
The maze of online real-estate websites listing properties at different locations can be difficult to negotiate for the first-time buyer. Hiring an agent helps save time as:
- He can directly send those property listings from MLS that exclusively fit in with the buyer requirements
- He is privy to new property listings even before they hit the market
- He will offer transportation for the scheduled home tours
- He can spot over-priced properties because of his experience and expertise and accordingly advise the buyer
Finalising on the home
Home tours can be physically taxing and often confusing for first-time buyers. Hence, they should spend time researching the neighbourhood they want to settle in before opting for home tours of listed properties in those areas. Statistics show that finalising the neighbourhood first and then finding a home, makes it easier for the buyer. They can select and finalise a deal just after 2 to 3 home tours.
Getting a loan
Obtaining a pre-sanction on a home loan before commencing the process of home-buying is always better than getting a loan after selecting the home. Both instances require the completion of certain formalities. Ensuring its completion before finalising on the property saves time and makes the process hassle-free.
Offer price negotiation
While the agent is capable of offering good advice about a reasonable price range, it is also important to research the property prices of comparable sales in the neighbourhood. The buyer will negotiate better with these details in hand. However, if many buyers were vying for the same property, price negotiations would seem difficult.
Home inspection for a property for sale Elizabeth Bay
This needs to be carried out for the edification of the buyer. A home inspection will forewarn the buyer about the faults of the property and the repairs required. A seller is not obligated to carry out the necessary repairs even if the buyer requests for the same. However, faults discovered during the home inspection of any property for sale Elizabeth Bay can help the buyer to negotiate the selling price of the same.