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Residential Property Research Gone Wrong: Mistakes to Avoid

HouseThere’s no question that looking for a new home for the family involves thorough research. Sure, it’s often a stressful and time-consuming task. Without research, however, you are taking on a big risk that could lead to costly problems in the future. With the availability of information on the internet, conducting research supposed to be easier and faster. Therefore, there’s no reason to make mistakes when looking for important information. This article lists down the things you need to avoid when doing your research.

Not Knowing the Total Cost

To be a savvy homebuyer, you need to determine all the expenses involved. Whether you’re buying a single-storey house or a two-storey display home, industry professional notes that it’s important to know the title insurance and lawyer fees. Lack of research can only get you into serious trouble.

Not Verifying Statistics

Many homebuyers make this costly mistake, as they are in a hurry to buy a property. Though the numbers do not lie, some stats on the internet are not true. It can give you false confidence and the result can be devastating. This is the reason it’s necessary to verify the information to a professional.

Not Determining the Market Value

According to Your Mortgage, Australia’s only independent mortgage website, “Before you can decide whether you’re getting a good deal or not you need to do some detailed research to work out the market value of the property. The process is called comparative market analysis and it’s extremely powerful when you’re trying to negotiate the best possible price. You need to select a maximum of three suburbs and see as many properties as you can in preferably a 6-12 week time frame.” Just because most homebuyers are doing too little research doesn’t mean you have a reason to put off the task. To get your ideal home, you need to create a checklist of things to do and stay focused.
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