7 Tips for Saving Costs as an Active Buyer and Seller in the Property Market

The property market can be a tricky one to navigate, even for people with years of expertise as either buyers or sellers. However, here are some tricks you can take advantage of in order to save costs.

If you’re a buyer:

Don’t make a desperate bid

Whenever the housing market is hot, it’s common for buyers to experience some degree of frustration at new houses switching their status to pending before they’ve even had the chance to look at them. This frustration can often lend to a sense of desperation, with buyers feeling pressured to purchase a house NOW before all the good ones are taken. Since the purchase is likely to be an impulsive one, you probably won’t have taken as many important factors into consideration as you should have. You are then likely to end up with additional costs you hadn’t factored into your decision.

Be informed about legalities

It’s a good idea to use a conveyancing service like myplaceconveyancing.com.au/ in order to have professional solicitors and professionals go over legal aspects like certification. The use of professional services here will allow you to save costs that might otherwise have incurred due to your own inexperience.  

Be prepared for a bidding war

If you’re buying in a seller’s market, there’s a good chance you might get involved in a bidding war. It’s best to avoid this in case you go over budget. One tip that could help you avoid going over the budget is to set your search below your actual maximum budget so that there’s wiggle room at the top in case of a bidding war.

Work with an experienced agent

A seasoned agent will allow you to have a better chance of getting exactly the house you want at the minimum cost possible. Not only should this help lower your costs, but it will also reduce your stress levels.

If you’re a seller

Do the necessary repairs

Don’t worry about the expense repairs entail. Worry instead about the money you’ll lose if you don’t take care of all necessary repairs before your house is put up on the market. Make sure you take care of them well ahead of time in order to prevent any potential buyers from seeing the house in a less than ideal condition.

Price the home right

Don’t over or under price the home. Compare your house to similar ones for sale in order to develop a better understanding of the right price tag for your own home.

Hire a professional

Don’t try to sell your home all by yourself – you’re likely to go mad in the attempt, not to mention ratchet up costs due to a lack of experience and expertise. Without a professional seller, you’re likely to take longer to sell the house too, which would also contribute to higher costs. A professional would be able to sell the home for far more than you would be able to as a simple homeowner.  

 

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