Buyer's survival guide

Buyers Tips

 

1.  Talk to an agent and advise them of your interest in purchasing a property. This will allow them to add you to their register and advise you of what current properties they have and to also keep you informed as to what they acquire in the future inline with your preference to the type of house you are looking for.

2.  Check Local Facilities. Depending on what’s important to you, you may need close or easy access to Schools, Shops or Public Transport.

3.  Do your own research. Your agent can provide you with sales history for the property and the suburb; It’s also a good idea to get some information on other sales in the area that are of close similarity and compare. This will allow you to feel comfortable that the price is right.

4.  Start to organize your finance. It’s a good idea to get bank to pre-approval for a certain amount. A pre-approval will generally last 90 days. It’s a good idea to start this straight away as it can take sometime to organize. This also then allows you to move forward with the purchase of your new home much quicker.

5.  Stick to your limit.  Set the maximum price you want to pay for your new home and stick to it. Allow some room for changes in the repayments, as interest rates will often change. Don’t put yourself in the position of not being able to afford the repayments if they increase .

6.  Get another opinion. Ask your friends or family to come with you to the open inspection, they may just think of questions you hadn’t and provide you with some valuable information.

7.  Find out all the costs involved.  There can be extra costs involved when purchasing a property that you may not have planned for. Government charges such as stamp duty can apply and you should also check the costs of council rates & home & contents insurance. 

8.  Building Inspections. After you place an offer on a house it’s always a good idea to organize a building inspection. This will generally be at your own expense but will uncover any problems you otherwise would not know about potentially costing you money at a later date.

9.  Are you currently renting? Settlement will generally be set for 30 or 60 days in most circumstances. If you are renting your current residence leading up until the move into your new house make sure you are talking to your landlord about the end of lease or early termination of lease. Sometimes it’s easier to tie the settlement date into the same timeframe as when your existing lease ends. There can be costs involved if you break or end your lease early.

10. Don’t think new house, think new investment.  With careful selection, the right consideration and the right advice your new home could one-day turn out to be a new form of income. So choose carefully.

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