How do I compare properties?

When searching for a home, it is possible to inspect a large number of homes over consecutive weeks and it can all become a bit of a blur.

Every house is different and often the price is not driven by logic, especially when bidding heats up an auction. So how do you compare prices when looking for a new home to buy?

Here’s a brief list:

·        Using the checklist provided in our First Home Buyers Guide, check the quality of the building and structures against each other.

·        Compare the number of stories, rooms and bedrooms, recency of build or renovations.

·        Check the size of the blocks against each other. The land value itself is often more of a driver of price than the building.

·        Location and distance from amenities.

·        Find 3-4 recently sold properties in the area (popular property search sites such as realestate.com.au do this automatically for you), review their sold price and categorise them as inferior or superior. This can help provide a rough guide. Make sure you check the recency of the sale as property prices fluctuate over time, the more recent the sale, the more reflective it might be.

·        Check if there are any covenants or overlays on the properties that could impact the price. These are available in the Section 32, which the selling agent can supply on request.

I can also help you obtain a free property report to help you understand the value of the property you are interested in

We work closely with our clients each step of the lending processes to ensure you are clear on what you can borrow, how much deposit you will need and what additional factors you need to consider.  We also help our clients obtain pre-approval so that they can make offers on houses or bid at auctions with more confidence in their borrowing capacity. 

Remember, a critical aspect to your success is securing your finance and obtaining pre-approval.  To obtain pre-approval, get in touch today, or complete our 5-minute home loan assessment.