How to avoid paying too much for your home

Knowing what a property is worth is central to avoiding paying too much for it! Check out our tips on how you can avoid paying too much for your new home.

Set a benchmark

Comparing nearby properties that have sold recently is the best way to assess an acceptable price for the property you are looking at and provides a valuable bargaining tool when you are negotiating with a seller or agent. Make sure the properties are comparable, with a similar land size and number of bedrooms, for example, so you aren’t measuring apples against oranges.

Garland Finance can give you a list of sales in the area and reports that compare recent sales, listings and rental properties. You also can’t beat doing a drive by and viewing listings so you can compare the properties and work out what is over priced and what is a good buy!

Keep in mind current market conditions

The property market is always changing, so doing this research once and sitting on it for a few months will offer little help. Going to open homes and auctions regularly will give you insight into the current state of the market and how much certain properties are going for.

Expand your search

A great tip is to look at properties in the suburbs surrounding the one that you want. You might be surprised by the value-for-money you can get if you move a couple of suburbs over from where you are looking. If your dream suburb is Bicton, have you considered Palmyra? Or you might have a look at Scarborough, Karrinyup or Doubleview if you’re keen on Wembley Downs and City Beach.

Don’t exceed your financial capacity

Even if a lender approves you for a particular loan amount, it doesn’t mean you have to accept it!! A higher loan amount means higher interest charges over the life of the loan, increasing the total cost of the property purchase price, so only ever commit to a loan that you can afford alongside your current income and real expenditure. When calculating figures for the price of a home, ensure you also budget for maintenance and repair costs, as well as any other expertise you may require in the purchasing process.

 Bring in the experts

Speak to local real estate agents and consider using one as a buyers agent. Real estate agents can give great insights into the market, recent sales and give tips on what to look out for when inspecting a house.

Use Garland Finance!

I saved the best for last! Having GARLAND FINANCE on your team is KEY to avoiding overpaying for your home finance - Garland Finance can help find the best loan for you and make sure it is one that you can afford. Happy house hunting!

Call Crissa on 0406062324

Email: crissa@garlandfinance.net