Checklist Method and utilizing web platforms to determine a price to pay
Ok so you have found a property, and let's at least assume that you know the price the vendor will accept. Whether you know what the property is worth, or what you think you know what the property is worth does not matter. What matters is what to pay. If you are a first home buyer, buying in an unfamiliar suburb, or are unfamiliar with the market. below is a valuable checklist of 10 simple check-list steps I will take in determining what I am willing to pay. As an agent I have access to data platforms such as APM and RP data, however for those who may not the data is still there it is just a little harder to find;
1- Search APM/RP Data or a Google Search on the property. View the last transacted price
2- Using the above method I also recommend checking how long it has been
listed, if they have tried to sell previously, the condition of the home previously and the rental history
3- Do a radius search via map feature on other listed property via same price filter
4- Do a radius search via map feature on other sold property via same price filter
5- Use RP Data/ APM to search via same street/ if it is a strata property search every sale in the building
6- If you find another property for sale which is very similar in nature then complete step 2 again on this property
7- Depending on proximity, drive past the property at different times of day. Park. Go for a walk. Listen for traffic noise, aircraft noise, other noise, check street parking. If you happen to run into a friendly neighbour stop and have a chat. Tell them you are considering the purchase and ask them about the neighbourhood, or building. You may be surprised
what you can learn from the neighbours insight
8- Check what listings are available, or sold for the same price range in neighbouring suburbs
9- Call at least one other agent you have a relationship with who has no vested interest in whether you do or don't buy the property and ask them what they think
10- Have a conversation with the selling agent, a few questions to ask and how to effectively probe an agent I will do in my next blog.
Purchasing real estate in a booming market can be very stressful particularly if you are a new buyer, are searching an unfamiliar area, or have already sold your home so it pays to have a process around determining price which is ultimately the most defining factor when it comes to owning real estate as an asset.
Next Blogs!
1- Strata property- Strata Reports, Strata Fees, Building 'Life-cycles'
2- How to make an offer 'What does the agent want?'
3- Buying pre-auction how to probe the agent to find out if and what price vendor will take
4- Putting yourself in a position of leverage. Not desperation
5- The methods I use in choosing a foreign area to invest in next
6- Buying a holiday home which is both positively geared and gives you capital growth
Billy Couldwell, Licensed Agent
NG Farah Real Estate
m 0416 713 721
w billycouldwell.com