What’s the secret to making a good decision? First and foremost, you need to have all of the relevant information. You’ll then be in a position to assess the facts, seek expert advice and make a good decision. While this principle applies to many different scenarios, it particularly rings true when buying a property in Brisbane. And the best way to gather relevant information is by asking as many questions as possible – preferably from those with plenty of industry experience.
If you’re gathering information about a particular property for sale, one of the best things you can do is talk to the real estate agent. Most agents will be more than happy to answer questions and offer expert suggestions, so be sure to tap into this useful resource. Your other key source of information should be a mortgage broker in Queensland. The friendly team of brokers at Coronis Finance can provide specialist advice about what kind of finance solution will best suit your needs.
The Questions to Ask BEFORE Buying a Property in Brisbane
But what kind of questions should you be asking? Some of the most important questions to ask before buying a property in Brisbane include:
1. How long has the property been for sale?
Knowing how long something has been on the market can give you valuable insights when buying a property in Brisbane. The average property in Australia will take around 30 days to sell (although this can vary depending on the location and the type of property listed). So, it’s worth knowing if the property has been languishing on the market for much longer than other comparable properties in the area. And if it has, then why? The property could be overpriced. The longer the property has been on the market, the more likely the owner will be willing to accept a lower offer.
2. Does the property have any known issues?
Known issues could include pre-existing damage to the property (such as mould or structural problems) or limitations on what you can do with the land (due to easements or covenants on the property). Known issues could also relate to neighbouring properties (such as a proposed development nearby). Some of this information you may be able to find on your own. But it’s often simpler to just ask the agent who is selling the property. Identifying these concerns before you make an offer will enable you to decide if the issue is a deal-breaker or whether you’d still be happy to buy if you could negotiate a more reasonable price.
3. Why are the current owners selling the property?
This may not seem like a very important detail, but once you understand the seller’s motivation, you’ll have a much better idea of how to proceed. For example, is the owner planning a home upgrade but haven’t yet found another property to buy? If that’s the case, they’re unlikely to be in a hurry and may prefer a longer settlement. Conversely, if the sale is due to a recent divorce or because the owners have already purchased a new house, they may look favourably on a lower offer with a faster settlement.
4. Is this property within my budget?
This can be a difficult question to answer without the help of a mortgage broker in Queensland. For a quick assessment of your borrowing potential, try using the free Coronis Finance online calculators. The next step is to talk to a broker about organising mortgage pre-approval. Pre-approval will help you to focus your property search on homes that are definitely within your budget, and to make an offer with more confidence. To learn more about the benefits of pre-approval and how to get the process started, contact the friendly team at Coronis Finance today.