When purchasing a home, there are so many aspects to consider that it can be easy to forget some of them – which can be detrimental. Below are some of the most important points to keep in mind when buying a property.
Too many people make the mistake of purchasing a home for the highest amount possible that is granted to them. However, this can result in severe financial hardship if an emergency such as a burst hot water tank occurs or you discover that electrical wiring or appliances need replacement. Before putting in an offer on any home, it’s essential to meet with a bank or mortgage broker to determine how much you will be able to comfortably afford to repay each month.
A Deposit is Essential
When you put in a formal offer on a property, you will normally be required to put down a deposit of between $500 and $1,000 as a show of good faith. As a result, it’s essential to have this amount of money on hand before you even consider purchasing a home. In the event that your offer is accepted by the vendor, you will generally need to pay a further 10% deposit within a pre-stipulated period – which is not normally refundable.
Hire a Conveyancer
The earlier you approach a conveyancer to assist with your home purchase, the better. They will be able to assist with aspects such as preparing transfer documents, communicating with banks or other lenders on your behalf, assisting with First Home Owner Grant applications and ensuring that all outstanding rates and taxes or other charges are cleared at settlement.
Perform Pest and Pre-Purchase Inspections
Although these inspections may cost a few hundred dollars, it is essential that they be performed before you sign any purchase paperwork. It’s far better to find out about potential structural issues or other non-compliances before you set your heart on a particular property. In many cases, termite damage is already beyond repair by the time it is visible to the eye as well. Spending a little extra on these inspections will help prevent a lot of frustration and could potentially save you thousands of dollars in the long run.
Pre-Settlement Inspections are Essential
A contract of sale requires sellers to hand over properties in the same condition as they were when they were sold. If, during a pre-settlement inspection, you discover that something has been damaged or is not working as it was on the day that the home was sold, you can request that it be repaired. Ensure that all items listed in the contract are present and in good working order before you sign any paperwork.
If you would like to find out more about pre-purchase or termite inspections, our team will be more than happy to assist you. Feel free to contact us today to find out about our inspection pricing or to schedule appointment with one of our experienced and knowledgeable inspectors.