Finding the right home in today’s real estate market can be hard. It can also be quite stressful without the right help. In this article, we hope to make the process a little easier by sharing some tips and insights to consider when attending open houses.
Of course, these open home inspections are just the first step. You may also call on the services of Perth property valuers to help ensure you are buying the right home.
Tips for visiting an open house
Attending open home inspections is a crucial part of the home-buying process. It allows you to get a feel for the property, neighbourhood, and the real estate market.
Here are some top considerations to keep in mind when going to open home inspections.
Research in advance
Before attending open houses, research the neighbourhoods and properties you’re interested in. Use online resources and real estate websites to get a feel of the current market.
Set a budget
Determine your budget and stick to it. Be realistic about what you can afford and consider additional costs like property taxes, maintenance, and utilities.
Get pre-approved
It’s a good idea to get pre-approved for a mortgage before attending open houses. This shows sellers you are a serious buyer and helps you know your budget.
Attend multiple inspections
Don’t limit yourself to just one open house. Attend several to get a better understanding of what’s available in the market.
Bring a checklist
Create a checklist of features and qualities you’re looking for in a home. This will help you stay focused during the inspection.
Be punctual
Arrive on time or even a little early. This allows you to view the property without feeling rushed.
Take notes and photos
Bring a notepad or use a note-taking app on your smartphone to jot down your impressions, likes, and dislikes about each property. Photos can also be helpful for reference.
Ask questions
Don’t hesitate to ask the real estate agent or seller questions about the property, neighbourhood, recent renovations, or any concerns you may have.
Look beyond the staging
Staging can make a home look more appealing but try to look past the décor and furnishings. Focus on the layout, condition, and potential of the property.
Inspect thoroughly
Examine the condition of the house, including the roof, foundation, appliances, and plumbing. Pay attention to signs of damage or wear and tear.
Test utilities
Turn on lights, faucets, and appliances to ensure they are in working order. This can help you gauge the water pressure and electrical condition.
Assess the neighbourhood
Explore the neighbourhood and consider factors like proximity to school. Shopping, public transportation, and safety.
Inspect respectfully
Be respectful of the seller’s property and privacy. Avoid opening cabinets or doors that aren’t meant to be part of the inspection.
Evaluate the competition
Ask the real estate agent about the level of interest and any offers on the property. This can help you gauge the competition and make a competitive offer if you’re interested.
Trust your gut
If a property doesn’t feel right, trust your instincts. Don’t feel pressured to make an offer if you’re not comfortable.
How property valuers help
After attending open home inspections, you can use your notes and observations to compare properties and make informed decisions.
Property valuers can play a valuable role during open home inspections, particularly if you’re interested in buying a specific property. Below is a breakdown of how a property valuer can assist during this process.
- Property value: Property valuers are experts in determining the current market value of a property, providing an estimate of the property’s worth.
- Professional opinion: A property valuer can offer a professional and unbiased opinion on the market value of the home and the factors that contribute to this value.
- Identify issues: Valuers can spot potential issues or defects that might affect the property’s value. Helping you make informed decisions about the property.
- Market insights: Home valuers have a deep understanding of the local real estate market, providing insight into market trends, and overall property landscape, helping you make a more informed decision.
- Negotiation power: Armed with a property valuation, you may be in a better position to negotiate the purchase prices with the seller.
- Financial guidance: Valuers can help you understand how the property fits into your overall financial picture. Ensuring that the property aligns with your budget and long-term financial goals.
- Avoid overpaying: A primary concern for buyers is overpaying for a property. A valuer’s assessment can help you avoid making this costly mistake.
- Peace of mind: Having a property valuer’s input can give you peace of mind knowing that you’re making well-informed decisions when buying a home.
It's important to note that while property valuers can be incredibly helpful, their services come at a cost. You may need to hire one independently. Additionally, property valuations are just one part of the home-buying process and are used in conjunction with other due diligence, such as home inspections and legal reviews, to ensure a comprehensive understanding of the property you intend to purchase.