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Buying a property can be one of the most challenging and emotionally charged experiences of your life. However, taking the emotions out of it, it can also be logical and straight forward.
If things go well for you, it can be one of the most exciting things you will ever do. Owning your home is the quintessential Australian dream. For most of us though, it's not just about owning a home - we're securing a lifestyle for ourselves and our family.
Before all of this can happen, you absolutely need to make sure you have all your ducks in a row. Quite simply, when you find the right property, you want to be absolutely sure you’re ready.
Before your start your search, there’s a few key things you need to do. Obviously, if you are a first home buyer, there is plethora of information available. You can link to this information from our website.
The most important thing is you need to know how much you can afford! The key is not to get carried away – and your bank or mortgage broker will be able to assist you here. Arrange pre-approval so that when you find your ideal property, you can act decisively and quickly.
Make a detailed list of your key requirements for your ideal property. Be realistic, but be flexible. What can’t you live without? What are you prepared to compromise on? How far are you prepared to extend your search?
Read through our sections, "preparing to buy" and "the legal stuff" to make sure you are as ready as you'll ever be.
Once you’ve done your research, make sure you are leveraging every channel to create your buying opportunity. Cunninghams Property offer a "Find out First" email alert to prospective buyers, so make sure you have registered your requirements.
Talk to anyone in our team. We would love the opportunity to work with you to secure your ideal property.
Armed with all the right information from your search process, you might now be in a position to buy your ideal property. It's very important to keep your agent informed of your position along the way.
Regarding your position, you should make your agent aware of what you need to do to secure a property. Do you need to furnish your bank or mortgage provider with more information regarding the property? Do you need to sell another property before you can actually buy this one? Who will be attending and bidding at an auction on your behalf? Do you need to arrange to sign any documents before you are travelling?
You can take simple steps to ensure nothing compromises your ability to secure the right property.
Any one of our Licensed team can advise you along the way as to any particulars of each property on the market. They deal almost daily with solicitors for both vendors and buyers and are familiar with every aspect of Real Estate Law.
We have always taken great pride in our relationships with our buyers – we work WITH you. We recognise that our buyers are clients too, just as our vendors are, but in a different way. Our high rate of referral and repeat business is testament to this. Properties that we sell are consistently on the market for less than 30 days.
Of course, they're very well marketed but our vendors and our buyers are well informed and are in a position to act.
You're either ready to make your offer, or buy at auction, depending on how your targeted property is to be sold. You need to understand (as will your solicitor) the conditions under which your property will be sold.
Before you do that however, it's always highly recommended you arrange a pest and building inspection. This way, you will understand exactly what you are getting as this may also impact what you are prepared to pay for your property.
Armed with this, you can make your offer. Offers need to made in writing (or via email) to the agent selling the property, before the agent can take this offer to their vendor. They will negotiate between you and the vendor. Depending on the terms of the contract, you may need to act quickly and exchange unconditionally or the vendor may allow a cooling off period. You can choose to waiver this if this is agreeable.
If the property is being auctioned and you are intending to buy at auction, you must ensure you register as a bidder on the day. Someone may only bid on your behalf if they have a binding authority form signed by you. If the property fails to reach reserve, the highest bidder normally has first right of negotiation. Visit the Office of Fair Trading website for more detailed advice.
Either at auction, or if your offer has been accepted, you will need to sign the sale contract and pay a (generally) 10% deposit. Your deposit will be held in trust in an interest bearing account until settlement. This interest is shared between you and the vendor.
Contracts are then exchanged and there is now a period of time (usually six weeks) until settlement occurs. Before settlement occurs, your solicitor will most likely advise a pre-inspection settlement to ensure everything is in order. This is to ensure that the property is in the same condition as when you agreed to buy it and that all the inclusions meet the contract specifications.
It all sounds a bit complex and the fact is - it is! But that's what we do, just about every day of the year. There's a fairly robust process in place for a reason, but we're here to help you through it.
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