Before you do anything related to buying you need to answer the question, “what’s my budget?”
Applying to your bank for pre-approved finance will mean that you can demonstrate to sellers that you are serious about buying. It also saves you wasting time looking at properties that you cannot afford.
Pre-approval does not mean that you will receive Final Approval from the bank. This is because there are several things that the bank needs to do, such as valuing the property, before they will give you the final tick.
For this reason if you are obtaining finance you should always make sure that you have Final Approval before the contract is entered into (Exchanged).
If you have decided on a location, check to see if the bank has any restrictions on lending in that area.
2. Purchase Costs
When checking your budget make sure you allow for all costs, to make sure you have sufficient money to complete the purchase after payment of fees. (We are very happy to assist you with this).
Big picture first:
It is best if you start with the big picture by identifying suitable areas where properties should be within your budget, and www.rpdata.com is a great place to start. It has a huge amount of information and is easy to navigate. When you have decided on a particular area it is a good idea to contact the local council to find out if there are any new developments planned for the area that might affect your property. It is also a good idea to investigate state government departments such as Transport NSW etc. to see if there are any major upgrades happening in the area.
Try the area before you buy. You might consider renting or holidaying in the area to identify any nasty surprises. Get out of the car and walk or cycle the area at various times of the day, as this gives you a chance to get up close and personal with the area and perhaps chat to a few locals.
Then narrow it down to the right property:
Most real estate for sale these days is listed on line, the number one real estate sales website in Australia is www.realestate.com.au, while www.domain.com.au and www.allhomes.com.au are also popular, particularly in the southern states. As well as the big picture reports, www.rpdata.com.au has great reports available on individual properties.
With all this under your belt you should then be well armed to start pounding the pavement with local real estate agents. Deserved or not, most people are happy to give real estate agents a bad rap, well and truly up there with politicians, solicitors and used car salespeople. They are, however, hard to beat as a source of local knowledge and, for the most part, are very helpful hardworking people. You should keep in mind though that they are the seller’s agent, so remember ‘buyer beware’.
If all this sounds way too hard, you might consider employing a buyer’s agent to do the work for you. But make sure they are truly independent and don’t forget to check their fees.
It is always a good idea to get a valuation from an independent valuer. There is a cost, but it is far less than what a bad buy could cost you.
4. Checking the Contract
Before you commit to any property bring a copy of the marketing contract to us to look over. Even if you are experienced in dealing with property it is useful to have a fresh pair of eyes go over the contract.
We will explain the contract to you and discuss things that you should include or exclude and can suggest any further investigations that we think should be made.
We provide this service for free and are happy to discuss the costs with you at the same time.
So when you have decided to buy that home, let us make your purchase flow smoothly at AMS
Please contact us for more information.
The information and opinions contained in this website are for general information only and are not intended to constitute legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to your particular circumstances. AMS Conveyancing NSW will not be responsible for any loss that may arise from reliance on materials contained in this website and we make no warranty or representations regarding the quality, accuracy, or fitness for purpose of any material on any websites referred to in this website.