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Steps to Buying

steps to buying.jpg

  • Choose your Sales Consultant
  • Decide what you're looking for in a home
  • Work out finances
  • Determine overall costs involved
  • Understand current market conditions
  • Find the right home
  • Enter into an agreement to purchase
  • Finalise the legal requirements
  • Plan your move
  • Pre-settlement inspection
  • Settlement and possession day

Choose your Sales Consultant

A Real Estate Sales Consultant will help you find the home you are looking for. They will work with you to fill your key requirements for a home and will most importantly, save you time when looking.
The sales consultant should clearly understand your needs and be someone you feel 100% comfortable with.
And the beauty is, you can get all this from a Sales Consultant at no financial cost to you.

Decide what you are looking for in a home

There are many decisions to make when buying your home. It helps to have a clear idea of what you are looking for before you set out on a search for your home. For example, you need to consider what type of home and location you're interested in. Below is a 'Wish List' to help you determine your ideal home. Please prioritise the following items in terms of importance:

  • Price Range
  • Location(s)
  • Number of Bedrooms
  • Garaging
  • Type of Property: (eg. villa, townhouse)
  • Section Size
  • View
  • Proximity to Schools
  • Proximity to Shops/Bus Stops
  • Special Needs
  • Other priorities

Work out finances

Now that you have a clear-cut idea of what you're looking for, it's time to work out how to finance your home. After all, buying a home is probably the single biggest investment you'll ever make in your life. This is why it's so important that you understand the cost of a mortgage. Click here to use our Mortgage Calculator

Determine overall costs involved

When working out your finances, please consider that there are a number of extra expenses involved in buying a new home. Unfortunately, the price you pay for your home is not the only cost involved. Below is a list of additional expenses you can expect.

Your Sales Consultant will be able to give you an estimate of these expenses.

  • Mortgage Application Fee
  • Property Valuation
  • Solicitors Fees/Legal Disbursements
  • Mortgage Insurance
  • Moving Expenses
  • Incidentals & Other Expenses
  • Property Inspection Reports
  • LIM/PIM Reports (Land Information Memorandum
    /Project Information Memorandum)

Understand current market conditions

The housing market cycles between three main stages. These are listed and explained below:

Buyer's Market

  • The number of homes on the market is greater than the number of buyers.
  • Homes usually take longer to sell.
  • Prices stabilise.

Seller's Market

  • The number of buyers exceeds the number of homes on the market.
  • Homes sell quicker.
  • Prices generally increase.
  • Sellers may receive offers from more than one buyer.

Balanced Market

  • Number of homes for sale is basically equal to the number of buyers.
  • Sellers will consider reasonable offers.
  • Homes sell within reasonable time frames.
  • Prices are generally stable.

Find the right home

You know how much your new home is likely to cost - and what's happening in the market. Now it's time to begin the search for the home that's right for you. It's easy to forget what you think of each home you view, especially after you've seen several. We suggest you keep a booklet with comments and a rating on each property you view.

Enter into an agreement to purchase

When you find the home you like at a price that you are able to afford, the next step is to make an Offer to Purchase. Your Sales Consultant will prepare this key document with you, making sure it covers all the details that are important to you.

A Conditional vs an Unconditional Offer

What's the difference? An unconditional offer means the buyer is not placing any special conditions on the purchase. The seller has only to accept the offer for the property to be sold.
A conditional offer means that you have placed one or more special conditions on the purchase, such as 'subject to finance' or 'subject to your home selling'. The sale is not completed until these special conditions have been satisfied within the stated time period. In some cases a conditional offer will be rejected. For example, if the vendor does not wish to wait the extra time for the condition to be filled and another offer is received by the vendor.

Below are the five major elements of an offer:

Price. The price you offer may be different from the seller's asking price. This will depend on your opinion of the value of the property and how it suits your needs.

Deposit. The deposit shows your intent or good faith and will be applied against the purchase price once the sale is unconditional. Your Sales Consultant can provide guidance on a suitable amount for a deposit - 10 percent is usually acceptable. The deposit is normally refundable if the sale does not become unconditional. However, once the agreement is unconditional, the deposit is non-refundable.

Conditions. These are requirements that must be met before the sale becomes unconditional. Conditions are always subject to a stated time and commonly include:

  • subject to you selling your home;
  • subject to you obtaining finance; or
  • subject to obtaining a LIM Report (Land Information Memorandum).

Your Sales Consultant will explain all the details relating to these conditions.

Chattels. Chattels are the items the seller will leave in the home and can include fixed floor coverings, blinds, curtains, dishwashers, stoves and television aerials. It is generally assumed that fixed chattels such as carpet, light fittings, a stove, a washing facility (usually a tub), and any appliances directly wired to the house, for example a waste master, ventilation system etc, are always included. However, other chattels that aren't fixed may be removed. Your Sales Consultant will know what these items are and will make sure you are fully aware of them.

Settlement & Possession Day. Generally, this is the day that the balance of the purchase price is paid to the vendor and yes, you finally receive the keys to your new home.

Finalise the legal requirements. 

After an offer has been accepted, your solicitor will need to check all the details of the title and prepare all the necessary documentation. You will then need to sign any mortgage documents and arrange for payment of the balance of the purchase price.

Plan your move

Moving your household can be a very busy time. A time when small (or even big) things can be easily forgotten. To prevent this from happening to you it is often helpful to write yourself a moving checklist.  To make planning your move easier, see our checklist for preparing to move.

Pre-settlement inspection

There is normally the option in your contract for you to have one pre-settlement inspection to ensure that the property is in the state at which you agreed to purchase it. This is particularly important for long settlements.

The pre-settlement inspection is an opportunity to see that any changes or damage, since contract day, are remedied by the seller.

Settlement and possession day

Congratulations! The day has come to move into your new home. We wish you and your family every happiness in the future.

If you need further assistance while looking to buy your property, please contact us.