In a hot market properties go quick, meaning you need to be ready to make fast decisions when looking to buy. You may not have the luxury of time for multiple inspections, so it’s important to be clear on what you want when looking.
Property experts Rich Harvey and Gavin Hegney shared some tips on how to buy in a hot market.
- Be prepared and know the market. This is essential so that you can gauge the property that you are about to make against what else is on the market quickly.
- Use a buyer’s agent who does not sell properties to prevent a conflict of interest.
- Get the property inspected by all of the relevant tradesmen to ensure that it is in good order before you buy it.
- Have a solicitor or conveyancer ready on hand to help you make the purchase as soon as you are ready.
- Set a budget so that you can make clear unconditional offers quickly and effectively.
- Avoid becoming emotional about the property because this can lead to overspending. Have a solicitor or family member with you at all times throughout the purchase.
- Assess the property for what it is worth rather than what you are being asked to pay for it. This will stop you from overpaying for something that isn’t worth it.