17 January 2024
Looking to Buy in the New Year? Here are our top tips for securing a property in 2024.
1. A Balanced Approach
Venturing into the property market is an exciting journey, however it is important to to keep a level head by using your head and your heart when making big decisions. It’s great to fall in love with a home, but also crucial to keep your analytical side engaged. Striking the right balance of emotional connection and practical logic will ensure you are making the best decision for your personal circumstances.
2. Preparation is Your Secret Weapon
In the ever-changing world of real estate, being prepared is key! It’s all about doing your homework, lining up your finances, and understanding the legal aspects. This way, when the right property presents itself, you can respond with confidence and ease, minus the stress.
3. Design Your Dream List
What’s on your property wish list? Identifying your must-haves versus nice-to-haves is crucial. Remember, flexibility is key. While the ‘perfect’ property might be elusive, the ‘right-for-you’ property is definitely out there. It’s all about prioritising and staying open to possibilities.
4. Network with Agents
Don’t just wait for properties to find you; be proactive. Engage with real estate agents, make your interests known, and even consider employing a Buyer’s Agent for more tailored support with your search and negotiations. Staying active and involved with open lines of communication can help your chance of success, especially when there is a lot of competition for a property.
5. Show Your Enthusiasm
If a property catches your eye, let the agent know. Communicating your interest to the agent can open up avenues for negotiation and provide valuable insights about the property. It’s a proactive move that can pay off.
6. Think Ahead
When doing your due diligence, it’s wise to consider a property’s long-term potential. Does it offer room for growth or renovations to increase its value? What about its future resale value? Planning for various life scenarios ensures your investment remains sound over time.
Important Details to Keep in Mind:
– Contract for Sale of Land: This is the binding, legal document you sign to secure the property. It will have all the statutory documents required including the Title Search (Torrens, Strata, Company), council zoning certificate and sewage diagrams. It will also stipulate the terms and conditions of sale.
– Building, Pest and Strata Reports: The searches are important so seek professional advice but also be aware of some over zealous inspection reports that may scare you from buying your otherwise ideal property. Undertake research on what is normal for both older and new houses and strata/company title units in the region. Many agencies, including Cunninghams, are booking these reports upfront to enable quick easy access digitally for prospective buyers. Make sure you understand how the ‘user pays’ and ‘warranty system’ works for the successful purchaser.
– Making an Offer: At Cunninghams, we handle offers in writing for transparency and clarity. You can send an email or a text message to the agent for properties for sale via Private Treaty or for those properties that are going to auction, but will accept offers prior to auction day. This way, we have a clear audit trail of all offers received.
– Exchanging Contracts: Please be aware that under NSW law, there is no such thing as a verbal contract and by law, an agent must submit all offers to a seller. Once you have an offer accepted, be aware that until such time as contracts are exchanged, a seller has the right to change their mind and either renege on the sale or accept a higher offer.
Once an offer is accepted (or the hammer falls at auction), you will need to sign the contract and pay the required deposit. This is done either unconditionally or, in some cases, with a cooling off period. Once executed and exchanged with the seller, the property is yours and you cannot be gazumped. A contract exchanged with a cooling off period gives the purchaser the right to pull out of the contract with the loss of 0.25% of the purchase price but does not give any such rights to the seller.
The process of exchange is also something we can do electronically now, through a platform called RealTime Agent. This takes the manual paperwork out of the equation and can be done simply and quickly.
– Settlement Process: This is when ownership is transferred, full payment is made and possession is granted. There’s a lot to consider, from finances to utilities and logistics, however we know the process well and we’re here to guide you through it, so just ask if you need assistance!
– Post-Settlement: Welcome to homeownership! It’s an exciting, new phase with its own set of responsibilities, that may throw unexpected curve balls but if you keep the level headed approach you will find the right solution and move forward with ease.
Cunninghams’ Tips for Success:
– Secure a trustworthy mortgage broker early in the process. Our friends at Smartmove Mortgage Advisors are always willing to help, so get in touch to get the ball rolling on 02 9968 5000 for a professional team with a wealth of experience.
– Choose a Solicitor or Conveyancer who can demystify legal jargon and processes. We also have local recommendations here, so just ask!
– Build relationships with agents who understand your needs and preferences. All our agents here at Cunninghams are greatly skilled and experienced and will be happy to help on any purchase whether it is through our company or not.
– Keep an open mind when deciding on property options – flexibility can uncover hidden gems.
– Approach auctions with a clear strategy and know your financial limits.
– Always clarify terms and processes if you are unsure; real estate practices can vary over time.
For personalised advice or more information on how buying property in today’s market, feel free to contact us on 02 9949 7077. We are happy to assist you on this exciting journey! See you at the next open home.
