Buying Tips and Tools

Vanessa's Buying Tips

The hunt begins...

  • Buying property can sometimes be daunting, but doesn't need to be. If you approach it the right way, you should find the home you want, for the price you can afford.
  • Make sure you subscribe to our newsletter, pick up a copy of the latest Realtor magazine and check out our advertisements in the North Lakes Messenger magazine (available online and in print from Westfield Shopping Centre).
  • Identify and prepare a short list of your preferred suburbs that suit your lifestyle, bearing in mind affordability and your space requirements. Research sales in those preferred suburbs.
  • Research property listings on our website. There are many websites available, local agents can direct you to the most commonly used websites in your preferred area.
  • Be proactive and arrange now to speak with your financier or your Finance Consultant to arrange the best loan to suit your needs. Good advice could save you thousands over the life of your mortgage.
  • Start attending open homes to develop your knowledge of the market.
  • Develop a relationship with one of our professional team with whom you feel comfortable and start building a relationship, so the agents understand your requirements and can alert you to new listings. Your Macleod Real Estate Sales Consultant will be able to advise you of any additional information you may need and also inform you how you can register to receive notification of any new listings that hit the market.
  • If you see a property that interests you ask the listing agent and arrange an inspection bearing in mind may need to give the sellers some notice and make an appointment to inspect some properties.
  • Although representing the seller, every agent has a responsibility to protect your interests and disclose any information that might influence your buying decision. Building a rapport with a good agent means you will be in the front of their minds, and their advice will help you feel confident about your buying decision.
  • Make sure you know the vendor's anticipated price range before you become emotionally involved in the property.
  • Be wary of well-meaning friends, who sometimes think it's their responsibility to find a fault.

You've found the right property...

  • Don't be afraid to tell the salesperson if you are interested, (there is nothing worse than missing buying a property because the salesperson was not aware of your interest). Your Macleod Real Estate Sales Consultant can guide you if you are in any way unsure of the process.
  • A valuation can provide a useful, and unemotional, report on the property if you are concerned or unsure.
  • If you have decided that the property suits your needs, instruct the selling agent that you would like to make a written offer. Ask the agent for a copy of the sale contract. You will see from the contract that an offer will include the amount you are willing to pay, the terms and conditions under which you are offering and also the deposit you will pay.
  • If you like the property, make a sensible offer (close to what you are prepared to pay).
  • If there is other interest in the property, trust your agent to guide you in making your very best offer. You may not get a second chance. Communicate with your agent honestly and they will assist you through the process.
  • Once you've agreed the sale price and following your solicitors or conveyancer's advice on the sale contract and taking into consideration the building reports, you are now able to make an informed decision to proceed with the purchase of the property. You will be required to sign the contract and pay a deposit, usually of 10% which will be held in trust.
  • If you do get a builder's or other specialist's report, remember that the perfect house has never been built. Make allowance for its age and normal deterioration, but take heed of any serious issues that can be costly to remedy.
  • Remember: Vendors prefer offers without conditions, but you need to protect your position. So you may want to consider all/some of these common conditions:

    - Subject to arranging finance;
    - Subject to a pest and builder's report or other building specialists (electrician, plumber);
    - Subject to sale of an existing property.
  • The selling agent will then present the offer to the seller who may accept the offer, reject the offer or return the offer with their counter offer. If the offer is countered, negotiation may then be entered into until an acceptance of all conditions has been reached by both parties.
  • Once the offer is accepted and negotiations have been finalised and the contract has been signed by all parties, the contract is dated and a copy is given to both parties solicitors and possibly also to your financier if requested. Your deposit will be held in a trust account until settlement. At settlement, contracts will then be unconditionally exchanged.
  • Don't forget you must now take out insurance on the building.
  • open home inspection
  • If there were any terms that the contract is subject to will then need to be satisfied within the time specified on the contract (e.g. Finance, Building Inspection).
  • When your finance is approved and your advisers have been notified and any other terms such as building inspection are satisfactory the property will be deemed unconditional – that means all conditions of the contract have been satisfied and both parties will then proceed to settlement.
  • On settlement day your solicitor may recommend that you do a final inspection before settlement takes place just to make sure that the property is in the same condition as when you last inspected it, and that all inclusions have been included as per the contract you signed.
  • When settlement has been effected your agent will have the keys made available to you once notification that settlement has been effective has been received from both solicitors.