Buying your first home - the steps in purchasing a property
Buying a property involves many steps and we would like to provide the following tips which we would regard as very important in buying any property (not just your first):
- Decide what you want - What suburb, what type (house, unit, etc), how many bedrooms, proximity to shops, parks, transport, etc.
- Take your time - Be a smart purchaser – do some research and this will take time. Look through relevant websites, newspapers. We can assist you with online searches, etc.
- Commence finance pre-approval - This will give you more confidence in what price you can offer. We will also be able to let you know any other important factors in the deal.
- Never sign anything without a finance approval - If you enter a contract or any other commitment to purchase a property and your finance falls through, you could lose significant amounts of money. You may receive pressures from others to do this – but you must resist this temptation.
- Engage a solicitor or licensed conveyancer - When you find a property, you might want to move quickly – so it would be beneficial to have decided on who will perform this task for you.
- Ask the real estate agent for a copy of the contract - NEVER buy a property before a qualified person (solicitor / conveyancer) has looked over the contract thoroughly and advised you of the major points.
- Understand the exchange and settlement processes - These can differ from state to state and from property to property – make sure your solicitor / licensed conveyancer takes the time to explain these processes. Make sure you understand if you have a ‘cooling off period’.
- When you find a property you like, arrange for a building and pest inspection - NEVER buy a property until a licensed builder and pest inspector have performed these very important checks.
Other important information sources The list above is not an exhaustive list of everything you need to know – it is a quick easy set of tips we have put together. Other useful sources of information are:
- Your State based Real Estate Institute – links to Real Estate Institute links
- Your State based Department of Fair Trading – links to Department of Fair Trading links
You can access their websites or ring them if you would like more information.