Buying a home is one of the largest investments you’ll make in your lifetime so it’s important to tick all the boxes before you jump in headfirst.
With that in mind here are our top 5 tips that may save you some time and money in the long run:
1) Finance Pre Approval
If you require finance to complete your purchase, make sure that you have pre-approval in place before you go house-hunting.
Not only will it ensure that you keep within your budget, it will also speed u the process of final approval once you’ve found a property.
2) Critically Inspect the Property
When looking at properties, don’t get caught up in the hype. Look beyond the styling and be an ‘active viewer’.
Check that hot water is available. What is the water pressure like? Does the air-conditioner cool and heat? Are all stove burners in operation? Turn lights on and off. What background noises can you hear?
3) Have the Contract Professionally Reviewed
Now that you’ve found that perfect property, have the Contract reviewed by your Property Lawyer before signing on the dotted line.
As part of our review, we will explain the terms of the contract to you, flag matters for negotiation and identify any potential issues or affectations.
4) Negotiate a Cooling Off Period
Negotiate a cooling off period with the Agent to allow you to carry out your ‘due diligence’ on the property.
In NSW, a purchaser is required to pay an initial deposit of 25% of the purchase price in return for a standard cooling off period of 5 business days, however, most purchasers really need at least 10 business days.
During the cooling off period, a vendor cannot sell the property to anyone else, however, if you decide not to proceed with the purchase you can cancel the contract before the cooling off period expires forfeiting your initial 0.25% deposit to the vendor.
5) Final Checks and Inspections
Before committing to the purchase, carry out necessary searches and inspections. Depending on the type of property, your Property Lawyer can advise you which inspections are recommended for the particular property you’re purchasing.
It is best to have someone who knows what they are doing inspect the property for you. You may be paying a few hundred dollars up front to save yourself thousands of dollars and potential heartache down the track.