BUYING A PROPERTY
Buying a property is a major life decision.
There is a lot to consider, but we can help you.
• Firstly, is the property for you to live in or for investment?
• If it’s where you will live, what facilities and services do you need, e.g. train service, schools?
• Are you considering a house, townhouse, or unit?
• How many bedrooms, bathrooms, etc. do you need?
• What can you afford to buy? Have you sought loan approval?
• Become familiar with the different areas within the one suburb – some will be more desirable.
• Consider what makes particular properties appealing to you.
Plan your finances before you decide to buy.
• Find the best financial institution for your needs – bank, building society – and work out an affordable price range based on what you can repay.
• Remember that you will need to factor in several potential interest rate rises, as well as the costs of property purchase, e.g. stamp duty. (We can help you calculate this.)
• Organise pre-approval from the institution before you make an offer or attend an auction.
• If you’re a first home buyer, you may be entitled to a first home buyer’s grant. (We can help you assess if you’re eligible.)
• Finally, even if the property is very appealing, don’t over-commit. Stick within your pre-arranged limit.
Two ways to purchase: private negotiation and auction.
• Private negotiation: If you don’t have pre-arranged finance, your contract will be subject to approval by a certain date. Usually, this contract will also be subject to other investigations, such as a building and pest inspection. These contracts have a mandatory cooling-off period.
• Auction: Of course, your finance must be pre-approved. As well, all other investigations need to be done before the auction, as the property will usually be sold “as is”. There is no cooling-off period.
Access the wealth of experience available at Regatta Sales and Rentals.
Feel free to tap into a wealth of experience in the real estate industry by phoning Regatta Sales and Rentals for a professional discussion to get the best result for your real estate requirements.