Excitement, pleasure, pride. These are the feelings that buying a home can bring whether it is your first home, your next home, or investment property. Choosing the right property for you comes down to knowing what you need; what you can afford and knowing exactly what’s available at the time you are ready to buy.
Knowing What You Need
Although it seems obvious, the type of home you buy should reflect the lifestyle you are planning for the future. Think about such aspects as household numbers, proximity to local amenities, including schools, the sorts of work, and leisure activities you like and the length of time you expect to live in the property.
Knowing What You Can Afford
Consult with a mortgage broker like the Loan Market or your bank to pre-determine your budget level and perhaps obtain pre-approval from the lending institution prior to going out ‘to buy’. This puts you in a position where you are able to make ‘a cash offer’
Knowing What Is Available
Newspapers, real estate publications, real estate offices, and the internet are all good places to begin your search…this web site is updated daily featuring the very latest listings to the market. Each week we post a list of home opens for the coming weekend and you are invited to register on this site to receive automatic notification of properties that may suit your needs.
Knowing Local Values
Research sales in the areas you are looking for and may attend any auctions of properties to help establish current values. Attend as many homes open as possible. Ask any one of our sales agents for additional advice…they will be happy to help.
You’ve Found Your Perfect Property
When you find a property that suits your requirements, ask the agent for sales statistics of similar properties in the area. If the property is to be auctioned, obtain a copy of the auction agreement and send it on to your settlement agent. Remember, when purchasing at auction, you are generally required to pay a 10% deposit on the fall of the hammer.
Concluding A Sale
Once your Offer and Acceptance Form has been written and negotiations are finalized you will generally be required to pay a deposit; usually between 5 – 10% of the sale price. Copies of the contract will be sent to your nominated settlement agent and yourself.
This is when ownership of the property is transferred to you and financial transactions are completed. Prior to settlement day, you may request a pre-settlement inspection of the property to ensure nothing has changed in its status since purchase and agreed chattels are in place. Once all settlement procedures have been finalized the keys will be released to you.
The property is now yours…congratulations!