The short guide to buying prestige property: Part 2
As discussed in our article the short guide to buying prestige property: Part 1, homes at the upper end of the property market tend to be sold in a different manner to regular real estate. Here we look at five more things to always keep in mind throughout your buying journey.
1. Remain calm
One of the difficulties of buying prestige property in particular is that even the best of us can become too excited by a particular view, feature or location (especially if we are upsizing!).
Suppose you fall in love with a stunning eternity pool or large jetty. In that case, it is all too easy to overlook other significant shortcomings (such as proximity to traffic or a sunless garden) that, in the long term, may lead to regret.
2. Understand the local market
Perhaps you have been searching forever, but if not, make sure you have acclimated to the local real estate environment before making an offer. It is challenging (no matter how great the property may seem) to compare a property’s value without knowing what else is out there. If you really want take a deeper dive, corelogic.com.au offer expert analysis of current property market trends and insights.
3. Remember - there is less competition
If you are used to seeing hundreds of buyers at auctions outpricing and overpaying (for fear of missing out), then banish this from your mind. Prestige real estate is different. At the higher end of the market, there is less competition. You can afford to take a little more time to do your research, ask questions, and ensure it is the right property for you and the family.
4. Always negotiate - it is not always just about price
When it comes to real estate, you seldom really know a vendor’s reason for selling. It would be simplistic to think that most people only want the very best price for the property. To some vendors, it can be more important to promptly complete the sale. Some sellers may want to sell as they are moving to another property – or are leaving the country and want no loose ends. If your finances are in order and you have no chain, then the simple fact that you are the first to make a solid offer may be all that is required.
5. Speak to your agent - they are the experts
A specialist real estate agent will ensure that they are very clear about your property goals. However, do not hesitate to ask them questions beyond the obvious, such as what upcoming property developments are in the area? Where is the best place to eat in the neighbourhood? What do locals do for entertainment? Where do they see the market moving in the medium term? The more you know, the better decisions you make; after all, this is a purchase of a lifetime!
Take your time when buying real estate. You want to ensure you have the best agent and have seen the best properties in your price range at that time. Be as clear as possible when discussing with your agent what is best for you and the family, both now and in the future. And finally, make a considered offer. There is no harm in it, and they can only say no!
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