Timing is so important. It’s important for athletes deciding when to make their move. It’s important when buying shares. It’s important it is important when travelling – no one wants to miss their flight. It is also very important when buying a new property.
How can timing affect purchasing property and property loans?
There are a few different scenarios which favour acting promptly and other scenario’s that suggest you play the waiting game.
When to act swiftly
- You can been searching for property for a few months and you have not found what you are looking for. Chances are that you are not the only one in the same position. When that perfect property pops up make sure you go the first inspection. From here you can gauge the amount of other people also interested
- The property you like is going to auction. In this scenario it is vital that you have your finances in order. A loan preapproval is a must before an auction. You should also consider putting in an offer before auction
When to move slowly
- There is plenty of property that you like and that fits with what you are looking for. You are lucky to have time on your side. If you find a property you like but your offer is not accepted you do not need to keep going higher. You can simply look for another property option. Make sure you know your borrowing capacity (max loan amount) and your purchasing – how much can you afford to purchasing considering your borrowing capacity and available funds for deposit
- How long has the property you are interested in been on the market? If it has been on the market for quite a few months then the chances are you can use this to your advantage. Make a lower then asking price offer. If it is not accepted take your time before your counter offer. The longer you drag this out the more leverage you will have. If a property has been on the market for a long time then the vendor will be more keen to sell it and move on.
Remember time is everything! Even when you need to act promptly never rush!
** IN ALL THE CASES ABOVE IT IS IMPORTANT TO KNOW YOUR MARKET AND HAVE REASONABLE UNDERSTANDING OF THE VALUE OF THE PROPERTY YOU ARE CONSIDERING PURCHASING**