Rule 4. Know the true value

The time and cost of basic research can pay handsomely. Obtain the sales details of similar homes in the area. Similar information is also available in most areas through local councils.

If you feel you have a good chance of buying the home, you should consider contacting a registered valuer for an accurate and unbiased opinion. The money spent on a valuation is well worth the risk.

It would be far easier for everyone if all homes had an independent valuation before they were sold. Both sellers and buyers would have the benefit of independent and unbiased information.

However, a valuation, while unbiased, is still only a guide. If you love the home you might willingly pay more than the ‘value’. But at least you have the benefit of a valuation on which to base your decision.