Buying a property is a major life decision, it is important to plan the process carefully and gather as much information as possible to ensure you make the best informed decisions.
The following is a brief list to assist you through the buying process.
1. Know how much you can afford to spend.
This is very important and the first step when considering to buy a property. You can find various calculators online- like ones on this page to assist but it is always best to speak with a professional before you proceed. Having pre-approval is also highly recommended as you are in a better position to buy, when you do find that “perfect property”.
2. Speak with a legal representative
Before you proceed with the buying process it is a good idea to get in touch with a legal representative like a solicitor who handles property matters or a property conveyancer. Your legal representative will play an important role during the sale process, so ensure you do your research and find someone who is knowledgeable, **** and someone your feel comfortable with.
3. Create a budget
There are many different fees and duties that are payable by a purchaser, so speak with your mortgage broker/ bank and legal repressive and get a clear indication of what you may need to spend and ensure you have those funds when they are required.
4. Make your “Wish List”
Having a list of the most important features you want out of your new property will give you a clear direction of where you want to head and will save you time and effort, when it comes to the “house hunting”. A property may not always have everything you want but if you can match at least half or more of those important features to a property it may be worth a look. (Grab your Wish List in our Buyers’ Guide)
5. Do your research
Once you have clear idea of what property features are a must have and you have your pre-approval or at least an indication of what you can spend. Take some time to look at various properties, attend the opens, ask the agent questions, research the surroundings, know what your buying and where you are buying it. It’ s good idea to look at a few options before you decide, you never know- your wish list may change after viewing what’s on the market.
6. Seek professional help
We have an exclusive buyer database, where we have all our buyers, buying criteria. We regularly keep them up to date with the market and inform them first of any properties that may suit their needs. We are also their to assist with any questions you may have. Fill out the “Buyer’s Wish List” to be added to our VIP Buyer Database today!
7. Get a copy of the contract
Once you find your “perfect property” ask the agent for a copy of the contract to be sent to your solicitor or conveyancer for them to review. They will be able to advise you if there are any issues with the property.
8. Arrange a building and pest report
Your legal representative will normally advise you to do a building an pest report as it will bring to light any hidden structural or pest issues.
9.1 Make an offer
Once you have done all your research and are 100% committed you are ready to submit an offer to the selling agent. They will then negotiate between you and the vendor. Once an offer is accepted you may need to act quickly in exchanging unconditionally or the vendor may allow for a cooling off period, unless you choose to waiver that.
9.2 Buying at auction
If you find a property that is going for auction and you intend on bidding for the property, ensure you register as a bidder and have your 10% deposit ready- should you win the bid. Please note that someone can only bid on your behalf if they have a binding authority form signed by you. For more information please see http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Buying_property_at_an_auction.page
10. Pay a deposit
Once your offer is accepted you will need to sign a contract of sale and pay a 10% deposit. Your deposit will be held in a trust account by either the vendor’s agent, the vendor’s legal representative.
11. Exchange of contracts
The vendor will then sign their contract of sale and the solicitor/ conveyancer or the agent will exchange the contracts. You will then have to wait for usually 6 weeks for the settlement to occur.
12. Pre- Settlement Inspection
Before settlement is finalised, your legal representative may suggest you have a pre- settlement inspection on the day the settlement is due, to ensure the property is in the same condition as when you agreed to purchase it and that all inclusions specified in the contract have been left.
13. It’s Moving Time
Once the property settles you will be given the keys and are free to move in! Happy Days!
If you have any further questions or would like some further information or advice please call our agents- we are happy to help!
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Buying a new home or investment property is a big life decision, it can also be a stressful time if you are not prepared for the process.
Wollongong Properties also works with buyers to make their buying experience as easy as possible.
We have put together this page to help you in buying your next property.
We have our Buyer's Wish List Form and some helpfully buying tips.
You will also find our residential and commercials properties for sale buy clicking on the buttons below