Excitement, pleasure, pride – these are the feelings that buying a property can bring, whether it is your first home, your next home or an investment property.
Choosing the right property for you comes down to knowing what you need, knowing what you can afford and knowing exactly what’s available at the time you are ready to buy. It means the property you finally buy is like the one you had in mind when you started out – or as close as possible.
The type of property you buy should reflect the purpose of the purchase and the lifestyle you are planning for your future. Will you be living in or renting out the property?
As a buyer, you need to do some research into what you want and what you can afford. The tean at the Loan Market can help you establish your borrowing capacity. They have access to hundreds of home loan products from most major banks and lenders. In just one FREE loan consultation, they can tell you exactly how much you can borrow from a range of banks. They can also provide an overview of any fees and charges associated with your loan.
1. Speak with your financier or The team at the Loan Market consultant to arrange the best loan to suit your needs.
2. Prepare a short list of preferred areas that suit your lifestyle. Keep in mind affordability and accommodation requirements.
3. Research sales in those preferred areas. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area.
4. Develop a relationship with our sales team at Ray White North Ryde specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
5. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
6. We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites.
7. Following your solicitors or conveyancers advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.
8. If you are bidding at an auction, we recommend you read the Office of Fair Trading’s “Bidder’s Guide” before you attend the auction. You can find a copy of the Bidder’s Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf
9. Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in trust in an interest bearing account until settlement. Interest is normally equally divided between you and the vendor. The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts.
10. On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.