Buying a property is probably the biggest purchase you will make, so it is good to be as prepared as possible. Here are some tips we’ve prepared that may help you out:
- Do your preparation and research. The more knowledge you have on the current market the more likely you are to purchase your chosen property on favourable terms.
- Arrange your finance before you start looking. Getting loans pre-approved allows you to head into the purchase process knowing the maximum amount you have to spend on a property. This will give you the confidence to be able to buy at auction or negotiate on price. It will also eliminate looking at properties that are not within your price range.
- Establish your requirements and visit open homes. Write down a list of features in a property that you are looking for, including the number of bedrooms, bathrooms, garage yard etc. Once you know what you are looking for, you can narrow down the home you may wish to inspect that fit your profile. This will also enable you to compare what different properties are offering, so you can then compare value for money.
- Do not delay your offering once you’ve found the right property. You’ve done your research, you have your pre-approved finance in place. You don’t want to risk losing the property to someone else because you have waited to make your offer. Be prepared to make a fair offer, possibly leaving room for negotiation and a second offer, should your first offer not be accepted.
- Be informed. Familiarise yourself with the sale documentation before putting forward your offer. You can ask your sales agent for a copy of a contract before submitting an offer.
- Have an understanding of the basic steps involved in a real estate transaction to help guide you through the procedure smoothly:
- A written ‘Offer to Purchase’ is submitted to the Vendor for acceptance.
- A contract (with a 4 day ‘cooling off’ period) is then drawn up by the agent who will then obtain signatures from both the vendor and purchaser.
- You will then be required to pay agreed deposit to the agent to be placed in Trust.
- The agent exchanges the contracts and submits to the relevant conveyancers within the same day.
- You will then be contacted by your conveyancer within this 4 day period to explain and confirm contract of purchase with you and make any adjustments or order any reports required, prior to the expiry of the ‘cooling off’ period.
- Once all conditions are met, contracts will be made unconditional and a settlement date will be set.
- You will then have an opportunity to do a pre-settlement inspection with the agent.
- Upon settlement, all keys will be handed over to you by the agent.
With the above tips, this will hopefully assist in making you feel more confident and therefore satisfied that you have found the right home and at the right price and make the contract process less daunting. Above all, remember to relax and enjoy the experience. If our team at Orbit Property can assist you any further, please do not hesitate to contact us. Happy house hunting!