At MAX REAL ESTATE we believe that any decision regarding Property purchase, lease or sale should not to be taken lightly. Having said this, buying a property is usually the most expensive, stressful and time consuming task you will probably do in your lifetime. It doesn’t have to be this way. This should also be a fulfilling and memorable experience and having the right advice and support along the way makes it a lot easier.
Expert advice can sometimes be costly but are generally worth the money spent if you are smart about it. Buyers’ agents can also be a good option and they are generally real estate agents who work in your best interests, as do the sales agents for the vendors.
It’s always good idea to do some research into the areas and types of properties you are favourable towards. Maybe get a feel for the area by visiting or driving down, maybe check out the shopping malls and others facilities within these areas.
Finding your ideal property is not that difficult a task if you have all your requirements and a plan in place. You have to identify what the specific criteria are for your property search and decide which of these take precedence over others. E.g. Maybe you prefer to be close to work but also certain amenities so be prepared to make compromises.
Once you have determined your budget, done your property research homework and found you desired property or few, consider engaging or intent to engage the services of a solicitor of conveyancer to guide you through the legal requirements and implications of property purchase and ownership.
Note: There are various different properties available all over Sydney and its surrounding areas and it’s just a matter of whether you’ve found it. Subscribing to Property Alerts and Newsletters from the Agents within the areas you are looking at can be beneficial.
Some research to assist in the purchase of your first or next home.
- Get a financial assessment done by a mortgage consultant or broker to see your affordability status and financial position. This determines your budget and price range.
- Get solicitors or conveyancers to prepare a schedule of costs involved in property purchases (these are usually available free of charge in most practices and most of the information relating to fees and charges are available online).
- The areas or suburbs you are more favourable towards. Your budget should help determine this.
- The type of dwelling/home you are after, i.e.
- Build/Construction type
- Age of the Property
- Rental return
- Vacant or occupied
- Land and Dwelling sizes (squares or square metres)
- Number of bedrooms
- Number of bathrooms
- Garage or Carports
- How many levels etc.
- Multiple Dwellings
Make a list of the features that you require of prefer the property to have.
- The local facilities and amenities within proximity of the property e.g.
- Schools, Child Care Centres
- Services (Hospitals, Sporting Venues, Fire and Law Enforcement Services, Commercial and Business Districts, Industrial Sites etc.)
- Employment opportunities that may be available locally(usually for interstate migration or even moving within the state)
- Transportation and Commuter networks and links (Public Transport, Highways and Motorways etc.)
It’s also good to do some research on the current or planned developments as well as the infrastructure within the desired areas. (Road upgrades, communication networks and utilities available, new schools or education and training facilities, residential, commercial or industrial sites)
Do comparisons with similar properties within the area or amongst other suburbs at similar prices
Sign up for our comprehensive Suburb Profiles and get up to date information on the areas within our network.
We may also be able to customise a Property Comparison Report of our current listings for you to assist with your property search. Enquire within via email or Newsletter subscription signup.
This is after you have done your research chosen your property and are now ready to purchase the property.
- You will need a pre-approval or a conditional approval from a lender of your choice who will finance the purchase of your intended property. This is a guide to what you could potentially offer for the property or your limit to bidding at auctions.
Note: A conditional or pre-approval for a loan does not guarantee any exact funds or even a grant of funds so you will have to use your own discretion for your limit when bidding at auctions or submitting offers.
- Engage the services of a Solicitor or a Property Conveyancer
- You will need a preliminary deposit (0.25% of the purchase price) to be paid upon a exchanging contracts (contracts for sale of land) with the remainder of the 10% to be paid within the specified cooling off period (usually 5 working days, negotiable)
- There is a possibility to waiver your cooling of rights if you wish to do so but its suggested that you maintain your rights for peace of mind.
- Also you may rescind your offer to purchase the property within the cooling off period for any acceptable reason but you will forfeit the preliminary deposit of (0.25% of the purchase price)
- Your solicitor or conveyancer will advise you of the rescission process and requirements.
- It’s a good idea to negotiate a longer cooling off period as loan approval can take a bit of time and you don’t want to miss the opportunity to purchase because your loans aren’t finalised in time.
- Some vendors always require extended settlements because they need to vacate on a specific date etc. so this may be good leverage for negotiations.
- Do your due diligence on the property during the cooling off period, assisted by your solicitor/conveyancer.
- You will probably want to do a building and pest inspection to ensure the premises is safe, free from defects and of sound construction. You will have to do this within the cooling off period.
- If everything is ok then at the fifth day you pay the remainder of the deposit and secure the property pending final approval of finances etc.
Note: Now would be a good time to source removalists amongst other things if you are looking to move into the premises.
- After the contract period expires you will be required to finalise the sale by paying the rest of the funds and acquiring the property from the existing owners.
- You would probably be moving at this stage and will possibly go through the stress of relocation but we suggest you take it into your stride and focus on the happiness and delight of home ownership.
Note: If the property is an investment now would be a good time to engage a Quantity Surveyor and get a Depreciation Schedule for your Property as this will itemise and evaluate your deductions for Tax purposes.
Congratulations you have just bought yourself a beautiful home. All the best with your new purchase. If you should need the services of a Property Agent remember to call on your local area experts at MAX REAL ESTATE.
You can also download the Buying Relocation Checklist.