Things to know about the preliminaries of buying

x_157_87418_0_14000712_300Deciding that you want to buy a home is one thing. The actual process of purchasing the home is something else entirely. Given how complex even the preliminary stage of purchasing a home can be, it couldn’t hurt to have a handy guide to refer to in order to answer any questions.

How do I look for a property?

There’s a huge variety of ways to find the home that’s right for you. Driving around a particular neighbourhood, you should be able to see which properties are for sale thanks to real estate signs on the lawn. You might also get circulars in the mail with real estate listings. However, nowadays probably the easiest way to look for saleable properties is to go online. The Laing+Simmons website, for instance, lists homes that are for sale, as well as those upcoming auctions and properties open for inspection.

When should I get finance for the purchase?

Ideally, you’d secure finance┬ábefore even looking for a house – so you can limit your options – but you should most definitely get it done before trying to buy a home. It’s most effective to go into any kind of purchasing scenario with a loan pre-approval in your back pocket. That way, you can bid or make an offer with confidence, as well as know your limit.

How should I get finance?

You’ll want to shop around for finance. There are a variety of mortgage providers out there, so make use of the competition to find the most favourable┬árates and conditions for a home loan. You might also think about using the services of a mortgage broker, who has relationships with different lenders.

Should I get a building inspection?

Generally, it’s wise to have an expert take a look at any property before you commit to it. This is especially the case with pre-owned homes however, particularly older ones. Like anything, houses experiences wear and tear over time, and you’ll want to make sure there won’t be any hidden expenses or surprises down the line.

Who carries out the inspection?

According to New South Wales Fair Trading, you should ask a licensed builder, an architect, a surveyor or someone similarly appropriately qualified to carry out the inspection. They will not only know where and what to look for, but will make sure their report conforms with the relevant legal standards.

Should I buy a home even if it has problems?

There’s no right or wrong answer – it depends on your financial situation. A home can still be worth buying if repairs and issues are relatively minor and inexpensive. Just be aware that, in New South Wales, if you hire a builder to do more than $1,000 worth of work, they need to licensed with NSW Fair Trading and they must provide you with a written contract.

Leave a Reply

Your email address will not be published. Required fields are marked *