When buying a property, there are numerous aspects that should be taken into consideration. Below are just a few of the most important ones to remember before signing on the dotted line.
A Deposit is Crucial
Any time that you submit a formal offer to purchase a property, you will usually have to put down a deposit amount of between $500 and $1,000 as a basic show of good faith. This is just one reason why you must ensure that you at least have this amount of money available before even thinking about buying a property. If you are lucky enough to have your offer accepted by the seller or vendor, an additional 10% deposit will have to be paid within a pre-determined time, and this is often a non-refundable amount.
In many cases, people end up buying a property for the maximum amount of loan that has been provided to them. However, this can be financially detrimental, especially if an emergency such as a burst pipe or electrical problem occurs or you discover a few weeks down the line that you need to pay to replace a major appliance. Before you even think about putting in an offer for a property, it’s crucial that you set up an appointment with a mortgage broker or bank to find out how much you will be able to afford to comfortably repay on a monthly basis.
Obtain the Services of a Conveyancer
It’s essential that you hire the services of a conveyancer to help you navigate the home buying process – and the sooner this is done, the better. These specialists will be able to help you prepare transfer documents, communicate with banking institutions on your behalf, help with First Home Owner Grant application processes and see that all outstanding taxes and rates will be cleared at settlement (if applicable).
Carry Out Pre-Purchase and Termite Inspections
While having a pest inspection and full pre-purchase inspection may cost a bit of money, these must be done before you think about signing any form of purchase paperwork or contract. It’s best to find out about non-compliances, termite infestations or other structural problems before you fall in love with a property. Oftentimes, pest-related damage will only be visible to the naked eye by the time serious damage has occurred. Spending a few hundred dollars on having these inspections carried out will save a lot of stress and even a good few thousand dollars over the long term.
Perform a Pre-Settlement Inspection
It is a prerequisite of a contract of sale that a property be handed over in the same condition that it was in at the time of sale. If you notice during a pre-settlement inspection that something is now faulty or broken and is not working as it was when it was sold, a request can be made for it to be repaired. It’s also essential to see that all listed items in the contract are in working order and present before paperwork is signed.
If you are keen to learn more about termite or pre-purchase inspections, we are more than willing to help. Contact our team today to find out more about pricing for inspections or to set an appointment with one of our inspectors.