Buy Property

Buying with Clever Property

Purchasing property can be an exciting and daunting experience. Whether it is your first home or seventh investment, buying a property is much more than just a everyday transaction, it involves significant financial decisions and there are important legal aspects that should be taken into account for each individual circumstance. So where to begin.

Determine Your Budget

Before purchasing property, you should determine your purchasing power. Having a large deposit minimises the amount you will need to borrow and could also minimise the amount of interest you have to pay, and you may avoid having to pay extra charges such as mortgage insurance. It is a good idea to look into whether you are eligible for any government incentives such as “first home buyers grant” and researching any taxes or extra costs that may incur when you purchase a property. You may consider speaking to a mortgage broker or other finance professionals as they will be able to assist with determining your lending capabilities or even set you some financial goals for the future.

Research the Market

There are lots of factors that come into account when you are looking for a property and different locations & local facilities can determine the market value of a property area. Market research is a very important part of buying a property and you want to ensure that you are making a smart decision for your future that match your budget and criteria. Research is key!

Finding the Right Property

Online property websites are a great way to narrow down your property search and ensuring you inspect properties in person is highly recommended. Being specific with your requirements is going to save you time. Before you submit an offer, ensure you discuss the property inclusions and if there are any specific terms the seller is seeking for the sale as this can be a contributing factor on a particular property – for example, the seller may require a longer settlement which may not work with your plans. It is a good idea to build up a rapport with your local agents and letting them know what you are looking for so that if they have other properties come to market you are front of mind for them to call.

Making an Offer

Business Signing a Contract Buy – sell house. Business stock photo putting an offer forward to the selling agent in writing avoids confusion and shows the seller than you are serious with your intent. The selling agent will notify the seller that you have made an offer and draw the Contract of Sale up for all parties to review and if terms are accepted, sign. It is a good idea to seek legal advice from conveyancer or solicitor prior to signing the contract to ensure that the terms meet your needs. Common contract conditions relate to buyer finance, due diligence and building and pest inspections.

Contracts and Settlement

Fulfilling your obligations once the contract is signed is extremely important to ensuring a smooth sale transaction. Paying deposits on due dates, insuring the property in your name, following through with organizing finances, conducting building and pest are your responsibility and the selling agent and conveyancer will guide on next steps.

Settlement is the day an exciting day. On settlement day, the purchase price is paid by the Buyer and the Seller transfers the property title has been transferred in the new owner’s name, this step is completed by your solicitor or conveyancer.  After settlement the transaction is complete, and the keys can be handed over to the new owners.