At link2realty we understand buying a property can be a daunting and stressful experience. It is why we work hard to ensure we are by your side every step of the way. Our goal is to make the process of buying your next property a positive one, where you can make informed decisions without feeling any pressure.
The process of buying your first home doesn’t have to be overwhelming. We’ve prepared some initial tips here to help you along the way, but one of the first things you should do is investigate if there are any grants you can take advantage of.
Finance is an obvious key to purchasing property. It is important you establish your financial options and limits from the outset. In most cases, purchasing a property will involve borrowing funds. If you need guidance or assistance with choosing a lending institution, link2realty can put you in touch with a couple of local mortgage brokers who can help you find the best deal for your situation. Obtaining a pre-approval finance letter from your lender prior to buying will give you an advantage when negotiating your property purchase.
When should I buy?
Timing is important when buying real estate, and there are many factors to consider
For example, in the summer months there may be more stock on offer, giving buyers more room for negotiation. However, this can be outweighed by the increased number of buyers competing for the same properties. The cooler months can see fewer properties for sale, meaning less competition which can drive prices up, but there may be fewer interested parties. There are no hard or fast rules.
At link2realty we believe every purchase requires personal attention, to assess the factors relevant to that particular property, in that location at that point in time. This is where the assistance of an experienced real estate agent can be invaluable.
Matching people with properties is what we do all day every day, and we can help match you to your next property.
To begin, contact us at link2realty and ask to speak to an agent that works in the area you are looking to buy in. We not only have access to properties currently available for sale, but also are aware of properties not yet on the market.
When you contact us you can register your preferences which we will load onto our buyer database. You will categorised according to your buying preferences, time-frame and budget and will be alerted to suitable properties before the general public.
Once you have identified some properties of interest you should arrange to view them. This can be done a number of ways:
Whichever way you choose, this is an opportunity for you to ask questions about the property and gather as much information as you require to make an informed purchase decision. If you are still unsure about any aspect, you may need the expertise of builders, architects or engineers to provide their professional opinion on the property you are looking to purchase.
When you are confident you have found the right property for you, proceed to the next step of asking your agent to write up an offer to purchase your desired property. Your link2realty agent can guide you on all the contractual obligations regarding the purchase, and can assist you with any conditions you may wish to add to the contract.
Remember, a diligent agent will know their market and be able to provide you with comparative sales evidence relating to your purchase.
There are no guarantees your first offer will be accepted; be prepared to negotiate if this is the right property for you!
When making an offer to purchase property you want to protect your own interests at the same time as making your offer as attractive as possible to the seller.
A cash offer is the simplest and most attractive offer to a seller as it has no conditions attached. A buyer with a cash offer usually will have more bargaining power over the sale price than a buyer with a conditional offer, and settlement can be quicker if desired. If you want to make a cash offer you need to make sure your finances are in order to cover such a decision.
Many buyers make an offer to purchase a property subject to certain conditions. A ‘subject sale’ offer is conditional on the sale of your own home or another property. This can work well when properties are selling quickly, but it can restrict your negotiating position if there are buyers willing to make non-conditional offers. To increase your chances of a successful purchase you may need to consider offering a higher price than you would with a cash offer.
You can also make a subject sale offer with a ’48 hour clause’. This means the seller has the right to receive other offers, and if they choose to accept a subsequent offer they must provide you with 48 hours to make your offer unconditional or you can withdraw from the sale.
Another common form of offer is one ‘subject to finance’. This offer is subject to your nominated financial institution approving finance by a certain date. Many purchasers are now seeking pre-approval letters from their lenders prior to purchasing a property – this is a proactive step in ensuring you can buy within your means. Although pre-approval letters do not make your offer unconditional, they certainly give both the seller and agent confidence in your offer.
Buying at auction is not difficult, but we recommend you discuss your interest in an auction property with the selling agent well ahead of the auction date. To get a feel for and an understanding of the auction process it is advisable to attend several auctions before you intend to bid at one. This will give you confidence in buying at auction.
If you plan to bid at an auction you must be able to purchase without any conditions regarding finance or the sale of another property. In real estate terms you must be prepared to buy the property ‘unconditionally’ and be able to pay a substantial deposit on the fall of the hammer.
At link2realty we have conducted many auctions and are well experienced to guide you through the process.
Once your offer to purchase a property becomes unconditional you will be required to undertake a final inspection of the property. At this inspection you will need to satisfy yourself that all electrical, gas, plumbing, reticulation and/or pool equipment is in good working order. Once completed the property will proceed to settlement.
In most instances, settlement will take place on the day stipulated in the sale contract. When the settlement process has been completed, your settlement agent will notify you. Your real estate agent also will confirm the sale is complete and arrange a time to hand over keys and other relevant material relating to the property. The purchase of your new property is now finalised. Congratulations!