To put it simply, know your area. And more importantly, know what you require that the location can provide for you. Research extensively on the demographics, amenities, accessibility and value of the location you want to buy in.
Knowing these things can help with your decision on which suburb to buy in. For example, if you have a family, you might be looking for something quieter, with schools or parks close by. With these basics in hand, we can easily find you the perfect fit, whether you are an investor or owner occupier. The location that adds value to your property will also mean that it has higher value when it is time for you to sell.
Walking through as many Open Homes as possible is an important part of the buying process. This will educate you on the current market conditions, recent sales in the area, but also provide factual reasons for why properties sell for the price they do.
For example, when looking at properties on the internet, it is hard to determine the actual size of the home and quality of finish, however when inspecting the property in person, it will be obvious to you if the home is above or below average size and a high-quality finish or not.
Make sure to speak with your bank or a mortgage broker on the amount you can borrow before you start actively looking. This will help guide you in the right direction for which areas and properties you can afford. It will also put you in a better position when making an offer, as you will be pre/financed approved. Know what your limit is and have a 10% deposit ready, generally this is the bare minimum, especially when buying at an Auction. At an Auction, you are required to pay a 10% deposit on the day if your successful, unless you have negotiated otherwise.
When you find a property that fits your needs and requirements, it is now time to engage with a solicitor or conveyancer to review the contract of sale. They will review everything including zoning certificates, Inclusions and exclusions, settlement date, sale price, any special conditions, sewer diagrams, title search etc. At this time, it may also be a good idea to engage a building inspector or to review the strata report, if property is a part of a strata scheme.
So, you have finally found the perfect property that you would like to buy – what next? There’s a bit of homework that needs to be done before finalisation.
This is crucial and no doubt number one before any purchase. Getting a first-hand idea of what the property actually looks like in person, this may sway your decision. Some things to look at while inspecting, may be the quality of finish, aspect (direction of the property), sizing of rooms, defects or maintenance issues and location. Consider these things against your criteria and see how well it fits your needs.
In addition to finalising with your financial institution about how much you can borrow and calculating your repayments, there are also other money matters that may crop up during a purchase. These include: Legal fees, Stamp duty on the transfer of property, Loan application fees, Insurance and adjustments such as council rates, strata Levies and water fees.
We definitely recommending engaging with a Licensed Building & Pest Inspector. They have experience in assessing damages and defects for any type of building. They will provide a detailed report of the current condition, which gives you the opportunity as a purchaser to view any issues that the property may have so you can either proceed with confidence or re-negotiate with the Vendor on rectifying certain things prior to settlement
Selling a property can be a stressful time for many and it does come with some major responsibilities for you as the seller, especially when it’s one of your most valuable assets.
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