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BUYING TIPS + CHECKLIST
Some handy hints to help you when buying a home.
Have your finances in order early.
If you need finance to fund your purchase, meet with your chosen lender or mortgage broker early on in your search in order to get loan pre-approval and ascertain how much money you can borrow. This way you will be ready to act as soon as you see something you’re keen to buy, with your lender quickly able to give you final loan approval for your purchase if you meet all of the necessary criteria.
Engage a conveyancer or lawyer.
To undertake the conveyancing work for your purchase you will need to engage a solicitor or a registered conveyancer. Solicitors are often recommended when contracts are not straightforward and are likely to require complicated legal work. However, as experienced conveyancers specialise in conveyancing work they are ideal in most circumstances. In fact, many law firms employ registered conveyancers to undertake their conveyancing work.
Check the limitations of your chosen property.
Check with your solicitor or conveyancer that the property you intend on purchasing can be used for the purpose you require it for (i.e. subdivision, short-term stays, development, etc.). Majority of unit or apartment complexes are strata titled, meaning there are limitations on what can and connot be done to the property, including minumum lease terms and whether pets are permitted on the premises. Strata titled properties may also incur strata fees - ask the selling agent if this is applicable to your intended purchase.
Be organised.
If you intend on including a building inspection Clause in the Contract, ensure you have a reputable building inspector lined up ready to go. This will ensure you have the report completed within the Contract timeframes. If you need a recommended building inspector, please let our office know.
Have your deposit ready.
When buying a property, you will need to pay a deposit on the date sepcified in the Contract. The deposit amount is negotiaited between yourself and the agent/vendor. Payment can be made in the form of a personal or bank cheque, or by bank transfer. Make sure you have the deposit organised several days in advance, if possible, to avoid any complications.