Buying Tips

Buying any property is an exciting time, not only are you purchasing an awesome asset but often buying signifies the move toward the next chapter in your life. The team @ Real Estate will give you the personalised attention you deserve and help you take control of your future on the beautiful Capricorn Coast, whether you are buying in Yeppoon or Emu Park or anywhere in between. Armed with an advanced range of resources, tools and technology all designed to help you find the perfect property, and make the process as easy and enjoyable as possible.

In our experience there are a few simple steps you can follow to secure your future. Remember the team at @ Real Estate will be here to help you every step of the way.

 

Step 1

Be practical and work out exactly what you want. Many people get so excited and caught up in the idea of buying a home that they often forget what it is they are actually wanting to buy and as a result find it difficult to find the right property.  Start by asking yourself why do I want to buy?  Maybe you want to purchase your first home / stepping stone, or purchasing your dream home, or buy an investment to gain capital growth / positive rental return.

Buying a home to live in should be like falling in love, you just know when you have found the right one. You will be able to imagine what it will be like to live in the home and the lifestyle that comes with purchasing this home. However, if you are buying for investment you will properly be looking for the property with the highest return on your investment capital growth / rental return.

 

Step 2

Once you have established why you are buying you will then need to find a team of professionals. It is extremely important you have a team of reliable professionals on your side and you communicate your intentions clearly with them, true professionals will genuinely want to help you achieve your goals, are easy to work with and bright. Your team should include;

A personal Property Consultant. A Real Estate Agent that understands what you are looking for, and will stop at nothing to find the right property for you.

An amazing Accountant. A good accountant is worth their weight in gold, and then some. If you intend to buy property to sell or rent, you need to consult your accountant first.  You do not want to be paying extra taxes that could have been avoided.

A sassy Solicitor.  It is also important to consult your solicitor before signing a contract. A good solicitor will help guide you through the purchasing process and much more.

An experienced Lending Manager or Mortgage Broker. They will be able to suggest finance options to make your dreams reality and potently save you money.

Remember communication is the key to any good relationship.

 

Step 3

It is best practice to meet with your Mortgage Broker or Bank Manager, to establish your maximum purchase price as well as the level of finance you are comfortable with.

 

Step 4

Create a wish list using, down load printable version here.

 

Step 5

Research

Get to know the areas you are interested in.  You may find our suburb profiles to be a great starting point.  Walk, run or ride around the areas you are interested in, you will see so much more at the slower pace.  You never know you might even find your dream home.  Remember if you find a property you are interested in, please contact us, even if it is not currently for sale or listed with another agent, as we may still be able to show you though that property or something similar.

Search

Find a Real Estate Agent who takes the time to fully understand what you are looking for and work with them to find your ideal property.  Alternatively, you may like to search online, to ensure a more efficient search process use specific search filters.  When you find a property you’re interested in contact your agent to arrange an inspection.

 

Step 6

Inspections

When inspecting a property take your time and have a good look around.  Ask your agent any questions you might have.

 

Step 7

Negotiation

There are many many negotiation strategies out there, a small few are effective, while most just waste the buyer, seller and Real Estate Agents time and send everyone involved on an emotional roller coaster, some will even result in you paying more.  We have found our best success by following these simple steps;

  1. Do your research and work out your budget, so you know how much you can afford to pay.
  2. Take a step back and remember why you are buying, is it investment or personal.
  3. Consider the seller’s situation.
  4. Look for a win win for everyone.  What can you offer to help the seller achieve their goal?  You might have enough funds to make a cash offer, so the seller knows they don’t have the risk of you not gaining finance.  Or maybe you could offer a larger deposit to show you are keen and demonstrate you have some money behind you, maybe a shorter or longer settlement time would benefit the seller.
  5. We find honesty is the best policy, explain your situation to your Real Estate Agents.  Communication is the key, keep the lines of communication open and honest.

 

Step 8

Signing the Contract

You’re personal @ Real Estate Agent will arrange a standard REIQ contract for all parties to sign and provide you and your solicitor with a fully signed copy.   In Queensland you can negotiate to have your contract subject to finance and building and pest inspection, usually 14 days.  At this point you will be required to pay a deposit into the agents trust account as well as finalise your finance, organize your building and pest inspection and insurance for the property.

 

Cooling Off Period

From the day the buyer receives a fully signed contract the five working days cooling off period begins. This gives the buyer the right to terminate the contract for any reason, even an unconditional contract. A penalty of 0.25% of the purchase price may be charged by the seller.

 

Unconditional Contract

This is a contract of sale without any conditions or a contract of sale where all conditions are met. The five day cooling off period still applies.

 

Buying at Auction

Remember that buying at the fall of the hammer on auction day results in a contract of sale without any conditions and without the five day cooling off period. Your finance needs to be fully approved and building and pest inspections carried out prior to auction day.  You’re @ Real Estate Property Consultant can provide you with a copy of the contract at any time during the auction campaign. Length of settlement can be extended and deposit amount lowered provided that the seller agrees.

 

Step 9

Unconditional Contract

Building and Pest Inspection
It is always recommended to obtain a building and pest inspection, so you know exactly what you are buying.

Finance
If you are obtaining finance, it is during this time your lender will complete the property valuation and provide unconditional approval for finance.

Once all of the conditions on the contract such as the building and pest inspection and finance clauses have been satisfied the contract becomes unconditional.

 

Step 10

Settlement Day

Congratulations!!! Settlement day is generally 30 to 90 days after the contract date, as agreed to on the contract.    This is when the seller hands over transfer documents and the buyer pays the contract price and takes position of the keys and property.

 

You may also find our moving check list helpful, down load printable version here.
Check out our Guide to Selling Your Home Ebook, full of helpful tips and checklists here