NICK COWDY / Residential Sales Consultant, Principal Agent
“Keep your objectives clear, stay organised, and don’t be afraid to ask questions.”
Open homes offer a unique opportunity to step inside various properties, envision your future, and gather crucial insights that can guide your decision-making process. Whether you’re a first-time buyer or a seasoned property hunter, understanding how to navigate open homes effectively can make a significant difference in your search. Here are some essential tips and strategies to help you make the most of your open home visits.
Planning Your Open Home Visits
If you’re serious about buying, you’ll likely visit many open homes. Having a strategy can save you time and ensure you make the most of each visit. Start by planning your visits wisely; grouping open homes in the same suburb or neighbourhood can help you avoid unnecessary travel and give you enough time to thoroughly inspect each property without feeling rushed. Visiting open homes on their first weekend is also advantageous as it gives you a head start. This way, if you find a home you like, you can revisit it or begin your due diligence early.
Staying organised is crucial. Add open homes to your calendar with reminders to ensure you don’t miss any. Bring a pen to take notes, as it’s easy to forget details after seeing multiple properties. Collect brochures for additional information to review later. If you can’t attend scheduled open homes, arrange private viewings with the real estate agent to ensure you don’t miss out on any potential properties.
What to Look for During Your Visit
Before stepping inside, evaluate the exterior and the surrounding neighbourhood. Check for off-street parking and street parking availability, as these factors will affect your daily routine and convenience for guests. Note the vegetation and aspect of the property; trees might block sunlight, and the direction the property faces will impact its natural light and warmth. Exploring the neighbourhood is equally important. Look for nearby facilities, public transport options, and general street conditions. Consider noise levels, safety, and the overall appeal of the area to ensure it meets your needs.
Inside the home, pay attention to both major and minor details. Evaluate storage options and whether your furniture will fit; adequate storage is crucial for a functional living space. Test the taps, showers, and toilets to ensure good water pressure. Check the exterior cladding for maintenance issues, and be on the lookout for cracks or damp smells indicating underlying problems. Structural integrity is another critical aspect to assess. Look for sloping floors or cracks in retaining walls, as these can lead to expensive repairs down the line. Simple tests, like rolling a marble on the floor, can reveal potential foundation issues. By thoroughly inspecting these elements, you can identify any potential problems early and make a more informed decision about the property.
Asking the Right Questions
At open homes, engaging with the real estate agent can provide important information that aids in your decision-making process. Start by asking about available documentation, such as LIMs, property titles, and valuations. These reports can reveal important details about the property’s legal and physical condition, though it’s essential to conduct your own due diligence regardless. Understanding the settlement date is particularly important if you’re also selling a property. Ensure any flexibility in dates is documented to avoid future complications.
Enquiring about known issues with the property is another vital step. Salespeople are required to disclose any known issues, but it’s always advisable to arrange for independent inspections. This knowledge can help you budget for repairs and make a more informed decision. If you’re considering a unit title, ensure you understand the body corporate fees and obtain a pre-contract disclosure statement. These fees contribute to the maintenance and insurance of common areas and can significantly impact your monthly expenses.
It’s also important to confirm what chattels are included in the sale to avoid surprises. Items like light fixtures, curtains, and appliances are typically included, but it’s best to verify. If the property you’re interested in is going to auction, ask about the possibility of making a pre-auction offer. This can be a strategic move to secure the property before the auction day.
Conducting Thorough Research
After an open home, if you’re interested in the property, delve deeper into its details. Obtain independent building reports and valuations to identify issues with wiring, plumbing, dampness, or structural problems, potentially preventing costly surprises after purchase. Review official documents like property titles and LIMs to uncover any hidden concerns, especially for homes built between the late 1980s and mid-2000s, which may have leaky building issues.
Additionally, research local sales to gauge potential prices and attend auctions to gain insight into market trends. Understanding the local market helps you set a realistic budget and gives you confidence during the negotiation process.
By being well-informed and conducting comprehensive research, you can approach the buying process with greater assurance and make more educated decisions about your potential new home.
Key things to remember –
- Plan and Schedule: Group open homes in the same suburb or neighborhood and add them to your calendar.
- Visit Early: Attend open homes on their first weekend to give yourself time for follow-up visits and due diligence.
- Take Notes and Brochures: Bring a pen to jot down observations and collect brochures for additional information.
- Evaluate the Exterior: Check for off-street parking, street parking availability, and the general condition of the surrounding neighbourhood.
- Inspect the Interior: Focus on storage, water pressure, structural integrity, and maintenance issues.
- Engage with the Agent: Ask about available reports, settlement dates, known issues, body corporate fees, included chattels, and pre-auction offers.
- Conduct Thorough Research: Get independent building reports, review property titles and LIMs, and research local sales.
- Stay Objective: Keep your must-haves in mind, use a checklist, watch for red flags, and remain patient.
As you venture into the world of open homes, remember that each visit is a stepping stone towards finding your ideal property. Keep your objectives clear, stay organised, and don’t be afraid to ask questions or seek professional advice. The process may seem overwhelming at times, but with careful planning and thorough research, you’ll be well-equipped to make informed decisions.
Take your time, trust your instincts, and remain patient.
