If you’re a would-be Auckland home buyer and you’ve been watching the news recently, you’d be forgiven for wanting to call off your search and convert to a lifetime of renting.
Yes, Auckland’s property market is red hot, but there are always fair deals out there… You may just need to re-consider the way you approach your search.
Here are my 6 top tips for buying (and perhaps even bagging a bargain!) in the current market:
1. Cast your net wide.
Perhaps more accurately, cast your net wider. I’m sure you’re already looking at suburbs outside your ‘ideal’ location… Look further afield! Talk to your real estate agent and mortgage broker about where they’re seeing people in similar circumstances to you having success.
2. Be flexible with your brief.
You may have started out with the firm belief that you’d be buying a three bedroom home on a full section. If you’re having no luck, it’s time to re-think. For example, could you buy a smaller property, like a unit, in your ideal location and then sell your home to trade up in a few years’ time.
3. Don’t stop hunting when you find your ‘dream home’.
Sad as this is, chances are it’s another prospective buyer’s dream home too. If you pull back on your hunt while you pursue the ‘perfect’ property, you may miss out – not just on that home, but others as well.
4. Don’t muck around.
Be quick with your due diligence. Keep your lawyer and building inspector on speed dial so you can arrange inspections and paperwork with minimal delay.
5. Make a great offer.
When you make an offer, put yourself in the seller’s shoes and make your deal as attractive as possible. Of course price is a major factor, but there are other considerations too. For example, if you’re a first home buyer you can probably make an unconditional offer and settle at a time that suits the seller. Find the strengths in your position and make them explicit in your offer.
6. Network with those in the know.
Get friendly with the real estate agents in the areas you’re targeting. Give them a flexible brief, a maximum budget and let them know you’re serious about buying. That way, as soon as they spot something which may be of interest, you’ll be among the first to know.
7. Keep things in perspective.
If you’re starting to resign yourself to spending significantly more than you budgeted for initially, it’s time for a reality check. Can you afford the extra? If you can stretch to it, what will happen when interest rates increase? Or if you start a family? Don’t feel you have to pay over the odds – it might be manageable in the short term, but it can bite you in future.
In the current market, bagging the right home at a fair price is all about knowing the market, being flexible, acting quickly and persevering – even when all hope seems lost. Keep these principles in mind and eventually you will have success.
About The Property Market
The Property Market is a full service real estate agency built to deliver a better experience for buyers and sellers. Think real estate, only reinvented.
- Our Ponsonby real estate agents operate within a 20 minute radius of Freemans Bay.
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