| We trust when looking for your new home or investment property that these buying tips will make the buying process a little less stressful.|
Let First National Broken Hill take the stress out of your next big move and contact our friendly staff to assist you with your real estate needs.
1. Knowing your limit
Before looking at properties, work out how much you are able to spend. If you require finance, make an appointment with your financier or Mortgage Broker to work out the loan which best suits your needs and to establish how much you are able to borrow.
If possible try to get your loan approved subject to a contract of sale, this will save time during the settlement process.
2. Knowing what you want
Before heading out to look at properties make a list of what you are looking for, some helpful questions to ask yourself may include:
- Do I have a preferred area or neighbourhood?
- How much am I prepared to spend?
- Am I prepared to undertake any renovations or improvements to the property? If yes, to what extent?
- Will this property fulfill my purpose to purchase? eg. For an investment property: Will the rental potential have an adequate return? Upgrading property: Will the property have enough room?
- What are the essential features the property must have? What are the desirable features the property may have?
3. Knowing the market
Before looking at potential properties do some market research to see what you get for your money. Some methods you could use to get a feel for the market may include:
- Contact our Sales Agent or Office Staff for information
- Attend our weekly Open Inspections - details can be found in The Barrier Daily Truth Real Estate section on saturday mornings.
- Collect a Property Brochure from our office - A full colour brochure of all properties for sale in price order
- View the properties online
- View our Properties For Sale display in our office
4. Knowing the right agent
As a purchaser it is important to feel comfortable with the quality of service you receive from an agent and their office staff. Our staff are trained to assist you during the sales process and will be more than happy to provide further information upon request.
Our sales agents are:
5. Knowing which property is for you
Once you have established what properties an Agent has available, go for a drive past the properties for a closer look. Don't make the mistake of ruling out a potential property based solely on the listing photo. Sometimes a property may look better in real life than in pictures.
Going for a drive past the property will help in learning more about the property, such as; gaining a general feel for the neighbourhood, street appeal, access available to the property, condition of fences and roof etc.
Once you have narrowed down which properties you would like to look at closer, contact the agent for an appointment. All our office staff are trained to organise an appointment for you, depending on occupancy and current bookings we can organise an appointment for as early as the next working day.
6. Knowing your terms and what you're prepared to offer
Once you have found a property that you would like to purchase, it is time to contact the Sales Agent with an offer to purchase. Before doing this you may wish to take the following factors into consideration to help in the negotiation process:
- What is the maximum you are prepared to pay for the property?
- What approach are you going to take with the agent when placing your offer? Eg. Will you start at a lower offer to start the negotiation process? Or will you go in with your maximum offer, advising the agent that this is the maximum?
- Are you able to pay the expected 10% deposit of the purchase price when contracts are to be exchanged? If not, what are you are able to offer? eg. 5% ? A fixed amount? Or maybe a deposit bond guarantee from your bank?
- Are there any conditions or subjections to your offer? eg. At your own cost and once your offer has been accepted, will you be organising a building, pest or any other inspections you require to make an informed decision on your purchase? Do you require finance? If yes, what stage is your finance up to? eg. Conditionally approved subject to a contract of sale and/or a valuation of the property to be purchased.
Once you have decided your terms and what you are prepared to offer, call the Sales Agent so that they can receive your offer and then advise the Vendor. Upon notification from the Vendor, the Sales Agent will contact you to advise how the negotiations are proceeding.
If a Sales Agent is not available at the time of your call, our office staff are trained to take your offer details to pass onto the agent.
8. Knowing the (buying) sales process
Once the agent has contacted you to advise that your offer has been accepted, the following usually occurs:
- The Sales Agent will contact you for your purchasing details which includes: The name the property will be purchased under, contact & postal details, confirmation of the conditions of the offer, what Solicitor/Conveyancer you would like to nominate to act on your behalf (you need to ensure that they are licensed to act upon Conveyancing matters in NSW.)
- You are required to organise any agreed inspections or conditions to be completed within a 2 week time frame, please feel free to discuss this process with our Sales Agents or office staff.
- Our office staff will notify both your nominated Solicitor/Conveyancer and the Vendor's Solicitor/Conveyancer of the purchase/sale of the property and any conditions applicable.
- You need to make an appointment with your Solicitor/Conveyancer to discuss the contract so that you are able to make an informed decision about your purchase.
- Once all your conditions have been completed and you are happy to proceed, you need to sign the contract of sale and make available your agreed deposit. This can either be paid to our office (to be held in a non interest bearing trust account) or can be paid to your Solicitor/Conveyancer. Once both parties have signed the contract of sale and the agreed deposit has been paid, exchange of contracts can now occur. This process signifies that both the Purchaser (You) and the Vendor (Owner) are prepared to enter into a legally binding contract to purchase/sell the property as per the conditions executed in the contract of sale.
- You have a 5 working day cooling off period after you sign the contract of sale. Once this period has expired, our office is notified of exchange of contracts and the sold sticker is displayed at the property.
- The settlement date is usually 4-8 weeks from exchange of contracts. You will need to discuss this time frame expectancy with your Solicitor/Conveyancer.
- Once you have an expected settlement date, follow up with your solicitor the week preceeding this day to make sure all is going to plan and to confirm the actual day of settlement.
- Once you have confirmed settlement date, it is advisable to undertake a final inspection of the property prior to settlement. This inspection is to ensure that the property is in the same condition and the inclusions as agreed in the contract are present. When organising an appointment with the agent for a final inspection of the property, please call our office at least 24 hours prior to when you need to inspect the property. This will reduce the risk of your appointment time being taken by another client. After your inspection advise your Solicitor/Conveyancer of how you went.
- Upon settlement our office will be notified in writing by your Solicitor/Conveyancer to release the deposit to the Vendor. We will also be notified in writing by the Vendor's Solicitor/Conveyancer that we are at liberty to release keys to you.
Contact our office today
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