Buying - Your Dream Property
Our 5 steps to buying a property:
Speak to a number of lending institutions and talk to them about the type of property you are wanting to buy and what the maximum amount you can borrow without this dramatically effecting your quality of life. You will also have to remember that when making an offer to buy a property, you will need at least a 10% deposit, so make sure these funds are easily accessible and make sure you you factor in other expences in your calculations, such as legal fees, stamp duty and loan application fees.
Start deciding on what location/Suburb and type of property you want to buy.
Have a clear understanding of what you are wanting and then start your search.
Now that you know what you want, find that property and attend the open inspections. Its sometimes a good idea to bring a friend who may be a builder or an Architect, who can give you some handy and useful information. Make sure you read the section 32 ( Vendors Statement) to see that you are happy with where the property sits ( in relation to any easements or covenants). Its important to make sure you have a clear understanding of your outgoings, such as, council rates and any other costs relating to the property.
4. Make an offer
If a property is for Auction, you can make an offer before the due Auction date.
Your offer would have to be close to what the vendors would be happy to accept at Auction, so an open discussion with your agent will guide you into making the right offer. If the property is for private sale, make sure you have done your home work and get some compatible sales in the area, that should help you come to a decision on what you feel is a fair and reasonable offer.
There are two ways to buy a home, either through Auction or Private sale.
At Auction its an open forum, so you know what you are bidding against and what your competition is prepared to pay. If you are successful at the fall of the hammer, your offer/bid will be accepted and it's just a matter of signing the contracts and handing over the deposit. Buying a property at private sale will take some time, till the Vendor decides to accept your offer. A good agent can help guide you through this process and try and make this experience a little less stressful.
For more information contact us on (03) 9385 0000