Banjo Smyth

Congratulations! You have bought your first house and now you’re simply waiting for the property settlement period to end. So what should you do? Sit around and be happy with yourself? Definitely not! Now is the perfect time to organize everything that needs to be done to the property before you start paying the mortgage.

The best thing about the Property settlement period is that you will be so excited that it will be a joy to ‘plan out’ what you are going to do. Make a list of all the revamps/renovations that you would like to achieve and see if there is anything that you can arrange before settlement occurs. For instance if you are going to get the floors polished, why don’t you get some quotes and set an actual date for the selected workers to start. Tradesmen are so busy these days that you often need to book them a few months in advance anyway. If you contact the Real Estate agent they will be more than happy to give you access to your property for any number of reasons. Don’t think that you can’t visit the house during the property settlement period. Just call the Real Estate agent and they should always be able to help you out.

Whether you are planning on doing some renovations or renting the property straight away it is vital that you use the property settlement period to your advantage. The last thing you want is to be paying the mortgage whilst you wait for a tradesman to polish your floors or whilst your looking for a tenant. If you use the property settlement period wisely and effectively everything that follows will be ten times easier – and remember

“by failing to prepare, you are preparing to fail”

Benjamin Franklin

Steer clear of emotional bidders and keep your eye open for motivated sellers.

When you are purchasing anything it’s obvious that you want to pay as little as possible for it. When it comes to buying houses there are two main factors that will alter the price – If you can take advantage of these two ideas you will learn how to buy property at a great price.

1. Steer clear of emotional bidders and people who are making their decisions with their heart. When people/families buy residential property there can be emotional factors that cause them to pay more than the value of the house. For instance they might be in a rush to find a property as they have already sold their previous house, or they might be living with their in-laws in between houses and desperate to find their own place. The husband might fall in love with the garden and be prepared to do anything to get buy or vice versa. Believe me you do NOT want to compete with these people, one of the great advantages you have as a property Investor is that you shouldn’t be emotional. Walk away from the property and find another one that will end up being a better deal. If you want to know how to buy property for way more than its worth then simply find an emotional buyer and you will see how its done.

2. If you can find a motivated seller you may be able to buy the property at a great price. What do I mean by a ‘motivated seller’? Simply someone who wants to get rid of their house quickly. For instance a divorced couple or someone who has been transferred to a new location and wants to sell their place before they buy a new one. Always remember that the ‘conditions’ of your offer can be just as important as the price. For instance if you know that the seller is desperate to get rid of the house then it would be a great idea to offer a very short settlement. You would be surprised at how often lower offers get accepted because of the conditions that are attached with the offer. I hope these two ideas can help you to learn how to buy property at a great price. Good luck and happy bidding.