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9620 2022

Buying Tips

  1. Speak with your financer or your mortgage broker to arrange the best loan to suit your needs. Loan pre-approval is a big advantage. Find out how much you'll be able to borrow and what your repayments will be so you know how much you have to spend. Having your finances organised gives you more chance of securing a purchase and is an asset when negotiating with vendors.
     
  2. Prepare a short list of preferred areas that suit your lifestyle. Keep in mind affordability and accommodation requirements. Make a list of the attributes you most desire in a property, including your ‘must have' features, such as location, number of bedrooms or parking.
     
  3. Sign up to Property Alert services . Most agencies and all of the major property search sites such as realestate.com.au have ‘property alert' facilities. Simply enter your details and your property requirements and you'll be emailed as soon as a property meeting your criteria is listed. This helps give you a jump on the market and saves considerable time.
     
  4. Invest the time in inspecting as many properties as possible. This will give you a better understanding of the market, put you in a better position to negotiate, and help you recognise a bargain or an overpriced property. Sources such as The Sydney Morning Herald Home Price Guide also provide useful comparable price information.
     
  5. Develop a relationship with a Country Lane Properties Sales Agent specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
     
  6. Organise your lawyer or conveyancer. Make life easier by having a conveyancer or lawyer that you can engage as soon as you take out a contract on a property. If you don't know of one, ask the real estate agent you're dealing with – they can generally recommend a reliable contact.
     
  7. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
     
  8. We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites. For the few hundred dollars these will set you back, they are absolutely worth it for your peace of mind. They will help ensure you don't end up with unknown problems which could cost you thousands down the track.
     
  9. Following your solicitors or conveyancer’s advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.
     
  10. f you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf. You may bid by getting the auctioneer’s attention with your voice, by waving your hand, nodding your head, etc. Ensure that you position yourself where the auctioneer can see you.
     
  11. If you are unsure about bidding at an auction, you may wish to engage the services of a member of the Society of Auctioneers and Appraisers or the Real Estate Institute in your state, who are independent of that particular auction. They will be happy to act on your behalf for an appropriate fee. If you engage a member to act, they will require instructions in writing and the limit of your authority.
     
  12. 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 trust in an interest bearing account until settlement. If you're bidding at auction, make sure you have adequate funds in your cheque account to pay the deposit.
     
  13. 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 trust in an interest bearing account until settlement. If you're bidding at auction, make sure you have adequate funds in your cheque account to pay the deposit.