A interesting article by Local Property News about buyers doing inspections on houses they may not be interested in, to help them research for their own purchase.
Many intending purchasers turn down the opportunity of inspecting properties in their price range simply because “it doesn’t sound like me” or “I don’t want to live in that street”. They think this will save them wasting time on houses they are convinced they will never buy. But is there sometimes a valid reason to look at a property, even if you will never buy it?
Getting yourself ready or ‘qualified’ to make an offer with confidence depends on doing thorough research, so what if there isn’t much to look at in your price range and almost nothing that ‘sounds like you’?
Even properties that don’t appeal are relevant for what they add to a purchaser’s knowledge of prices and market trends. The more properties they see in their price range in a short space of time, the sooner they will be ready to buy.
Most professional agents will provide information about recent sales; many make it available on their websites. Conscientious purchasers take a notebook with them on inspections and jot down their comments for later comparison. When they see a signboard with a sold sticker on it, they ring the agent and find out what the property sold for. They also follow up all the houses they have inspected to find out whether they sold quickly and for what price.
An added benefit for purchasers who inspect every property they can is that they are less likely to miss out on their dream home just because they’re not knowledgeable enough about the market to make an offer. The buyer remorse that comes from realising too late that a property was the right one is second only to that of the buyer who jumps in before they know the market and realises in hindsight that they have paid too much.