Looking to Buy, But Not 100% Sure? The Key to Your Success is Simple
Here are a few hints to help you along the way.
1. Set your budget
It’s critical to know how much you can realistically afford. To help set your budget it is important to consult a financial advisor who can best guide you. With fluctuating interest rates a professional can normally put forward several options which may suit your particular circumstances. However, by making use of our on-line calculator you can set yourself the maximum price you intend to spend.
2. Work out just what you want
A clear vision will make it easier to find the property you are looking for. Primarily work out which location you’ll consider, how many bedrooms and what type of construction you require. A list of features that you desire, in order of importance, is a great tool for choosing the most suitable listings.
3. Arrange pre-approval for your finance
Having finance pre-approved means you can make a move as soon as you find the right property. This can quite often be the difference that can make your dream come true.
4. Get a feel for the market
It’s important to do your research before jumping in. Once you have an outline of your budget and needs, start attending open houses and auctions of properties that meet your criteria. This is a most effective way to investigate whether your expectations are in line with your budget.
5. Talk to our agents
If we know what you are looking for we can help guide you in your search by providing advanced notice of upcoming listings and email notifications of available properties. Just go to the Property Alert on the front page and send us your details.
6. Ask for the Contract
When you find the property you are interested in, ask the agent to send or email a copy of the sale contract to your solicitor or conveyancer. They will advise you of any issues you may need to consider.
7. Arrange a building & pest inspection
Your solicitor will normally insist on seeking a pest and building report. This will alert you to any hidden structural problems or pest issues.
8. Make an offer
Your agent will negotiate the final sale price between you and the vendor. Once this is agreed upon and your offer accepted an exchange of contracts is organized. A standard cooling off period of 5 days applies unless otherwise stipulated.
9. Your deposit
In most cases, a 10% deposit is required on or before exchange of contracts. The deposit is held in a Trust account pending settlement of the sale.
10. Exchange contracts
The vendor will sign their sale contract and the solicitor/conveyancer will exchange the contracts. The final settlement generally takes around 6 weeks, however, in some cases, this may be negotiable.
11. Buying at auction
If you intend to bid at auction you must bring appropriate identification and register as a bidder. Someone may only bid on your behalf if they have a binding authority form signed by you. A 10% deposit is required should you be the successful bidder. If the property fails to reach the reserve, the highest bidder normally has first right of negotiation.
12. Inspect prior to settlement
It is wise to undertake a pre-settlement inspection of the property. This will ensure that the property is in the same condition as when you agreed to buy it and that all the inclusions meet the contract specifications.
13. Pick up the keys
Once notified that settlement has been finalized your agent is able to give you the keys to your new home.