Purchasing real estate can be one of the most memorable experiences in your life. Sadly it can quickly become an emotional process and get stressful at times. To help eliminate any stress, we have prepared you with some tips on how to buy and the best way to go about it.
Know your budget. Speaking to your local bank, or a specialist broker can help you ascertain a budget that is going to allow you to purchase a home. No one likes to be disappointed, so make sure you get this information, or even pre-approval for a loan prior to house hunting.
What’s on the market? Spend some time looking at house on the internet, or attending open homes on the weekends. Familiarise yourself with what is important for your home. Weigh up what qualities you need in a home, and cross them against what qualities you more so want in a home. Once you have found a home that ticks all the boxes you are looking for, and is within your price range its time to get serious.
Think of your conditions. Before putting in an offer on a home, it is best to have a look at the property and ascertain if you may need any of the following;
– Building Inspection
– Pest Inspection
– Bank evaluation
– Finance approval
– Are there any inclusions. ie. If it has a pool are the pool cleaners to be included?
Putting forward an offer. When you’ve found the perfect home, your next step is to put forward an offer for the vendors consideration.
Prior to putting in an offer you should make sure you have the following items confirmed;
– Pre-approval finance from your bank or lending institution.
– Your own property sold, or at least valued.
– You have chosen a conveyancer.
– You have determined what sort of a deposit you can afford to put forward.
The listing agent will generally provide you with an offer form. On the offer form you should be sure to write exactly what your offer is to the exact dollar amount and any conditions that are subject to the purchase. The entire form should be filled out, with as much information as possible. This will assist the agent when they present your offer to the vendor, and assist the vendor in accepting or declining your offer.
Your offer has been accepted. These are some of the most exciting words to hear throughout the process so savour that moment. Once your offer has been accepted the agent will most likely ask you some questions to help them draw up the contract for execution.
You can expect the agent to ask questions like;
– Are the details on your offer form correct?
– How long would you like the settlement period to be?
– What is the name of your conveyancer/solicitor?
– What is the name of your bank or lending institution?
– Are there any additional special conditions?
– Which method will you be using to pay your deposit?
– How would you prefer to receive communication and sign documents?
– What’s your full name, address, postal, date of birth, phone number and email?
Once the agent has confirmed all these details they will then draw up a contract ready for you to sign.
Sign on the dotted line. Once the agent provides you with the contract, you can sign your life away!
Calculating your Finances