As a Buyer, you may have heard of the Latin phrase ‘Caveat Emptor’ (“Let the buyer beware”). The best way of mitigating any uncertainty is to research your market and the process you have to undertake when purchasing your property. We have created this page to assist purchasers in making that informed decision.
Before you climb up the property ladder consider the following:
Weigh your needs, budget and personal tastes in deciding whether you want a newly constructed home, a historic home, or a home that requires some work (a”fixer-upper”). Homes with “curb appeal” (a well-maintained, attractive and charming view from the street) usually attract strong interest from buyers.
You don’t have to buy the most expensive house on the street. The biggest, most expensive house on the street is usually not considered to be the best investment. The best investment potential is traditionally found in a lesser expensive, more moderately sized home on the street.
Knowledge is Power. Undertake adequate research as to sales of comparable properties. One way to achieve this is by becoming a ‘market expert’ yourself, inspect as many properties as possible within your preferred neighbourhood and track their sale prices. Several companies will, for a fee, provide historical information of past sales (RP data and Price Finder).
Remember the more information you give us regarding your lifestyle, the more likely it is that we can find the right house tailored to your needs.
Our 10 top tips for buying a house:
- Find a real estate agent: It is very important to develop a relationship based on mutual respect and trust with your agent. This makes the process of buying a new home seamless for all parties involved.
- Be informed: If you understand what is happening in the market you have a better chance of getting what you are looking for at the right price. Please contact our agents for market updates, recent auction results and much more information of our very experienced sales team.
- Organise your finance: Please speak to our sales agents to get finance organised through our subsidiary Loan market.
- Prepare your ‘wish list’: You can do this through our website to produce your wants and needs for your future ‘dream home’.
- Organise your Solicitor or Conveyancer: Make life easier by engaging as soon as you take out a Contract on a property.
- Pest and building inspections: For the few hundred dollars this sets you back, it’s 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 and peace of mind.
- Be informed before bidding at Auction: Read through the process or visit local auctions to gain experience of the process. For further info click here.
- Final inspection: Visit the property on the day of settlement to be sure there are no surprises. Be absolutely positive that the property was left exactly as you had agreed upon in the contract.
- Once negotiations have been finalised, you will be required to sign the Contract for Sale and pay a 10% deposit. Your deposit will be held in trust in an interest bearing account until settlement. Interest is normally equally divided between you and the vendor. The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts on your behalf.
- On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as it was when you last inspected it and that all the inclusions are as per the contract you signed.
At Ray White Gordon & St Ives, our team are happy to discuss your buying requirements. Click here to download a copy of the Buyers Guide link: Fair Trading Buyers Guide and Ray White Buyers Guide