Buy well, sell well

If you buy your property at a good price, when it comes time to sell, you can maximise the property value and your profits. Here’s some tips to negotiate a good price on your next purchase…

• Do your homework on price – search the internet, read the papers, talk to Real Estate Agents. Allhomes is an amazing source of information about all properties in the ACT and surrounding areas.
• Don’t get emotional – be business like. Try and write down all the bad aspects of the property (as the good aspects will be obvious).
• Be clear about what is included in the sale. Generally any fixed items such as dishwasher, built in fridges, wardrobes etc should be included.
• Are there any unapproved structures on the property (additions and renovations without a Certificate of Occupancy)? What about Easements such as water, electricity or sewage that might restrict future development?
• Ask the agent if there is anything other than the price that the vendor might want. For example, a longer settlement period or the ability to rent back the property.
• Often attaching a cheque (say for $1,000) to your written offer is more powerful as it shows that you are serious.
• A written offer (by email or letter) shows that you are an experienced buyer.

Make friends with the real estate agent

If an agent asks you what you think when looking through properties, be honest  but ‘low key’. Give reasons that the Agent can give to the vendor so that they will be realistic about the sale price. Have printouts of other potential homes that you are looking at. This shows you have done your research.

If you are nervous about negotiating, or you are inexperienced when it comes to bidding at an auction, consider a Property Buyers Agent.

If you are looking to upgrade your home or buy an investment property, talk to Milestone Lending or your Milestone Financial adviser today.