Six key things you need to know before buying a house
1. Speak with your mortgage broker or your finance consultant to arrange the best loan to suit your needs and know what your budget is before making an offer or going to auction.
2. Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements. Research sales prices in those preferred suburbs and inspect as many properties as possible so you have a feel for the prices. Become an expert in the areas of choice by doing your online research and attending open home inspections. Register your details on our website to automatically receive notifications of any new listings that hit the market.
3. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer. Its also a good idea for you to become familiar with these documents to have an understanding about the property. If you are considering making an offer, we recommend that you contact your sales consultant promptly who can guide you if you are in any way unsure of the process. Its best to discuss this with them to be kept informed.
4. You can arrange a building and pest inspection to make sure you are aware of any possible major defects. These contractors must be qualified and certified to carry out these inspections. Your sales consultant will be able to provide a list of contractors to choose from. Following your solicitors or conveyancer’s advice on the sale contract and taking into consideration the building reports, you are now able to make an informed decision to proceed with the purchase of the property.
5. Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in a trust account until settlement. Leading up to settlement (2-5 days prior) it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed. This gives the parties time to rectify any issues that may come up.
6. Make sure the property is properly insured and the connections of services and utilities are arranged in advance. Get clarity on the settlement time a week in advance to know when you’ll be able to collect the keys. Morning to midday is the best if that’s possible.