It is important to determine how much you can afford to spend on your new home or investment. Your mortgage provider will advise a borrowing limit and this should allow you to determine a purchase price, remember to factor in solicitors fees, building inspection costs, stamp duty and other miscellaneous fees. It is important to have your finance in order before you start looking, to avoid expending time and money unnecessarily.
Think about your requirements and make a detailed list, including ideal location, number of bedrooms and any specific features you desire. Use our wish list function to refine your property search, but remember, the more specific your list the more refined your search will be. It is a good idea to prioritise your requirements as you may find you are willing to sacrifice some in order to gain others. Try to attend inspections and auctions to get a feel for the market. Make yourself known to our staff so you can receive our property updates. We can also provide you with a general current market sentiment, recent local activity, a reliable value of your property and information about the local area including schools and facilities, if required.
Once you have found your ideal property, ask the agent to send a copy of the contract of sale to your solicitor for review. Remember, a property is not off the market until contracts have exchanged. Even if the vendor has accepted your offer you may still lose the property if another party is able to exchange contracts before you. This is another reason it is imperative to have all your finances in place prior to finding the perfect property. If your offer has been accepted a deposit, usually 10% of the purchase price, will be required and you and the vendor will need to agree on a settlement period. This is usually 6 weeks from the date of exchange but can be any date agreed to by both parties.
Depending on the nature of the sale, you may have 5 days cooling-off period after contracts have exchanged in which to conduct a building and pest inspection or strata search. For properties exchanging under auction conditions however, this is not the case and all searches will have to be conducted prior to the auction date. Properties frequently sell before auction, so make sure you stay in close contact with the selling agent and be sure they are aware of your interest. Buying a property at auction can be a daunting task. We recommend that you attend several auctions prior to your auction date in order to familiarise yourself with the process. If you prefer, you can authorise someone to bid on your behalf. Our agents frequently act for our vendors when it comes time for them to purchase their next property at auction. Buyers Agents are also available for a fee.