BUYING TIPS

1. Wherever possible only deal with a member of the Real Estate Institute of NSW. They are bound to abide by a Code of Conduct and can usually be trusted to display good ethics and fairness throughout the process of buying your home.

2. Speak with your financier or your Broker to arrange the best loan to suit your needs. Shop around. Buying a property is a long term venture, so it is important to have all the facts. Remember to budget for NSW State Government Stamp Duty (where applicable), legal fees and other costs (First Home Buyers may get special treatment). Don’t be afraid to ask about so called “Professional Packs” where preferred clients can get special interest rates and additional no-cost features built into their loan. The cheapest interest rate is often not the cheapest loan overall.

3. Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind your affordability and accommodation requirements. Research sold properties in those preferred suburbs. Inspect as many homes as you can in your preferred suburb, so you have a feel for which homes represent the best value. Attend as many open homes and public auctions as you can.

4. Let one of our team know if you are relying on the sale of your current property in order to purchase a new one. Often, we can arrange the settlement time schedules so that the entire procedure runs as smoothly as possible.

5. Develop a relationship with one of our professional team who specialise in your preferred area. Your Neighbourhood Realty Sales Consultant will be able to advise you of any additional information you may need, and also inform you how you can register on our website to automatically receive notifications of any new listings that hit the market – usually before they are released to the general public.

6. When you find a property that suits your requirements you should let your agent know! After considering all the factors, you may like to make an offer on the property. Everyone’s expectations of how this part of the process takes place can be different, but the main purpose of negotiating is to reach an agreement! Setting your starting offer too low can cause negotiations to stall, and create tension and problems communicating between yourself and the seller. The seller is proud of their home, and usually has a very good idea of what it is worth. Don’t be afraid to put your best offer forward. If the property eventually sells above this price, at least you know you gave it your best. There are few things more frustrating than the knowledge that you could have had your dream home, if you had just been a little more open, realistic and flexible with your offer. Don’t forget the saying, “…time is money…” Maybe you have reached the limit of your budget, but you may be able to settle at a time that suits the seller (either quicker, or slower). Timing is one of the most important and overlooked factors in a negotiation.

7. You might ask your agent to send a copy of the sale contract to your solicitor or conveyancer so he/she can start to take a look at the terms of the contract.

8. We recommend ALL properties have a thorough pest and building inspection conducted during the cooling-off period (where applicable). ALL homes have some problems if you look hard enough in the right places (Yes, even brand new ones!), and it is your advisor’s job to make sure you are aware of what those problems might be. They will usually provide an extensive report pointing out which items might require attention soon, and which items are ongoing maintenance items for that particular style of house. Your solicitor/conveyancer can arrange pest and building inspections, or you can arrange your own.

9. Following your solicitor 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. Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in a trust account until settlement.

10. Just prior to settlement day it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed. On settlement day, leave enough time after the physical settlement for each solicitor to return to their office, and send off the required letters. You can usually pick up the keys to your new home by close of business the day of your settlement. Your Sales Consultant contact you to let you know if everything is ready for you even earlier.

Buying a home is an exciting time, and it doesn’t need to be stressful! It is normal to be a little tense (even for those who have bought and sold before), but don’t worry, our experienced team have helped many families through all of the same emotions, and are here to assist you. We will do all we can to help things run as smoothly as possible for you.

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