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AU Focus on what's vital

Property Here - Tuesday, May 07, 2013

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BUYERS waste their time at open home inspections focusing on emotional triggers instead of the practical considerations, says buyers' agent and real estate author Patrick Bright.

The EPS Property Search director and best-selling author of The Insider's Guide to Buying Real Estate said many home buyers underestimated the importance of an open home inspection and failed to prepare.

"A lot of buyers just think they'll know the right property when they see it and do very little to no preparation before they come through the front door,'' Mr Bright said.

Instead of winging it, buyers should be planning well before they start their search and have finance pre-approval in writing so they know exactly what their buying budget actually is, he said.

"It's also important that home buyers critique the property over the phone with the selling agent and review the floorplan online first, to make sure it's potentially suitable for their needs,'' Mr Bright said.

"Make sure it's in a location that is A or B grade, particularly if you're looking to turn it into an investment property down the track.

"Have a list of pre-prepared questions written down to ask the selling agent and take photos to make it easier to remember each property.''

Recent figures released by RP Data show the average length of home ownership, based on properties sold over the past year, was 9.3 years for houses and 8.2 years for units.

"With people sitting on their biggest investment for 25 per cent longer than a decade ago, it's important to take the time to think about your medium to long-term requirements so that you approach the open home with a plan that fits in with your future,'' said Bright.

"Assess its potential and how you can add value to the property, costing out those works before you commit to a purchase to ensure you're not going to over-capitalise.

"Too often, people get carried away with the view or the colour scheme to notice the property's faults or whether or not it is suitable for their current and future needs. Buyers only have a small window of time to assess what for many of us is the biggest investment they are ever likely to make, so you need to get the most out of it and view wisely with a plan.''



Read more: http://www.news.com.au/realestate/news/just-focus-on-whats-vital/story-fncq3gat-1226636811128#ixzz2SaM4sJpH