Looking to Buy Property
What property should you buy?
It is important to identify the reasons you are in the property market. Are you an investor looking to make a solid return over a certain time period? Are you looking to buy your first home? Or are you wanting to purchase a house that will be your family home for years to come? Whatever you’re looking for, we can help.
Contact one of our team members to provide a brief of what you are looking for, and we’ll find it without any cost to you.
Do your research
Once you have decided the type of house that would be best suited, you should start doing some research. Prepare a shortlist of particular suburbs that suit your lifestyle and facilities that you require. Find out general housing prices in the area and match that with your own financial circumstance. Find out how much time it will take for you to commute to work.
Finance
It is important to calculate budgets in order to find out what house you can afford. Loan pre-approval is of great importance. This will save time and give you confidence in negotiations. You should also consider how your mortgage will be structured. How long do you want the term of your mortgage?
Do you want fixed or variable interest rates? How will repayments have an impact on your budget?
Contact one of our Partners to help you with your needs.
Inspections
Our properties are always open for inspection. Call us to arrange a time that suits you. This personal approach allows you to fully assess if the property is right for you. Instead of being herded around an open inspection with a crowd, this one-on-one approach allows your salesperson to gain a better understanding of your requirements and fully answer all your questions. If this particular property isn’t right for you, they may know of another one that is.
What to look for
While at an inspection it is important to cast an objective eye over the property in its entirety while still recognising that the property may not necessarily be in an absolutely perfect condition. After all, small concerns may be easily remedied with a bit of work.
You should check to see if this property suits most of your needs.
Are you happy with the layout? Is there adequate parking?
Is one bathroom enough for your family?
Is there enough storage space?
Will your furniture fit into the bedrooms?
Are there any obvious defects?
And remember to ask questions and take notes about what you do like and don’t like about the property. The most important question to ask after an inspection is “Can I see myself living here?”.
How to buy at auction
If you decide to buy at auction, there are certain ways of protecting yourself and getting a great bargain.
Check Everything
Information given at an auction may not be accurate. The agents are acting on the behalf of the vendor, and will do anything to make a sale.
Understand “quoting”
At auction, agents typically under-quote the selling price of a property by up to 20 percent. If a property is being listed at 350,000 baht, the price is likely to be around 420,000 baht.
Don’t let the agent know your intentions
Be as vague as possible. Use expressions such as “maybe” and “perhaps”. Don’t allow yourself to be pressured into revealing your future plans for the auction.
Know the value of the home
Do your research and obtain sales figures from similar homes in the area. You can then use this to guide your decisions on how much the property will be worth.
Obtain legal advice
Consultation with a lawyer may be an expense, but well worth the money when compared to the price of a home you are purchasing. Good lawyers can speak to agents on your behalf or accompany you to auctions.
Have your consultation with one of our company's co-founder/General Managers (Nae) or (Ton). Our Real Estate Attorney's, both licensed Attorneys and can advice you with business law related. Go to Contact page, fill the email form and click send.
Don’t bid too soon
Until the property reaches its reserve price, there is no need to bid. This only increases momentum for the price. There is also the case of dummy bidding and vendor bidding. Both practices are used to increase the selling price and make you want to increase your bidding.
Once the reserve price is met, you will know the lowest price at which the vendor is willing to sell their property. Bid only once the property is on the market.
Keep your highest price a secret
You are more than likely going to be the highest bidder before you reach your highest price. Don’t let anyone know your highest price and you can save thousands by waiting for all other bidders to reveal their highest prices.
(Adapted from “Real Estate Mistakes” by Neil Jenman )
