Buying Property is never easy even if you have experience. It is important to prepare before making a move. Here are some property buying tips you should know.
Listing up all the important requirements of your new home such as transportation network, convenience, number of schools, etc.
Make sure your target is affordable. Seek professional advice from banks or financial brokers to plan your budget.
Based on your needs and budget, decide your preferred areas.
Do researches on all the properties in your preferred area to get the idea of general pricing.
Contact Real Estate Agents specialising in your preferred area. A good agent will be able to offer additional advice and possibly an exclusive deal just for you.
After finding your target property, doní»t rush to make an offer. Follow these steps before making a move.
- - Get a copy of sale contract from the agent and seek legal advice.
- - Arrange a building and pest inspection.
- - Discuss with your financial advisers or mortgage brokers to ensure you have sufficient funds.
Make an Offer
After all the preparations are done, you can proceed to make an offer to your target property through the agents.
If you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf.
Upon finalising the offer and signing the sale contract, you will need to pay a 10% deposit, which will be placed in trust in an interest earning account until settlement.
Your solicitor will handle the legal documents and your financial adviser will arrange the finance.
To safeguard your interest that the property is in the same condition as when you last saw and that all inclusions are per the signed contract, your solicitor may recommend you to inspect the property before settlement occurs.