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How to get an edge when trying to buy a home

By Andrew Bell

The Australian housing market is in mostly good shape these days, and if you're thinking about buying a home, there's plenty to know before you actually try to make an offer. Perhaps chief among them is what constitutes a good strategy for standing out from the crowd, especially if you plan to make an offer before the auction.

The following tips should help you get an edge on the competition, even if you can't be guaranteed that you'll get the home you're interested in:

Know the lay of the land

Again, it pays to know what the local market where you want to buy actually looks like, and a little homework will go a long way toward determining what you should prepare to save and spend, according to Members Equity Bank. Your own finances obviously play a big role here, but a full understanding of the kinds of properties you're looking at will help you make the best possible decisions.

Put your best foot forward

If you're looking to avoid an auction, you need to make sure your offer is relatively maxed out, Domain advised. If your offer is rejected, you don't want to get into the regret of knowing you could have offered more. After all, you're trying to dissuade the seller from going to auction, so you have to make it worth your while.

Know when to say when

At the same time, if you do make a great offer — whether before or during an auction — and it's still rejected, you need to keep in mind that there are plenty of other options out there. You should go into any situation knowing what your limit is, and avoid going past it just because you really like the property or get caught up in the bidding war. That way, you avoid buying a home you can't actually afford, and can proceed to your next option with confidence.

Especially if you're new to the homebuying process, it's vital to have an experienced expert on your side. At Ray White Surfers Paradise, we can provide the guiding hand you need. With countless sales closed for buyers, we know the ins and outs of a sale, and can help you find the right property at the right price. Get in touch with us as you prepare to buy so that you can feel good about your chances, every step of the way.

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