Buying Property This Spring? What Buyers Need to Know Before Making an Offer
Spring can be an exciting time to buy property. More homes may come onto the market, but increased buyer activity can also create pressure to make decisions quickly.
For buyers searching across Northern NSW and Southern Queensland, preparation can make a big difference. Before making an offer, make sure you understand your finances, the property and the contract.
Get Your Finances Organised
Have a clear understanding of your budget and remember to allow for costs beyond the purchase price. Depending on your circumstances, these may include:
· Transfer duty
· Conveyancing and legal costs
· Building and pest inspections
· Property searches
· Loan and mortgage costs
· Moving expenses
· Settlement adjustments
· Insurance
· Rates, levies or other ongoing expenses
Don't Let Spring Competition Rush You
A busy Spring property market can make buyers feel they need to act immediately. While you may need to move efficiently, take the time to understand what you are buying and what conditions will apply.
Have the Contract Reviewed Before You Commit
Property contracts can contain important provisions dealing with:
· Deposit requirements
· Settlement dates
· Inclusions and exclusions
· Finance
· Building and pest conditions
· Default provisions
· Special conditions
· Property searches
· Easements or other interests affecting the property
The process is not identical in NSW and Queensland. If you are searching on both sides of the border, obtain advice relevant to the state where the property is located.
Check What Is Included in the Sale
Do not assume everything you see during an inspection will remain at the property. If particular appliances, fixtures or other items are important to you, make sure you understand how they are dealt with in the contract before you sign.
Consider Building and Pest Inspections
Depending on the property and contract, appropriate building and pest inspections may help identify issues such as:
· Structural concerns
· Water damage
· Termite activity
· Other defects
Research the Property - Not Just the House
Consider the surrounding area and matters that may affect the property or your lifestyle, including:
· Flooding and natural hazards
· Local development
· Transport
· Schools and childcare
· Shops and services
· Noise
· Future infrastructure
· Council planning controls
Understand Strata or Body Corporate Properties
If you are buying an apartment, townhouse or other property within a scheme, consider matters such as:
· Levies
· Insurance
· Maintenance responsibilities
· By-laws or rules
· Planned expenditure
· Other ongoing obligations
Know Your Important Contract Dates
Important deadlines may relate to:
· Payment of the deposit
· Finance approval
· Building and pest conditions
· Other contractual conditions
· Final inspection
· Settlement
Prepare for Settlement
Before settlement, your conveyancer will work through the necessary legal and financial steps required to complete the purchase. You will generally also have an opportunity to conduct a final inspection shortly before settlement.
Speak to Your Conveyancer Early
You do not need to wait until you have already signed a contract to contact your conveyancer. Having someone ready before you start making serious offers means you can obtain advice about the contract and understand the legal side of the purchase before you commit.
Buying This Spring?
The key is to be prepared rather than pressured. Organise your finances, research the property, understand the contract and know your important dates.
If you are a first home buyer, investor, downsizer or purchasing your next family home in Northern NSW or Queensland, SL Conveyancing can help guide you through the conveyancing process.
Found a property you love? Contact SL Conveyancing and let us help you move from contract to settlement with confidence.
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