Media Release Archive

pdf icon REBAA: Top tips to avoid overpaying for property

pdf icon REBAA: Why January is one of the best months to buy property

pdf icon REBAA: Buyer Alert: Now is the Time to Snare a Christmas Bargain   

pdf icon REBAA: Blind auctions leaving buyers disadvantaged  

pdf icon REBAA: Why Now is a Good Time to Buy Property 

 pdf icon REBAA Property Predictions: Spring 2011

 pdf icon Buyers Agents take the Emotion out of The Block 2011

 pdf icon REBAA Elects New President

pdf icon REBAA: Qld Buyers Penalised Unfairly by Stamp Duty Hike

pdf icon REBAA: High Yields Buyer Beware

pdf icon REBAA: Property Predictions 2011

pdf icon REBAA: Buying Power: Buyers Agents Buy in Excess Of $800 Million* in Australian Real Estate

pdf icon REBAA: Market Valuations Leave Buyers Hanging - November 2010

pdf icon REBAA: Property Predictions Spring - August 2010

pdf icon REBAA: Buyers Stick with those who know - 31 May 2010 

pdf icon REBAA: New Property Tax - 13 May 2010

pdf icon REBAA: Property Market Heats Up 2010 - 4 May 2010

pdf icon REBAA: Property Predictions 2010 - 3 March 2010

pdf icon Buyers Beware - The real cost of "FREE" Buyers Agents - 3 December 2009

pdf icon REBAA Comments on Rising Interest Rates - 3 November 2009

pdf icon Market to remain steady during Spring selling season - 1 September 2009

pdf icon Market Valuations Hurting Buyers - 25 August 2009

pdf icon Property Underquoting - 30 July 2009

pdf icon Buyers Agents urge caution - 7 April 2009

pdf icon New Year renewed interest in property market - 2 February 2009

pdf icon Plenty of Christmas Cheer for Expats - 1 December 2008

pdf icon Everyone Wins from 1 Per Cent Cut in Interest Rates -7 October 2008

pdf icon Survey Rates Top Five Annoyances When Buying Property -15 September 2008

pdf icon Falling Victim to Underquoting - 8 August 2008

pdf icon Is Your Agent a Double Agent - 22 July 2008

pdf icon Buyer Beware: Unrealistic Price Guides Still Out There - 26 May 2008

pdf icon Interest Rate Rise Hits Home Buyers in Outer Market - 4 March 2008

pdf icon Inner City Property Market Remains Solid -12 February 2008

 

PDF  | Print |  E-mail

23 January 2012


Media Release


Top tips to avoid overpaying for property

Buyers are being warned to do their sums carefully and avoid overpaying for
property, according to the Real Estate Buyers Agents Association of Australia
(REBAA).

REBAA President Warwick Brookes said it was easy for buyers in an uncertain market
like this one to overpay for their home and/or investment.

“In times like this it is more important than ever that buyers research the market,
find out how much they can comfortably spend and stick to their budget,” Mr
Brookes said.

“The important thing is not to get too emotionally attached to any one house or property you are viewing.

“For this reason it’s worth investing in a buyer’s agent - a third party who can independently source, evaluate and negotiate a property on your behalf - who can tell you when to walk away and when to keep bidding.”

He said there were currently properties at all ends of the market selling over market value.

In December last year, Waimea House, a Federation Arts and Crafts-style residence in Sandy Bay, Tasmania sold for a record $8.5 million. It had only been sold nine months earlier in 2011 for a record $6.06 million.

“Home ownership is expensive in Australia and the last thing you want to do, especially in an uncertain market, is to overpay for your home and regret the decision for years after,” he said.

Here are a few tips to ensure you don’t:

RESEARCH COMPARATIVE SALES IN THE NEIGHBOURHOOD

Compare recent sales prices of similar houses in the area/s you are looking to help you decide on an offer price.

GET BUILDING AND PEST REPORTS

Make sure you get a professional building and pest report to understand the total costs required if more work is needed on the property. If unexpected repairs are needed, try to renegotiate the price and be prepared to walk away.

CHOOSE A HOME WITH FUTURE NEEDS IN MIND

Choose a home to grow with your family, one that has the potential to be extended or renovated. It may stretch you now but it may save you in the long-term in buying and selling costs.

LEARN AS MUCH AS YOU CAN ABOUT THE SELLER

The reason behind a sale can often be a competitive advantage. Don’t be afraid to ask the agent as many questions about the seller as you can. On the flipside, keep your own personal finances and details to a minimum.

NEGOTIATE

Be prepared to negotiate if you want the best deal and don’t be afraid to ‘haggle’ – it’s your money.

UNDERSTAND THE TOTAL COSTS OF BUYING

Don’t forget to factor in the total costs of buying i.e. the mortgage insurance, stamp duty, building and pest inspections, conveyancing fees etc.

TAKE OUT THE EMOTION - HIRE A PROFESSIONAL

Spending money on a professional buyer’s agent can save you tens of thousands by keeping your wish list and budget top of mind.

 

-ENDS-

pdf icon Download Media Release

 

For more information contact:

REBAA President Warwick Brookes
Mob: 0412 340 611


About REBAA

The Real Estate Buyers’ Agents Association of Australia (REBAA) was founded in 2000 to raise the profile of buyers’ agents nationally and to establish guidelines for the professional conduct of real estate buyers’ agents.  REBAA maintains a close working relationship with the state-based Real Estate Institutes as well as the national body and makes regular contact with other organisations to represent the interests of its members.