By Mel Demarco
When purchasing a property it is important that you have all your Ducks In A Row. Below are some tips for you to consider when looking at buying a property. Whether you are a first home owner or an investment it is always good to bear these in mind.
Do your research. Check out the market online to get an idea of what you do and do not want. The internet is a good tool for this.
Also consider the area you are thinking of buying in and take into consideration if your circumstances change ‘would this property be a good investment property for us’.
Key points when looking at the area to purchase in are schools, transport and shops.
Have you considered a buying agent?
Buying Agents are experts in finding the right property for you as well as knowing what is happening in the area you are considering purchasing in. They will also assist in negotiating the purchase terms of your Contract.
For example if you’re not comfortable at making offers, bidding at an auction or negotiating settlement terms, it could be a good idea to hire a buying agent.
It is always recommended that you speak with a professional broker or banker to obtain a pre-approval of your loan prior to looking for a property to buy or bidding at an auction.
Don’t be mistaken, even though you may look good on paper to the bank and they have issued you with a pre-approval the bank will most likely still require a valuation of the property you are purchasing to make sure it is a sound investment before providing you with an unconditional loan approval.
It is always recommended that you engage a licenced building and pest inspector to undertake these inspections. They will provide you with a written report and discuss the contents of it with you. We all know that a paint job can look good but what is underneath it? The inspector will get into the nooks and cranny of the property to provide you with a full and comprehensive survey of the property.
Before signing a Contract your Solicitor/Conveyancer can look over the Contract and discuss its contents with you and perhaps suggest further special conditions to include for your further protection.
For example if the property has undergone any extensions or major renovation works, do these require to be certified for Council Approval and are these approvals in place?
Also the reasons for you purchasing this property, is it for development purposes perhaps? If so, you may need to include further development approval conditions for your protection.
No matter what anyone tells you, you are entitled to obtain legal advice prior to signing the Contract. This is one of the biggest key factors for home buyers that we as your legal advisors cannot stress enough.