The Little ebook of Home Buying Tips

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1 The Little ebook of Home Buying Tips Brought to you by Heritage Bank

2 Contents: Preparation is key...3 How to get the most out of the agent from an agent s point of view...5 Breaking news...8 How to negotiate like a pro...10 Selling...14 What to do in the last 10 minutes before your open house The Little ebook of Home Buying Tips

3 Preparation is key. Feel like you know this week s real estate guide back to front? If so, you re on the right track. Doing your research and preparing yourself to shop around is an important part of securing your dream home. Here are three key things to do to ensure you are prepared for one of the biggest purchases you ll ever make: 1. Understand what you want. Understand and continue to remind yourself of what you are actually looking for. Are there things you can compromise on and things you absolutely need? Keeping a list of this will be a great reference point for you especially if you decide to make an offer and enter into a negotiation. 3 The Little ebook of Home Buying Tips

4 $ $ $ 2. What can you afford? Before you do anything visit your local Heritage branch to find out what you can actually afford. A good lender will take you through home loan products to help you find the best loan for your circumstances. They will also ensure you aren t looking at taking too much on financially for your situation. Our very own Heritage Bank Open House Heroes all agree a visit to the bank is a must if you re serious about making an offer on a property. 3. Research the market. What s happening in the area you re looking at buying in what s sold, for what price and how long did it take to sell? This will help you to know if you re walking into a bargain or if there s potential for you to negotiate a better price based on market trends. Sign up for real estate alerts and get friendly with local agents be honest with them as this will set you up for an effective relationship with the agent. 4 The Little ebook of Home Buying Tips

5 How to get the most out of the agent from an agent s point of view. Chatting to the agent and starting a relationship is a sure fire way to show you are a keen buyer. While you may like to keep some cards close to your chest it s important to have an honest relationship with the agent. This way they can help you find exactly what you are looking for. 5 The Little ebook of Home Buying Tips

6 When speaking with an agent, you may like to ask for specific information on the property, such as: What are the body corporate fees and what s included in that amount? (for units) Have there been any improvements made to the property since its last sale? Do you have details on council rates for the property? So, has there been a rental appraisal done on the property? Why are the owners selling? Have you sold anything recently in the area that s similar? 6 The Little ebook of Home Buying Tips

7 Agents appreciate honesty. If the property they are showing you is not right try to explain the positives and negatives from your perspective. This way, the agent can get a better feel for what you are after and point you in the right direction. 7 The Little ebook of Home Buying Tips

8 BREAKING NEWS: Lending experts tell all. OK, it might not be breaking news, but our lending experts do a great job of explaining the tricky stuff in a way everyday people understand. When these guys aren t starring in our Heritage Bank Open House Heroes film series they can be found helping our customers through the lending process in one of our branches. Nathan McQuade Heritage Bank Lending Specialist Indooroopilly Once you find a property you are interested in come in to discuss how much you can borrow before going to the open house. This will ensure you know what your limits are when it comes to making an offer. 8 The Little ebook of Home Buying Tips

9 BREAKING NEWS: Lending experts tell all. Amii Gill Heritage Bank Lending Specialist Cleveland & Victoria Point Once the formalities of an offer have been accepted the next call needs to be to your bank to initiate the loan application process. Use our home loan application checklist to find out exactly what you will need to bring with you. If you re unsure of anything give us a call before coming in. Being prepared for this meeting will contribute towards a smooth and fuss-free application process. Olivia Butterworth Heritage Bank Lending Specialist Indooroopilly Have a list of must haves or deal breakers. This will help you to decide on whether the home is a good fit for you, how much you are willing to compromise and whether this will make a difference to the amount of money you are willing to pay for a house. 9 The Little ebook of Home Buying Tips

10 How to negotiate like a pro. So, you ve found a property you love and want to make an offer. It s not every day you buy property and this can make it an overwhelming and confusing process especially if you ve fallen in love with the property. Do your homework. Before you start the negotiation process make sure you know where you sit and what your limits are financially. Having pre-approval for an amount of money can give you confidence to make an offer confidently and walk away when necessary. Ask our lenders for a breakdown of repayment amounts for different price points. This will give you an idea of what you can afford to offer. If the property needs work make sure you take this into consideration when making an offer. 10 The Little ebook of Home Buying Tips

11 The only way is up. Make an offer based on the best outcome for you offer the price you want to pay and ask for the conditions you are comfortable with. The only direction the price is going, is up once. It s important you don t start the process out of your own depth. If you are competing with other buyers do not play around. While it s important to start with an offer based on the best outcome for you it s also important you don t miss out on a property you love because you have over-complicated conditions or offered less than the property is worth. Make sure you let the agent know whether you are flexible with conditions so the offer is not rejected based on things you re happy to change such as settlement dates. 11 The Little ebook of Home Buying Tips

12 Don t get personal. Buying and selling property is a business. It s easy to get caught up with the emotion of purchasing a property it s a place to call home for you and your family and it s one of the biggest purchases you will ever make. 12 The Little ebook of Home Buying Tips

13 Don t get personal. However, it s also important not to take rejection personally. Be prepared to walk away from a property if the price isn t right. There will always be another property. 13 The Little ebook of Home Buying Tips

14 Selling. If you re in the market for your next home chances are you ll be looking to sell your current property. We ve spoken to Real Estate experts who ve revealed their inside tips to getting the most out of putting your house on the market. Common mistakes sellers make. Every seller wants to get the best price possible for their property. If you are serious about selling your home and generating buyer interest there are two key areas you need to research, understand and act on to ensure your home becomes somebody else s home as soon as possible. 14 The Little ebook of Home Buying Tips

15 1 Pricing the property too high to begin with. Many sellers start with the wrong listing price. Do your research from the outset and take agent advice. The biggest problem with overpricing a property is that you will eventually have to drop the price. To buyers, this can look like desperation and may slow down the selling process while people wait for the price to drop further. 2 Falling into the cheap agent trap It s important to focus on the quality of your agent, rather than just the initial cost. Cheap agents can often cost you more in the long run. Look at agent contracts and understand what you are getting for your money advertising costs, contract length and commission to be paid on sale are all areas you need to understand before signing up. 15 The Little ebook of Home Buying Tips

16 What to do in the final 10 minutes before your open house You ve spent weeks, maybe even months, preparing for your house to be on the market you ve touched up paint, improved lawns and raised the share price of Gumption through your efforts to remove scuff marks. In the frantic rushing before the agent arrives, here s 5 things you need to do before you leave your house open to the masses. Check all bins in the house have been emptied and are clean. Check all toilets and sinks to ensure they are sparkly clean and fresh. Get pets out of the house and remove any trace that they ve been there. Double check the kitchen bench is spotless. Things to do today.. - wash the dog - water the plants - get groceries STYLO!! Call the mechanic! 16 The Little ebook of Home Buying Tips Remove any personal items such as paperwork and keys from view. TIME S UP!

17 Got any more questions? Or ready to have a chat about a home loan? Call our Contact Centre on , visit heritage.com.au or drop in to see your nearest branch today! Our lending specialists are ready and waiting to help you buy your dream property. Criteria, fees and conditions apply. Happy house hunting... From Heritage ABN AFSL and Australian Credit Licence