It’s important to not get carried away with emotion and overpay when buying a property. Because when you pay too much you can find yourself behind the eight ball from the get-go. In this article CRAIG WILSON, CEO of PiC Group, provides guidance on how to avoid over-paying when purchasing a property.
Property prices are currently booming, especially for Queensland, but how do you know you’re paying a good price for a property?
All home buyers have one thing in common, they don’t want to be ripped off.
Whether the property market is booming or tight, you want to make sure you are paying a reasonable price for a property.
Two things you can do to make sure you’re paying a good price on a property
Compare recently sold properties in the area
You should consider and compare recently sold properties in the area.
The key is to compare the property you are buying with other properties in the area that are similar in size, condition, neighbourhood, and amenities.
With that said, you can also gain valuable information by looking at how the property you’re interested in compares in price with different properties.
Your real estate and/or property specialists are the best source to gain information on recent sales in the area.
Get an appraisal or an inspection
This can be organised through a real estate agency or through an appraisal/inspection company directly.
Keep in mind though that if you’re obtaining finance, your lender will have to do an appraisal of the property to protect its financial interests.
Both of the tools I have outlined above can help to guarantee that you aren’t being ripped off.
They will also help you to understand how properties are priced for any future properties you buy.
Using one or even both tools will help you to secure a property without over-paying.
Craig is the founder of PiC Group since 1993 and SiNC Surveys, and a successful private investor in his own right, coming from a background in the insurance, financial planning and real estate development industries.
General Advice Warning: This blog is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to what is appropriate for you.