The biggest purchase most Australian and migrants would ever made, is to buy their own home. Soon coming into Spring, with August, a busy popular and exciting time to buy. In finding the right location, home layout, car accommodation property and outdoor features. To move with minimum disruptions.
Here is a number of tips when buying property –
- Do your homework first before you leap. Be smart and wise. Do a check list of things you want and things you don’t want in a property to buy. Check out locations, properties and prices on real estate listing websites, such as Domain.Com.Au and RealEstate.Com.Au.
- Shop around with your bank and mortgage broker/s for the best loan deal.
- Obtain a quote from ABS Conveyancing, for your conveyancing needs.
- Work out the budget you can buy and afford, that considers and includes the purchase price, stamp duty cost, conveyancing costs, building/pest report, strata report, mortgage/loan costs, settlement/transfer costs and moving costs. Keep a buffer amount for hidden costs.
Stamp Duty calculations, for NSW properties, can be found on https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php or
For first home buyers https://www.apps08.osr.nsw.gov.au/erevenue/calculators/fhba.php
- Start going to open homes and contact agents for inspections. Speak to other local agents about prices and neighbours about quality of the property and location. Make an offer once your checklist ticks all boxes, with budget and loan affordability.
- In NSW, there is usually five business days Cooling Off, unless the property is going to auction. Make sure during Cooling Off, or prior to auction, you order and obtain a building/pest report (for a dwelling, duplex or townhouse) or a strata inspection report (for a strata scheme apartment or townhouse) to make sure no nasty surprises – Crazy if you don’t !
- If the property is going to auction and un-sure of the price range to comfortably bid for, contact ABS Realty Valuers, to order and obtain a property valuation report, from an API Accredited Property Valuer, that would give you a professional opinion on the property value and market price range.
- Once your offer has been accepted, get the Agent to email the Contract to ABS Conveyancing, for the Purchaser Contract Review. They would review and advise you on the Contract, to make sure it in order, before signing and exchanging.
Property Conveyancing and You, is a new regular article feature for The Indian Telegraph.