Prepare a wish list
Make a list of the attributes you most desire in a property, including your ‘must have’ features, such as location, number of bedrooms or parking.
Organise your finance in advance
Loan pre-approval is a big advantage. Approach your lender or have a mortgage broker visit you to find out how much you’ll be able to borrow and what your repayments will be so you know how much you have to spend. Having your finances organised give you more chance of securing a purchase and is an asset when negotiating with vendors. If you’re bidding at auction, make sure you have adequate funds in your bank account to pay the deposit.
Organise you conveyancer
Make life easier by having a conveyancer that you can engage as soon as you take out a contract 0n a property. If you don’t know of one, ask a real estate agent you’re dealing with – they can generally recommend a reliable contact.
Whilst your lender will identify upfront costs such as mortgage insurance and stamp duty, you should also be aware of other expenses which will factor into your ongoing costs. Maintenance costs, land tax, council rates, home insurance and strata fees (if applicable) should all be investigated so that you know just how much to budget for on top of your mortgage repayments.
Do your research
Invest the time in inspecting as many properties as possible. This will give you a better understanding of the market, put you in a better position to negotiate, and help you recognise a bargain or an overpriced property.
Sign up to Property Alert services
Our agency and ll the major property search sites such as realestate.com.au has ‘property alert’ facilities. Simply enter your details and your property requirements and you’ll be emailed as soon as a property meeting your criteria is listed. This helps give you a jump on the market and saves considerable time.
Pest and building inspections
For the few hundred dollars these will set you back, they are absolutely worth it for your peace of mind. They will help ensure you don’t end up with unknown problems which could cost you thousands down the track.
Arrange an inspection in the week running up to settlement to be sure that the property was left as you had agreed upon in the contract and all conditions have been met.
Be aware that if the property is “owner occupied” then the seller has the right to remain in possession til 12.00 noon following the day of settlement unless the contract states otherwise.