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The 9 Important Tips That You Need To Be Aware Of When Buying Property

Read the report below:

If you are about to purchase a property, to ensure you are well prepared, we have put the 9 tips together that have come about from helping thousands of people just like you go through the legal side of purchasing properties in NSW and QLD.

1

Be financially prepared for all associated costs

Not only do you have to set a purchase price but you have to consider and calculate things like rates, water adjustments, stamp duty, conveyancing costs, bank fees, loan application fees. All of these need to be taken into account.

2

Choose the right conveyancer not the cheapest!

Like choosing a doctor you want someone you can trust and who will take the time to listen to you and your concerns. Although there are many cheap alternatives around, you don’t want to be just a number and many clients discover – all too late – that the cheapest conveyancers are the cheapest for a reason.

3

Set the highest price for the property you wish to buy and stick to it.

Negotiating with an agent can sometimes be intimidating and the best way to ensure savvy agents do not have you going beyond your budget is to set your highest price and not go over it.

 

4

Don’t let agents talk you into or out of anything.

If you are feeling pressured sleep on it and address it at a later point in time.

5

Don’t sign anything!

This is crucial, do not under any circumstances sign anything until you have your conveyancer or lawyer look over it t o ensure your interests are protected. You must make sure that any contract you sign has the right conditions such as inspection reports and finance clauses.

6

Make a thorough inspection of the property.

Inspections are so important, go through it and make sure you get a pest and building inspection. Side note; Did you know that termites aren’t covered by normal household insurance.

7

Research and preplanning is essential.

The more information you can get before making an offer ensures you end up in the best position, understand what is the average sale price for the area and style of property you are purchasing. Look at recent sales etc, this will ensure you are in a better position to make a good – and realistic – offer on the property.

8

Get un-biased financial advice.

Mortgage brokers offer a great platform for financial loan advice. They have access to many lending networks and will make sure you are in the best position to present your circumstances to the lenders and those that will give you the best chance of approval.

9

Discover the do’s and dont’s.

Pick up the phone and chat to your conveyancer, if you have any concerns a good conveyancor would be happy to help you through them.

If you’re buying a unit…

Do all of of the above and research information about the current position the body corporate is in. Such as how much money do they have, are there big $$$ items coming up or are there any arguments or issues going on with other owners in the building.

I hope the information above helps you to make a sound decision and if you have any questions or just want to discuss your situation with a friendly, skilled conveyancer please give us a call on
02 6674 2161 or email slc@slconveyancing.com.au.

And good luck with your new purchase!