Why TPC: Buying Tips

Buying a property is not an everyday event, so the process can become a little confusing. Here are some helpful hints to guide you through the process and get you into your new home.

1. Determine your Price Range:
Know what you can afford to spend. It may be best to meet with your bank or financial advisor. It may also prove beneficial to obtain pre-approval on finance. This will ensure that you can make an offer on the right property when it pops up, without wasting any time.
2. Decide what you are looking for.
This involves what area you prefer to live in, what features the property must include, whether you are prepared to renovate etc. This will help you sort through all available listings and find your dream home.
3. Understand your market.
It is best to inspect a few properties, in order to determine the value of your area. This will give you confidence in purchasing the right home, when you know it worth.
4. Give us a call.
Keeping track of the market and all available listings can prove to be difficult. Contact a member of our sales team and we will provide you with email updates of any new listings which will suit your criteria. This will ensure that you don’t miss out on your dream home.
5. Assess the Property.
Once you’ve found the right property, quantify it. Does it fit in your price range? Does it have all the features your looking for? Does it require any renovations? Ensure you obtain and undertstand the Contract of Sale. Once you have an understanding of all the details, you will have confidence in making an offer. If you don’t understand any part of the contract, contact a member of our friendly staff for clarification.
6. The Contract of Sale.
The Contract includes all the details, conditions and information relating to the property. Ensure the contract is passed onto your solicitor or conveyancer who will look over the contract to confirm that all is in your best interest.
7. Making an Offer.
Once everything has been confirmed with your solicitor and/or conveyancer you will be in a position to make an offer. Once a sale price has been negotiated, you will be able to exchange contracts on the property. You will also be required to provide 10%  of the Sale Price as a deposit on the property (unless otherwise agreed).
8. The Deposit.
The deposit paid is usually held in an interest bearing account until the settlement date. Any interest earned on the deposit is equally shared between you and the vendor.
9. Cooling Off Peiod.
After the Exchange of Contracts, a cooling off period of usually 5 working days will apply, unless you choose to waive this period. The cooling off period provide you with time to undertake your due diligence, being any building, pest, or strata inspection reports.
10. Pre-Settlement Inspection.
Settlement usually takes place 6 weeks after the exchange of contracts. It is advised that a final inspection of the property is undertaken the day before settlement, in order to ensure all inclusions as noted in the contract are as they were when contracts were exchanged.
11. Settlement Day.
The balance of the Sale Price is paid, An Order on the Agent is submitted to account for the deposit held in trust, and you will then be issued with a Settlement Notice by your agent or solicitor. Once this has been done, you can pick up the keys.