Buying Tips

BUYING ADVICE

Buying a residential property in Longreach district.

When you purchase a residential property it will probably be the biggest investment that you have ever committed to. You should consider all aspects of the property before you make a final decision.

Consider your particular needs according to your lifestyle, family dynamics, proximity to work, schools and amenities and the design of the house. Don’t be put off by bad weather when inspecting a property as it is a good opportunity to check for leaks or poor drainage.

Set an affordable budget and keep to it. Seek advice from financial institutions or finance brokers who offer pre-approved loans, you will then know what you can afford when you begin your search for your home. It is a sound idea to shop around for the most attractive and appropriate finance deal.

You will need additional funds to pay for legal fees, including mortgage insurance(if required) and mortgage documentation, security deposits, connection for electricity and telephone, valuation fees, building and pest inspection and removal costs.

Research the current market value of the properties in your chosen area. Seek the advice of your chosen reputable real estate agent regarding recent property sales.

Only deal with a fully licensed agent who will have a copy of the license displayed in the office. Dealing with an unlicensed person or buying privately lowers your level of consumer protection and recourse to compensation.

Never, never buy property unseen, ideally inspect the property yourself or have a trusted person inspect on your behalf.

A real estate agent by law must endeavour to achieve the best price and terms for the owner of the property. If you wish you can appoint a buyers agent to represent your interests when negotiating a sale.

Ask the agent if there are any encumbrances relating to the property. Check that decks, garage, sheds or pool complies with local council regulations or building standards.

When signing the contract of sale be aware of the Warning Statement PAMD 30c. Appoint your own solicitor, valuer, finance agent, building and pest inspector. All negotiations should be on the Contract. If you are making an offer subject to certain conditions i.e. Sale of your property or finance, you may like to discuss it with the solicitor. Do not be pushed into signing a contract until you understand it fully as once it has been signed by the Seller and you (the buyer) it becomes binding.

Before signing the contract make sure all items included in the sale are included in the contract.

Ensure all alterations made to the contract during negotiations are initialled by all parties and all special conditions can be fulfilled within a reasonable period of time.

It is important to remember that from 5pm on the next working day after signing the contract the buyer carries the risk of the property, so you must ensure that you take out an appropriate cover note to legally protect you if the property is damaged, destroyed or someone suffers an injury.

Longreach Real Estate “ The Difference is our Experience”