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Buying Tips
1. Set your goals
Define the purpose of your property purchase and the type of property that would be suitable to your needs and meet your wants.
2. Obtain a loan approval
Work out what you can comfortably afford without breaking the budget.
- Pay off any unnecessary debt an organise your deposit;
- Organise a preapproved loan from a reputable mortgage broker or lender prior to your property search.
3. Do your property research
- Make your plans,
- Browse the internet,
- Subscribe to Agent4U buyer’s property data base,
- Attend open for inspections,
- Compare/contrast property attributes in accordance with your property search criteria.
4. Checklist when you’re buying a house
Consider where you really want to lis the house close to important facilities?
- Does the house have the right number of rooms to suit your needs?
- Are the building and roof structurally sound?
- What are neighbourhood noise levels like?
- Does the house have good natural light?
- Does the house have adequate power?
- Does the house have sufficient storage space?
- Does the property provide sufficient parking space?
- Is the property at risk of flooding?
- What energy cost are required to keep the home cool in summer and warm in winter?
- What will some of the ongoing costs be such as council rates, water rates, land tax, building insurance and strata/community title levies?
- Where are the official property boundaries?-Will you need to do any renovations?What is the potential rental income of the property?
5. Sale by Private Treaty
In the event you a buying a property in a private treaty sale then:
- Select a property, make an offer and negotiate with the seller via your
Agent4U Realty Sales representative,
- Settle on a price,
- Negotiate length of ‘ cooling off period,’
- Pay your initial (0.25%) deposit of final price,
- Vendor signs counterpart Contract Of Sale,
- Deal is now locked in.
6. Do your Due Diligence
- Engage the services of a reputable Solicitor/Conveyancer,
- Have the Contract For Sale thoroughly reviewed,
- Solicitor/Conveyancer checks; title search, easements/covenants/encumbrances, statutory liabilities, strata/company search if applicable, land tax liabilities, stamp duty, boundary alignment etc,
- Engage the services of a reputable Building and Pest Inspector to check condition of all buildings on property,
- Engage services of a reputable/independent property valuer to ensure your purchase is in line with Market Value.
7. Proceed to Unconditional Exchange
- Secure written unconditional finance from your lender,
- Then pay your 10% deposit prior to the cooling off period expiring as per instructions outlined on the ‘Making a Deposit’ drop down box.
8. Sale by Public Auction
In the event of buying a property being sold by Public Auction, steps 6 and 7 need to be completed prior to the auction commencing:
- Refer to NSW Fair Trading Bidders Guide,
- Register all purchaser’s prior to the Auction,
- Bid at the Auction,
- Pay 10% deposit if your are the successful bidder,
- Property is now unconditionally exchanged.
9. Proceed to settlement
- You need to Take out building insurance because you have an invested interest in the property you are purchasing,
- Pay the stamp duty on the property. Check with your solicitor/conveyancer as you may be exempt from paying stamp duty if you are a first home buyer.
- Conduct a final inspection of property to check to see if the condition of property is the same as the initial inspection,
- Obtain clear title, pay balance of monies and obtain all the keys.
You are now the proud owner of the property!
