Information & Frequently Asked Questions By Buyers

Checklist for buying a house

When you're thinking of buying a property, your requirements will vary depending on your personal circumstances and on the sort of property you wish to buy. Once you have found the property of your dreams, you may want to pause and reflect before making an offer or signing on the dotted line.   Buying a property checklist: Before you decide on anything, do you have your loan approved? Will you enjoy living in the neighbourhood? Is the house sound? If you have any doubts at all, organise building and pest inspections. Is it an area likely to hold resale value or benefit from capital growth? Are there any long term costs or issues such as body corporate fees or jointly owned driveways? Does the entire house, including alterations, have the required council permits? Is it built for the climate? Is it insulated? Will it be in warm in winter and cool in summer? Have you asked your local council about planning issues like the possibility of any big developments planned or co...

How many homes should I inspect when looking for a property?

Our professional sales consultant suggests looking at enough properties to gain a widespread understanding of the market. This will provide you with the required knowledge to work out if the property you are attracted to represents value for money, while also helping you to determine which location and type of property appeals to you most. Our sales agent can give you an analysis or detailed information on any of the properties you are interested in or which ones are currently for sale in the same area.    

What factors determine the purchase price of the property I am buying?

While a number of factors come into play when determining the purchase price of the property you are buying, the end result is judged by only one figure - how much someone is prepared to pay for it at the time. The most significant considerations for pricing a property are recent sales and current competition. Your Real Estate agent can provide you with information and advice regarding both of these aspects of the house-hunting process through competitive market analysis. It is also important to take note of the prevailing market conditions, as these can generate a genuine insight into short-term trends and help prospective homebuyers gain a feel for what they will need to pay to achieve their goals. 'Seller motivation' - the reason the current owner is attempting to offload the property. This concept might also play a major role in determining the final purchase price. If a quick sale is required, vendors have little choice but to accept the best offer at the time without the luxu...

What are the costs to consider?

It is very important for all buyers, particularly first home buyers, to be aware that there are often may costs associated with purchasing a property. Some of these costs include;   State government stamp duty. Pest and building inspections are not obligatory but they are highly recommended for avoiding the possibility of buying a home with existing problems that could be very expensive to rectify later. The cost of moving should also be calculated into your financial planning. If you feel more comfortable consulting the professional advice of a solicitor, conveyancer or Real Estate agent, this would incur extra fees. Legal and loan establishment costs.  

Should I carry out a final inspection on the property I am buying?

YES!!! No matter how excited you are about purchasing your new property, it is vital to undertake a final inspection to ensure that the property is still in the same condition it was in when you negotiated the sale. You should check that all the fixtures and fittings included in the sale contract are still present and that the previous residents did not cause any damage to any part of the property when they were moving out.

The sales process

There are four main simple steps that make up the sales process (after an offer has been accepted). 1)   Exchange of contract - exchanging sale contracts is the legal side of selling a home and will happen regardless of whether the home is purchased by private treaty or at auction. There will be two copies of the sale contract, one for the buyer and one for the seller. The buyer signs one contract before it is physically swapped or 'exchanged' to the seller who signs it and vice versa. This can be done by hand or post and is generally organised by the solicitor, conveyancer or agent. At the time of the exchange, the buyer is required to pay a deposit, usually 10% of the purchase price. 2)   Deposit - the deposit is normally 10% of the purchase price. This is held in a trust account by the agent or solicitor until settlement date. 3)   Cooling-off period - once the property is exchanged there is usually a 5 day 'cooling-off' period (for the buyer to deci...