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Looking to buy but not 100% sure how to go about it? Here are a few hints to help you find your way to the perfect home.
1. Set your budget: It’s crucial to know how much you can realistically afford. To help set your budget speak to a financial advisor or make use of an on-line calculator.
2. Identify what you want: Prepare a short list of areas that suit your family needs, accommodation requirements and access to services you desire. Most people have to compromise in some way. Firstly, determine a wish list, then look at that list and highlight the absolute ‘must haves’. Now you are ready to start your search for your dream home.
3. Do your homework: Research sales in your preferred area to gain first hand knowledge on ‘market values.’ You should attend any ‘open for inspections’ in your preferred area and view every Auction. You should also collect valuable historical sales data when you can.
4. Start a real estate relationship: Many new property listings are sold prior to reaching the advertising mediums. To be added to our database of buyers so you can inspect new properties within minutes of them coming on to the market subscribe to the ‘find me a property’ section of this website.
5. Keep communication lines open: Once you have established a relationship with one of the Property Central sales team, ensure you provide them with all possible points of contact (noting your preferred method ie; mobile, email, after hours phone). Once a suitable property appears on the market your sales consultant can contact you to arrange a preview inspection.
6. Inspecting: Property Ensure you allow plenty of time to inspect a property. Remember this will be the place you call home for many years to come so do plan more than a 5 minute tour.
7. Arrange pre-approval for your finance: Opportunities can come and go quickly. Having finance pre-approved means you can make a move as soon as you find the right property.
8. You’ve found the right home……what’s next? To secure your chosen property, first speak with your sales consultant about price and terms. Many of our properties are prime properties and sell for the asking price. Don’t get too caught up in bargaining a few thousand dollars off the price and risk losing the home you and your family love. In the long term, you will look back after years of enjoyment and always be pleased with the price you paid. Once you have agreed on price, you will need to sign a contract for sale. By agreement with our sellers, all properties stay on the market until a contract is signed and exchanged.
9. Ask for the contract: When you find a property you are interested in ask the agent to send a copy of the sale contract to your solicitor or conveyancer. They will advise you of any issues you may need to consider.
10. Make an offer: You can make a confident offer to the agent. They will then negotiate the final sale price between you and the vendor.
11. Signing a contract with a cooling off period: You can elect to sign a contract with a “five day cooling off” clause to allow both a building report and a pest report to be done. Both these reports are critical to ensure the property is in sound condition. This option ensures the property is taken off the market during the cooling off period.
12. Arrange a building & pest inspection: Your solicitor will normally insist on seeking a pest and building report. This will alert you to any hidden structural problems or pest issues.
13. Buying at auction: If you intend to bid at auction you must bring appropriate identification and register as a bidder. Someone may only bid on your behalf if they have a binding authority form signed by you. If the property fails to reach reserve, the highest bidder normally has first right of negotiation. Find out more (link to Auction info)
14. Pay your deposit: Once your offer is accepted you will need to sign the sale contract and pay a 10% deposit.
15. Exchange contracts: The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts. The final settlement of contracts generally takes around 6 weeks, however in some cases this may be negotiable.
16. Inspect prior to settlement: It is wise to undertake a pre-settlement inspection of the property. This will ensure that the property is in the same condition as when you agreed to buy it and that all the inclusions meet the contract specifications.
17. Pick up the keys: Once notified that settlement has been finalised your agent is able to give you the keys to your new home.
18. Relax and enjoy!