Buying Tips

Buying a property, your own home, can be a very positive and defining moment in someone’s life. So, becoming a property owner is a major emotional and financial step.

No matter whether you are a first time home buyer, or a veteran of several purchases, and are now buying real estate for investment purposes, it is still very exciting making a successful bid or offer on a piece of real estate.

Choosing the property type is just the first many decisions necessary. You need to assess and answer a few questions such as, the size of the kitchen, how many living areas, bedrooms and bathrooms do I need? Do I need one or two garages, what is the size of the backyard or would I prefer a courtyard? The answers to these questions will help you to find a property that meets your needs.

Location is very important, so you need to focus on areas that you wish to live in and suit your lifestyle. This may be determined by your budget and community facilities you need to utilise such as schools, public transport and shops.

Before you decide to buy a property it is a good idea to take the time to look around, research and get to know the market in the preferred area of your choice. This will also help you understand the buying process so you can make a well informed decision when you find the right property that suits your wants and needs.

Once you’ve sorted your loan, carried out physical inspections of the property, organised pest and building inspection reports, you’re ready to make an offer on a home through an agent. Sometimes you may need to specify that the offer is conditional on finance or the results of the inspection reports.

When a property is being sold by private treaty, you make this offer to the agent, who will present that to the vendor. The vendor will then decide whether or not to accept your offer. Usually there’s some negotiating over the price – or another buyer could simply step in with a higher offer and you could lose out.

Even when your offer has been accepted, it’s not legally binding on either of you until the contracts have been exchanged. You can still be gazumped, which means that the vendor could accept someone else’s better offer.
If the vendor has accepted your offer to purchase the home don’t get too excited just yet.
Neither you nor the vendor is legally bound to proceed with the purchase until a written Contract For Sale has been exchanged by the solicitors or conveyances’. This can be a worrying time for both parties involved. At the time of exchange you will be required to pay a deposit of 10% of the purchase price. At this point you have a financial interest in the property so it’s wise to get it insured.

Settlement usually takes place between 4 to 6 weeks after exchange of contracts. This is when you become the legal owner of the property. The balance of the purchase price and other adjustments are paid on this date.

Yamba Real Estate – Real Estate Yamba – Real Estate Agents