Save Thousands on Your Home
2015-07-04THERE is one thing that property buyers should do before they make an offer on a new home and according to experts it could end up saving you thousands.
He said not knowing the market and paying just one per cent more than a home was worth could end up costing a lot.
“Buying a property is going to be one of the most important finance decision a family ever makes,’’ he said.
“If you don’t do research you could actually cost yourself a lot of money or end up buying the wrong type of property.
“If you are buying a $500,000 house and you pay 1 per cent too much, that's $5000 or more, that’s a renovation of your kitchen or bathroom.
“A small error in judgment can be really expensive, particularly in a place like Sydney or Melbourne.’’
Mr Lawless said research should be an ongoing process not just something done before buying as it could take up to a month to find a property and in some markets things could change that quickly.
“Where values are growing so quickly it is hard to gauge the market,’’ he said.
His said buyers should first narrow down the area they wanted to buy in, so they could do research and became comfortable with properties were worth and how quickly they were selling.
It was difficult to make a knowledgeable offer on a property if didn’t have a fundamental understanding of the local market.
Previously the only way potential buyers could do this as through real estate agents or by paying experts for reports, but he said now that CoreLogic RP Data has launched its Property Value tool, anyone could easily research the market.
Mr Lawless said buyers should investigate median prices and values, check recent sales and go back as far as a year to get a feel for trends in a suburb.
Once you have recent sales figures look at comparable properties and how long they have been advertised for sale.
“If you see it has been on the market for 90 days, vendors may be more willing to negotiate,’’ Mr Lawless said.
He said computer generated estimates of a property’s value were of particular use if buyers were from interstate or overseas.
Property Value allows potential buyers and sellers to search property information on line for free including street and suburb details, mapping and suburb analysis.
Buyers and sellers can estimate the sale value of a property, benchmark it against comparable properties for sale, for rent and recently sold, and even look back over 30 years to see what the property has previously sold for.
For investors properties and suburbs are scored based on their potential for capital growth, cash flow and risk.
CoreLogic RP Data head of consumer Paul Argus said initial access was free and there was a paid model for more extensive or longer access.
Source：news.com.au
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