Buying Tips

Buying Property? Here are some useful tips:

  • What is your budget? Speak to your financier to determine what you're comfortable spending and how best to structure your loan
  • Once your budget is determined, you need to decide on the type of property that best suits your needs (House, Apartment, Townhouse, Pet Friendly etc)
  • Decide on your preferred location, keeping in mind that your budget will influence both the location and the type of property you choose
  • It's now time to do some research on the location and type of property you chose. Look at recent sales and current listings, make time to attend open inspections and auctions
  • When you locate a property you like, request a copy of the sale contract for your solicitor or conveyancer to review
  • Before committing to buy, it's best to research the property. If it's a Torrens title property, it's a good idea to carry out a building and pest inspection to make sure the property is sound and in acceptable condition. If it's a Strata title property, a Strata report is essential as it contains information about the building's history and the strata's financial position. These reports can be arranged by your solicitor/conveyancer on your behalf
  • Make an offer in writing. To have a good chance at buying the property make sure your offer is reasonable and within the market value. All offers must be presented to the owner, so expect to hear back from the agent soon after. If you are buying at auction, it's a good idea to review the 'Bidders Guide' which can be provided by the agent or found at the 'Office of Fair Trading' website
  • If your offer is accepted, you will need to sign the contract and pay a deposit by cheque, which is normally 10% of the sale price. This contract is then sent to the owner's solicitor/conveyancer. A counterpart copy of the contract is signed by the owner and that copy is sent to your solicitor/conveyancer. Once each party receives the signed documents, the contracts are formally exchanged. Remember, until each signed contract is received the property is technically still for sale
  • Settlement normally occurs 42 days later. During the time between exchange and settlement you should contact your financier to make sure your loan is on track. If your purchase is where you're planning to live, you should also start planning your upcoming move - book a removalist and speak to the various services companies like electricity, gas, phone/internet etc to prepare to disconnect and reconnect such services
  • Finally, it's a good idea to arrange a pre-settlement inspection as close as possible to the settlement date to make sure the property is in the same condition as it was the last time you inspected it
  • Sit back and enjoy!