There are many rules, tips and adages in property. These, I believe are the most important property buying tips.
1. Know you need to compromise, it should be things that you can change.
Everyone needs to compromise at the budget level whether you have $500,000 or $50 million. There is always a problem with a property and never a perfect property.
2. Location, location, location, Wrong! Its location, tenancy mix, and proximity to amenities
Location is central to any purchase but having a balance between differing density residential building, retail shops and commercial premises and being close to these amenities helps create community and diversity which makes it an interesting place to live.
3. Best time to buy was yesterday, next best time is today
Hindsight is 20/20 as they say. If you are financially and emotionally ready to pull the trigger, then sooner rather than later is better as the longer it takes, the more it will cost you as the market moves
4. Be where the football is going not where it is.
Looking for quick capital growth? Buying into a “hot spot” probably means you have already missed the boat. Looking at suburbs that have great future prospects of a diverse tenancy mix and proximity to amenities by researching local and state government plans can provide you with guidance.
5. Understand motivations to understand the price
Special value is where a person assigns a higher value to a property based on a particular characteristic that is unique to this buyer alone. If the property for sale is next to your mother’s house or within catchment of a desirable public school. A person could be motivated to pay more than the market value in order to secure a property as it is far more valuable to them alone.
I hope these property buying tips are helpful