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Buying a house privately: What you need to know

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Buying a house privately: What you need to know

Property is generally the largest asset to buy in a lifetime, but did you know that selling your house through an agent can cost you additional fees of up to twenty thousand dollars? Save the hassle, and save your money. Here’s how to sell your house privately:

Look around:

Before you even begin to seriously search for the home of your dreams, shop around! Check out house inspections in person, scroll through properties online and take note of any special assets or features that you want your house to possess. Look past the houses that you’re interested in and scope out all properties in your area. This will help you develop a deeper understanding of the property’s value and give you insight into what properties might interest you.

Determine your budget:

Once you have a good gauge on the average market value, it’s time to start thinking about budget. Determine how much money you’re willing to spend on your new property. Consider all assets that you want and need for your property: We recommend writing a list of ‘must haves’ and ‘wants’for your new home as this will help you realistically evaluate what’s most important when searching the market.

Loans Loans Loans!:

One of the strongest and simplest tips for buying property is that organisation is key! The more prepared you are, the easier the entire process will be. Find out what loans you qualify for as early as possible. Getting yourself pre-approved for a loan is a huge step toward a smooth negotiation process, as it lets vendors know that you’re serious about purchasing a property.

How to find the perfect house?:

When you have a stronger understanding of both your budget and your ideal house, it’s time to find the house of your dreams.

Homesta is creating unique opportunities for individuals to find fantastic properties for private sale. We’ve eliminated the tricky parts, and made searching for your dream home easier, and more affordable than ever. Have a look through the private listings on our app, and reach out to the vendor when you find a home that interests you.

House Inspection:

Inspecting homes that interest you is the best way to be certain that the property is right for you. Directly contact the vendor and request a private inspection so you can have a detailed look at the house in person, and evaluate its potential. We also recommend getting a valuation on the property so you can gain a stronger understanding of its exact market value.

Make an offer

Once you’ve found the perfect property, and have a good understanding of its worth, make an offer!

Buying a house privately usually means that there is more room for negotiation. If the vendor is saving money by not selling through an agency, they will likely be open to selling their house for a slightly lower price.

Submit an offer within the lower end for the market range of similar properties, in anticipation that the vendor will request a higher price, and let the negotiation period begin.

Buying a home privately is a lot simpler than you think, you’re essentially in the same position as the vendor, you both want the best price value for an asset. With the right time, planning and research, you can achieve an ideal negotiation and both walk away from the sale extremely happy!

Private sales are a brilliant venture, particularly for potential buyers. It can drastically cut costs for both the vendor and the buyer, but the process requires significantly less effort for the purchaser. List your property with Homesta, and we’ll take your private selling journey together.