Knowing what a property is worth is central to avoiding paying too much for it. It’s about doing your homework, knowing what you want, knowing the market and making sensible offers.
Tips to avoid paying too much for a home 
- Set a benchmark. Make sure that the property you are buying is comparable and provides a valuable bargaining tool when you are negotiating with a seller or agent.
- Keep in mind current market conditions. It is best to attend open homes or auctions to keep awareness of the current market and how much are the properties for since the market is always changing.
- Expand your search. Do not just look for a house just around the corner. Visit any suburbs as well to view any other comparable houses that still suit your checklist.
- Don't exceed your financial capacity. Having finance sorted out means that you can be sure of what your stamp duty and associated costs are, and exactly what price range you can consider. It's a good idea to seek pre-approval before you start making offers.
- Bring in the extra support. You may want to consider using the services of a buyer’s agent. They will aid the buyer in navigating the real estate landscape by finding listings and advocating for the buyer and their unique needs and negotiating a price or bidding for you at an auction.
Good to know 
Stamp duty, also referred to as ‘transfer duty’, is revenue levied by states on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for, in addition to your loan deposit.
The amount of stamp duty you are required to pay differs in each state; however, there are three universal factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include:
- Whether or not the property is a primary residence or investment property.
- Whether or not you’re a first home buyer.
- If you are purchasing an established home, a new home, or vacant land.
Dream Catchers Lending is an MFAA-accredited member. We can assist with finding the right type of finance for you. Feel free to book an obligation-free virtual appointment or leave us your details.