Purchasing property can be both an exciting and overwhelming experience. In this short but sweet seven-step guide, we will equip you with essential tips to streamline your property purchase process and secure the best possible outcome. We’ll also share a few secrets along the way.
Step 1: Know Your Budget
Understanding your budget is the crucial first step in the property-buying process. By obtaining finance approval early on, you gain a clear picture of your affordability and can focus on properties that align with your budget. Insider’s secret: a great mortgage broker is a must as they will have access to various lenders and will be able to find the best fit and option for you.
Step 2: Do Your Research
Thorough research is key to finding your dream property. Investigate factors that matter to you, such as school catchment zones, proximity to amenities, public transport, and potential hazards like flood or bushfire zones. Insider’s secret: visit the local council website to obtain detailed information on the property.
Step 3: Understand the Property’s True Value
Avoid overpaying for a property by researching the area’s market trends and understanding the true value of comparable properties. Insider’s secret: look in the sold section on www.realestate.com.au as this will give you a great indication of what’s going on in the area.
Step 4: Understand the Vendor’s Motivation
Building rapport with the selling agent can provide valuable insights into the vendor’s motivations. Ask relevant questions, such as why they are selling, whether they’ve bought another property, and their preferred settlement period. Insider’s secret: Don’t interrogate, just communicate.
Step 5: Create a Checklist
Save time during property inspections by creating a checklist of your non-negotiables and desirable features. This will help you stay focused on properties that meet your criteria. Insider’s secret: record a video walk-through of the property as this will help you.
Step 6: Get Independent Building and Pest Inspections
To avoid unexpected surprises, invest in an independent building and pest inspection. This helps you identify any potential issues or maintenance requirements upfront. Insider’s secret: this can be done either before you put in an offer or during the cooling-off period.
Step 7: Be Aware of Additional Costs
Understanding all additional costs involved in the property purchase is essential for budgeting accurately. Costs like stamp duty and legal fees should be thoroughly examined. Insider’s secret: always have a licensed conveyancer or solicitor review the contract of sale prior to making a formal offer. This ensures a smooth and secure transaction.
Bonus Step: Put Your Offer in Writing
Once you’ve found your property, always make sure you put your offer and the applicable conditions of the offer in writing. Insider’s secret: the selling agent has a duty to present all written offers to the vendor, even if they believe the offer is unlikely to be accepted.
Get In Touch With Central Coast’s Most Highly Rated Buyer’s Agent Team Today
Purchasing property is a significant investment and a well-informed decision can make all the difference. At Sharp Property Buyers, we are here to guide you every step of the way, making your property journey a rewarding and successful experience.
Property News & Tips
Australian Property Predictions for 2024
Unlocking Property Potential: Deciphering Rental Yield in Australian Real Estate Investments
The Importance of Pre-Settlement Inspections When Purchasing Property
Coastal Paradise for Families: The Best Beachside Suburbs on the Central Coast
A Long Weekend in Terrigal on the NSW Central Coast
The Inside Scoop on Off-Market Properties
Making Smart Investment Choices: Should You Buy An Established Property Or Brand New / Off The Plan?
Unleash the Fun: Central Coast’s Top Dog-Friendly Beaches
Real Estate Agent vs. Buyer’s Agent: Deciphering the Difference
I want to make sure my clients are buying the best possible property available for them.
Matt Sharp - Director
The extensive history of successful property acquisitions and investments we’ve facilitated speaks volumes about our prowess. Our track record showcases a consistent pattern of achievements that underscore our ability to turn clients’ dreams into reality.
To learn more about our full-service packages, contact us today.