During this period of uncertainty, many have turned to the property market as a more secure form of investment. Many more people are receptive to the concept of asset progression - growing their property along with their career. As such, we are seeing an intense competition for new launches and desirable units.
As such, many of you reading this article might also be a prospective buyer looking to enter the property market now. However, the prices and numerous other considerations are weighing your mind before you make the decision.
Here would be 5 crucial tips you can read and ponder upon before you securing property:
Tip #1: Check out agents that have closed deals within the area before
It’s hard doing the purchase on your own due to the number of regulations to abide by, and more often than not, you would have an agent to help you with your needs.
When picking an agent, its always advisable to choose one that knows the area well and have closed transactions in the area before. Always check with your agent what are the areas they have closed before, and what are their knowledge in the area. Knowing the area well and the surrounding properties will place them in a good position to negotiate and make sure you get the best deal possible.
They would also be knowledgeable of the issues within the surrounding properties or the neighbours within the area - or know insider information that are only known to the people living within the area.
Tip #2: Know what you can compromise on, and dish them out effectively to secure a better deal
It is likely that negotiations will occur when you are trying to secure the property. When doing this, write down a list of bonuses or concessions you are willing to give, and rank them in terms of your own comfort level and priority.
When the negotiations commences, dish these out or take note of the concessions that the seller is willing to give, match them with your own and see if further negotiations are possible.
That being said, these bonuses or concessions should be minor renovation or reparations costs of the sort. You should always be clear on what is the price you are willing to offer, and make sure not to go beyond your means. Know when is your bottom line when it comes to the property price itself, since it is a big purchase. This will ensure that you will not live beyond your means and reduce your holding power.
Tip #3: Cover all grounds by checking across listings posted on different dates
It is human nature for us to check out recent listing first as they are fresher and presumably more attractive. Older listings are usually assumed to be unattractive or must have some faults, resulting in their inability to sell.
However, some of these concerns can actually be resolved. While it may or may not incur some cost, light renovations to remove certain features or repair wear & tear can easily some of these issues.
Key is, what other people might forgo may not be a concern for you, and your priorities might be different. Be open about it and keep your options flexible to score the best deal and the best price.
Final tip: Keep the discussions and transactions fuss-free
It is a big purchase and it is natural for many of us to ponder over it while doing viewing across other units. However, the seller might have a tight timeline after selling their previous property, and want to get this property off their hands as soon as possible.
As such, you might be able to score a better deal if you express your willingness to close the deal and that you are serious about this property. Expressing this intention is key to open up to discussions and flexibility on the seller’s end.
By planning ahead and knowing what your limitations are, it will ensure that you keep to your finances and tick the right boxes when achieving your goal.
If you need any property information and advice, feel free to reach out anytime.