Real Estate Tips

Buying Real Estate

Buying real estate is about the biggest financial commitment and decision you will ever have to make. However, it is also an exciting turning point, one that will almost certainly make the most impact on your lifestyle and long term financial security.

For many it will be something never done before. Selecting the right property, in the right area, organising finance & negotiating the sale, it can be a little daunting.

Yet it is not as complicated as you may think and there are many ways First National Real Estate Copley can help, we have years of expertise specialising in this area so we are here to provide as much information as you need to feel comfortable and confident in your decision making

What kind of home are you looking for?

The first step is to decide what kind of home will suit your needs & lifestyle. Establish family priorities – don’t forget to include the kids in the discussion! Anticipate potential changes in lifestyle: size of family, job changes etc.

Also consider extracurricular activities when choosing your new home, do you enjoy walking along the beach or being able to pop down to the shops without getting the car out?

Don't allow minor imperfections to cloud your judgement if you find an "almost perfect" property, if all it takes is a coat of paint or the installation of air conditioning for example.

Location & value for money should be high on the list, your experienced Land Agent will provide you with relevant sales history report should you require evidence to support the market value. Only comparable properties should be included on the list.

What can you afford?

Establish the price range you can afford – even before you start looking at homes, there is no point spending countless weekends inspecting properties only to find out after you set your heart on purchasing a particular home, that the bank won't come to the party!

First National Real Estate Copley can help by assisting you to determine both your priorities and potential price range of the properties that will suit your needs.

Do you need to sell your home in order to purchase the next? It need not be "all too hard" so ask us how this can be achieved with the minimum of inconvenience or stress.

Start hunting!

Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements. Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend any open homes in the area, or at least familiarise yourself with the areas of interest by doing a drive by first.

You’ve found it…

There are two ways of buying a home – auction or private sale.

Offers to purchase may be made in two ways – unconditional (commitment to buy the house with cash or pre-arranged finance approved) OR conditional (you will buy if certain conditions are met, e.g.: a pest inspection of the property, finance approval, or subject to the sale of your current home).

At auction, make sure you keep your financial limit in mind. Remember, once you have made a bid, it cannot be withdrawn.


What happens on settlement day?

Typically:

Your Conveyancer will have seen to all the behind the scenes organising, necessary documentation will have been executed by all parties and you will have seen a settlement statement determining the breakdown of purchase costs, including rates & taxes.

Your conveyancer will attend Lands Titles Office:
  • The lender authorises payment of the loan, and payment is made to the vendor;
  • The Conveyancer authorises the vendor to collect the deposit money that has been held by the real estate agent, in trust;
  • You receive a signed transfer of title deed and your Conveyancer or bank will arrange for the Registrar General to register the transfer and the loan;
  • You pay the stamp duty on the home loan;
  • You are given the keys usually held by the Vendors Agent, and the house is yours!
Request a copy of our FREE Home Buyers Guide
for information on home loans, what you should do at auction, essential checklists and worksheets and understanding technical and legal terms.
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