Buying Tips + Checklist
It’s often a smart idea to ask around and get a recommendation Ideally through a realestate agent over a friend or a collage.This process is ideal because the work closely together to get you in your new home smoothly.
Start saving and organise your finances early
Some essential tips on buying a house include starting your savings early, so you can avoid added expenses such as costly mortgage insurance, as well as consulting with your lender or mortgage broker before entering the market for loan pre-approval. This allows you to see how much money you’re able to borrow. You’ll often find property sellers prefer buyers who already have pre-approved finance, giving you an edge over other buyers when purchasing your dream home.
Find a good conveyancer or lawyer
When buying a home, you’ll generally require a conveyancer or lawyer. It’s often a smart idea to ask around and get a recommendation from friends or colleagues. You’ll normally only require a solicitor for more difficult contracts, so an experienced conveyancer is often ideal for most situations.
Determine what type of property title you’ll hold
You’ll find that most free-standing houses have what is called a “freehold title”. But there other titles for different types of properties that have a variety of legalities. With many apartments and townhouses, these hold a “strata title” which is defined as a system to handle legal ownership of a section of a building. This type of title also incurs strata fees which need to be paid on a quarterly basis.
Make sure to carry out building and pest inspections.
To ensure you aren’t buying a property with structural, electrical or pest related issues, it’s crucial to undertake building and pest inspections. These are an integral part of the legal checklist when you buy a property in Australia.
Keep your deposit aside
If you’re buying at an auction, you’ll need to have a 10 percent deposit waiting on the day to be able to secure your purchase. You can have this in different forms such as a bank or personal cheque through to a deposit bond. Also, if you are buying a property as a private treaty, you’ll often have to pay a deposit as part of the contract exchange. It’s a good idea to arrange this several days in advance to avoid any complications which may arise. Please note, depending on the vendor, a 5 per cent deposit can be negotiated through your agent as a deposit if arranged prior.
For other great tips on buying a house, speak to our experienced property sales team at One Agency Gamarra & Co.