Sweetening the deal: What to know before going to a private inspection in Canberra

COVID-19 has turned property buying on its head with home inspections and auctions now subject to heavy restrictions.

John Lennie of Elders Murrumbateman says access to vendors’ homes is now being stringently filtered.

“Many agents are now requiring prospective buyers to have pre-finance approval as a condition of entry,” he says.

“In this environment, casual viewing just to see what’s on the market is over.”

Lennie says buyers can also put themselves in prime position if they come to a purchase with as few conditions as possible.

“Non-contingent sales are definitely preferred – that’s where a purchase isn’t conditional on the buyer’s home being sold first,” he says.

“Make a sale as easy as possible for the vendor to improve your position as a preferred buyer.”

Claire Corby of the Capital Buyers Agency says a key quality that buyers need at the moment is patience.

“These are challenging times with tightening supply. Buyers should resist the temptation to jump at the first opportunity,” she says.

“The need to get into a new home can ramp up emotion, but the best buys are usually made with a level of objectivity.”

Corby says a property buy should be considered a “long game” and should be approached with that in mind.

“Interest rates are likely to remain low for a very long time – try to hold off until you find your ideal property,” she says.

Corby recommends seeking professional advice including legal and to consider appointing a buyer’s agent to further improve your position.

Insiders’ tips:

• Finance. COVID-19 restrictions mean vendors want as few people through their homes as possible. Many agents are insisting potential buyers have pre-finance approval as a condition of entry. That’s a buying edge.
• Cleanskin. Cash buyers have an inside edge in negotiations, but pre-finance approved buyers also have an advantage if a purchase is not contingent on them having to sell their own home first.
• Objectivity. Consider appointing a buyer’s agent who can inject an independent voice into the process of buying a home. Advice might include analysing an area’s sales history and a central role in purchase negotiations.