Our tips for buying your new home
We understand that buying your new home can be one of the most important financial decisions you will make.
Our aim to help you through this process by providing you with relevant information and by being available to answer any questions you may have.
Please do not hesitate to ask - it's best to know all the details, however, small they may seem, to assist you in your decision making.
Below is a preparation guide to assist you with your home purchase:
Financing your purchase
Speak with your bank or mortgage specialist to determine your budget price range.
Estimate your purchase and finance costs by utilizing the handy calculators in our Buying button drop down to help you calculate your approximate costs for stamp duty, interest rates, and repayment schedules.
Once you have established a price range, have your financier provide a pre-approval letter to enable you to search with confidence.
We have a mortgage specialist we can put you in touch with if you do not already have a preferred one or you may simply like a comparative finance quote.
Obtain some current market knowledge
Sit down and work out what features you want in your new home keeping in mind your current needs and your possible future needs. Where possible, inspect as many open homes in your price range to get a clear understanding of what you get for your money. Whilst many homes may have similar statistics like 4 bed 2 bath & 2 car - each home is unique. Homes vary in value for many reasons such as being located on the high side or low side of the street level, block size, how close the property is to facilities like schools, shops or public transport. Look at the surrounding homes and try to understand the general feel of the neighbourhood. Research homes for sale on the web and in the local property guide to see what homes are on offer and for what price. Once you have an understanding of the current market you can base your buying decision on the facts you have gathered and observations you have made. Generally, though most people just know when they have found their new home - it just feels right.
Once you have found your new home
There are some processes that need to occur. First, you need to negotiate a price, the length of the settlement time and what special conditions you may make your offer subject to. We recommend you seek legal advice by contacting a solicitor or licensed conveyancer who can act on your behalf and advise you on the steps of the purchasing process. Services that they generally provide are reviewing the sale contract, checking of title particulars, reviewing any easements or restrictions current or proposed, booking pest and building inspections, assisting in the finance approval for purchase and advising on any special conditions proposed in the contract. We also recommend you obtain a copy of "Buying and selling a home" and "Bidders guide" from the NSW Office of Fair Trading.
Exchanging sale contracts
Once you have successfully negotiated your purchase and reach what is called "Offer and Acceptance" the agent will issue a sales advice to you, your legal representative, the home owner and the owners legal representative. The sales advice will list the agreed price, the proposed settlement period and the special conditions of the purchase. Your legal representative will ask you to review the building and pest reports, and for units the strata report, so you are aware of the condition of the home. We always recommend you talk direct with the author of each report to get a layman's explanation of the specific report. Once satisfied you can proceed to the signing of the contracts so that exchange can take place securing the property under the terms of the contract. You will be required to pay the agreed deposit (usually 10%) to the agents trust account prior to exchanging contracts. It is wise to pay the deposit as soon as practical as there are usually clearance times on monetary transfers that can hold up the process. Please be aware, under NSW property law, that until a property has exchanged agents are legally obliged to submit all offers to purchase from other buyers to the owner. Prior to the exchange, there is a risk that the property owner may choose to sell to another buyer. Decisions to accept any offer are at the pure discretion of the property owner.
Settlement date & getting ready to move in
Your settlement date is determined at the time of the exchange of contracts. You generally would organise a pre - settlement inspection with us to ensure the property is in the same condition as when you last inspected and that the agreed inclusions have remained. Once your bank has settled on the property our agency will receive advice from the vendor's solicitor instructing us to issue the keys to you. You are now ready to enjoy your new home.