No man – or woman – is an island, as the saying goes. And that is never more true than when you purchase property.
You need to surround yourself with people you can trust and with great professionals to guide and support you through one of the most significant purchases you’ll ever make.
With so much at stake, even experienced buyers can find themselves on a financial and emotional rollercoaster.
But if you have the right people around you, any challenge can be conquered. Here are the relationships that are crucial to a buyer’s wellbeing:
A partner – This doesn’t have to be a life partner but someone who will accompany you when you visit prospective properties. They’re someone with whom you can share your thoughts and emotions, and they can offer valuable opinions and feedback at every turn.
Buyer’s Agent – A small but increasing number of buyers are willing to pay an additional commission to a buyer’s agent. They’ll find the types of property you’re seeking, offer advice at each inspection and go through the stressful process of negotiation.
Mortgage broker – You can go straight to a bank or lender and organise your own loan. However, many buyers put their trust in a broker who will have access to a myriad of loan products from various institutions. They will find the loan that best suits your circumstances. They’ll also help you with any credit check and questions about the financing of your purchase and will guide you through the maze of paperwork.
Inspectors – Building and pest inspectors are crucial to the buying process. You should never purchase without commissioning reports on the construction integrity of the property and any risk, threat or presence of an infestation.
Lawyer/solicitor/conveyancer – A great lawyer puts you at ease. You feel there’s no problem that can’t be overcome. A lawyer may use a conveyancer to check paperwork as it relates to your prospective purchase. For example, they make sure there’s no loan against the property that you might unknowingly inherit. You can also hire your own conveyancer and keep that relationship separate.
Auction buddy – This can be the partner who’s been at your side throughout this journey. However, your auction buddy must not be emotionally invested. It’s a great idea to give them specific instructions on how much you’re prepared to spend, and how they should advise you in the heat of battle. Or, you can ask them to do your bidding and relieve yourself of that stress.
Building your wealth through property – Shannon Davis