Purchasing a property, whether it’s your first time or 5th, it can be one of the most exciting yet stressful experiences. Understanding the process and correct terminology can be overwhelming. This is my advice to you, knowledge that I have obtained from over 20 years experience in the industry, in hope to make the process less stressful for you and your family.
Some tips from me to you
- Inspect numerous homes, see what’s on the market and discover exactly what you want and what you don’t.
- Trust the agent you choose, 97% of buyers say trusting your agent is just as important as the search for your home. An experienced agent will notice things that the average person might miss, so be sure to have a strong communication line to the agent.
Preparing to Buy
- Inspect, inspect, inspect! You want to be sure you know everything about the property before purchasing. Attend multiple open homes and have a good communication line with the agent.
- Is the property right for you? There are many things that need to be considered, before making an offer. Decide if it is within your requirements, such as property size & style, proximity to schools & public transport all need to be evaluated. What if you decide to extend your family, will there be enough room? Be sure to check out the property at different times during the week, perhaps it’s quite when you inspected Saturday morning but what about a weekday?
- Reports: Ask the agent to view a copy of the building and pest reports to allow you the opportunity to investigate any issues. If the property has not already had one day, order one yourself. Although there is a small cost, it is imperative that it is done before you buy.
Finance
- What can you afford? Get your loan pre-approved and secure your finances. Examine your financial situation and determine what you can afford. Confirm with your bank how much you are eligible to borrow and ensure that the repayments are well within what you can manage.
- Don’t forget: There are additional costs that come into play such as stamp duty, loan application fees, commission and insurance. It is most important that your family live comfortably in your new home, don’t put yourself out of your depth and into debt you cannot keep up with.
- For first home buyers, be sure to learn about all the benefits and discounts you are eligible for and take advantage of them!
Making an Offer
- Present your offer to the agent who will then pass it along to the vendor.
- An offer will not be legally binding until both parties have signed the contract. Once written and signed, the vendor may accept or decline the offer.
- Often miscommunication can result in missing out on a property you love, so be sure you are honest and clear with the agent, they’re there to help you.
The Final Steps
Once both parties agree and the contracts are signed, the contract becomes legally binding. There is often a cooling off period as per your contract. You will be required to pay your deposit to the vendor during the exchange. Finally, you will complete the payment to the vendor and receive the keys. The property now legally belongs to you!