Newspaper article Daily Examiner (Grafton, Australia)

Get a Fair Deal on First Home

Newspaper article Daily Examiner (Grafton, Australia)

Get a Fair Deal on First Home

Article excerpt

ONE of the most common questions asked by first-home buyers preparing to buy a property is, "What should I offer?"

Leon Owen, principal of RAMS Home Loans Toowoomba, offered some important advice to help reduce the stress when buying your first home.

The process can work as follows:

The real estate professional will be trying to achieve the highest possible sale price for their client, who will naturally have expectations of receiving offers from a clutch of potential buyers and hopefully a good return on their investment. Conversely, the buyer is trying to get the property for the lowest possible price.

Following a pre-approval interview at the RAMS Home Loan Centre, customer Teagan Roth asked Leon, "So where should I start with an offer?"

Being a first-time buyer, she had no idea what to do or where to start, but Leon helped by explaining some logical steps to take.

The answer to her question is not easy as experienced property investors will approach any purchase with a business attitude.

Leave your emotions outside when you start any negotiation, much the same as you would when buying a car.

Investors will determine from their research in that particular property market what they believe the property is worth.

The investor will then consider the general condition of the property, its position in relation to services like schools, shops and transport, and also potential rental return.

A first-home buyer is more likely to consider street appeal, the comfort aspects of the property and layout of the home.

"All these attributes are important but it is hard to remove emotion when you are buying your first home," Leon said.

Leon provided some tips for first-time buyers:

- Ask experienced parents or friends for advice.

- Be prepared to let someone else have the property if your best offer is refused. …

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