Stand Out Strategies: 5 Ways To Make Your Offer On A Home or Apartment Stand Out
Buying a home or apartment is a significant investment, and the process can be as stressful as it is exciting. Though the market is currently a little less competitive in Australia than it has been in recent years, it can still be challenging to stand out from other buyers and secure the property you want. Whether you’re looking at luxury Mermaid Beach apartments for sale or cute starter homes in the suburbs, the following tips should help you stand out from other applicants.
1. Include your loan pre-approval confirmation
Pre-approval for a home loan is arguably the best way to stand out from other buyers. To get pre-approval, you’ll need to have a lender review your finances and give you the green light for a certain amount of money. By taking this step, you instantly demonstrate to sellers that your offer is serious and that you have the financial means to follow through on it. Pre-approval can also speed up the transaction, which is attractive to sellers, especially if they need to free up the funds they have tied up in the property.
2. Offer the highest deposit you can comfortably afford
You may think you need to offer a higher price to stand out. However, simply offering a higher deposit can have the desired effect. A larger deposit signals to the seller that you are financially stable and committed to going through with the purchase. It generally also helps you secure a more favourable home loan interest rate, so this is a tip that should pay off in more ways than one.
3. Be flexible about settlement dates
When people sell a property, they generally have to make quite a lot of adjustments. If they’re living in it, they have to find another property and manage the move. Even if it’s an investment property, they may have to allow time for tenants to move out and finalise other arrangements.
As you can imagine, it’s often difficult to get everything to line up smoothly. As a potential buyer, this gives you an opportunity to make your offer stand out. If you’re able to work around their preferred settlement dates, you’ll take a whole lot of pressure off their shoulders, instantly making your offer more appealing.
4. Include a personal touch in your application
Personal touches need to be tactful, but if managed well, they can help your offer stand out. Little touches like a handwritten note expressing your interest in the property can help you establish rapport with the seller. It shows that you see the seller's home as more than just its earning potential. Value their experience, and they may be more inclined to value yours.
5. Customise your offer to match the seller’s needs
Perhaps the most important thing you can do as a buyer is gain a clear understanding of the seller’s needs. This invaluable information will help you tailor an offer that delivers precisely what they want.
For example, if the seller is in a hurry, it would be a mistake to simply offer a higher bid in an attempt to stand out. Instead, you could bid low but offer a shorter closing period. By understanding the seller’s needs, you can offer a deal that works as much for them as it does for you.
Buying a home or apartment is a significant investment, so it's crucial to ensure that you’re making an informed decision. If in doubt, seek professional guidance from a reputable real estate agent, credit expert, mortgage broker, and home inspector.