Four tips for buyers and sellers: Consumer Affairs Victoria
Consumer Affairs Victoria is providing a free guide for those interested in buying or selling a property, from building insurance, to what counts as illegal bidding.
They have also provided some tips on the different selling strategies you might want to consider.
Consumer Affairs Victoria director Claire Noone said that this is likely to be one of the biggest and most emotional transactions you can ever make, and you’d be wise not to rush into it without educating yourself first.
"You are more likely to make the right choices if you are informed about your options and shop around,” Noone said.
Their top four tips
- Research the market value of property in a particular area: check property data websites, attend auctions, speak with several estate agents, monitor auction results, and consider using the services of market appraisers.
- Know your limit and get pre-approval for finance. Decide how much you are willing to pay for a property - ask the agent for the recent comparable sales results used to establish their price or price range. Get your own 'comparables' from independent sources.
- Seek professional advice. We recommend buyers and sellers each engage their own lawyer or conveyancer to help you understand the contracts. If buying, consider getting a professional building and pest inspection.
- Remove the emotion and make your judgment based on information.
Source: Consumer Affairs Victoria
You can access the whole guide from Consumer Affairs here (PDF download).
You can also keep an eye on our first home buyer section, as well as have your questions answered in our Q&As.