Essentials for Buyers

The Essentials

Choosing Your Next Home (The Easy Way).

Eight Easy Steps:

Where would you like to live?
What type of property would you like to purchase?
What is your budget?

Here are some helpful hints to make your decision as simple as possible.

Step 1.

Put your finances in order before you begin your property search. Prepare a budget in consultation with your mortgage provider. Be sure you include all costs eg. legal fees, stamp duty, building inspection costs. Calculate your loan repayments in relation to your other financial needs. Request a “pre-approval” letter from the lender.

Step 2.

Prepare your Property Wish List in accordance with your budget.

Prioritise your property needs. This will make the buying process easier. Consider: area, location, transport, amenities, property type or style, space, aspect, functions required.

Step 3.

Start a relationship with a John Pye Real Estate Property Consultant.

You will be advised of new listings before they are advertised, plus you will receive additional advice.

Though the agency has a duty to act faithfully for the seller, as a buyer you will receive all the help you need plus accurate and honest information.

Step 4.

Explore the market and become informed.

Research sales and inspect properties that may fulfill your wish list.

Visit the local council web site.

Drive around and get a feel for the neighbourhood. Where is the nearest transport link? school? shopping centre? medical centre? sports venue? park land? and so on.

Step 5.

If you plan to purchase a property at Auction be sure to read the Office of Fair Trading’s “Bidder’s Guide”.

Step 6.

Be fully informed before you make your offer.

Ask your Property Consultant to send a copy of the sale contract to your Solicitor OR Conveyancer. We recommend that you arrange a Pest and Building inspection so that you are aware of any major defects. (Remember, no property is perfect.)

Step 7.

Negotiate your purchase and, once the negotiations have been completed with an acceptable price, arrange for the signing of the contract and payment of the deposit (usually 10%).

Be sure that you have final loan approval before the contract becomes binding. Most deposits are held in a Trust Account and will receive interest if both the Seller and Buyer agree. This interest is divided equally between the Seller and Buyer.

Step 8.

Prior to settlement you are entitled to make a “pre-settlement inspection”. This ensures that your purchase is in the same condition as it was at the time of exchange of contracts, and that all inclusions are as indicated on the contract you signed.

Also ask if equipment warranties and instructions are available.

Please note if you are living overseas and you are not an Australian Citizen, or you do not have a permanent resident visa for Australia, you will need approval by the Foreign Investment Review Board (FIRB).