Before you agree to buy your dream house, consider your long-term plan. The purchase cost is the first part of owning a home, but there are other costs too. Here are 5 things you absolutely need to know about buying a home.
1. Use a trusted real estate agent. Make sure that when an agent gives you an evaluation that you are not star-struck by the $ amount. Ask for verification - actual figures of sold properties similar to your own. Some agents will give you a higher price and make all the promises in the world, but can't live up to them. They have done this to win your listing. Ask for evidence!
2. Get a building and pest inspection. Know your position before your buyers come to you with issues. Be open and upfront about any issues with your home. Your agent should have priced your property based on the knowledge about the existing condition of the property. Let your agent earn their commission by selling the benefits of your home.
3. Be realistic about the price of your home. Buyers are not silly. They have been in the market doing research for months. If you list the property at too high a price, it will deter real buyers from looking at your property. They will just move on to a property with a more realistic price. Also, be aware that the bank will be undertaking a valuation on your property, which will come in at market price, and not necessarily the contract price.
4. You are selling the largest asset you will own, so put some marketing money towards the deal. Don't sell your home short with shoddy photos. Get professional photos that will attract and dazzle buyers and make you stand out from the crowd. Place your property on advertising platforms to help your agent attract as many buyers as possible. In this way, hopefully, you will have buyers bidding against each other which will put the price up.
5. Ask your agent what you can do to your home to make it more attractive to buyers. It may mean spending a little bit of money but the returns should speak for themselves.