Buying a property is exciting and is one of the biggest investment you will ever make, so to make sure your on top of things, Elite Partners have created a handy checklist of items in order to help you with the process and are always happy to assist with any questions you have.
It’s important to obtain the right information and have excellent local knowledge, and at Elite Partners Real Estate we will work hard to meet your needs and requirements.
1. Engage A Conveyancer or Solicitor
It’s important to engage a solicitor or conveyancer who will be able to take care of the legalities to protect you and explain your capabilities. Registered conveyancers are experts who specialise in conveyancing work, Some conveyancers are qualified solicitors but many are non-solicitors who have completed specialist tertiary education in conveyancing.
Choosing to self represent your self can be risky if your unaware of the legalities, even the most simple-looking transactions can become complicated by legislation and regulations.
Ask your conveyancer to consider things like checking over the contract, local or national planning controls, permitted uses, heritage overlays and body corporate/strata constraints and like any transaction, if you have any concerns or additional knowledge regarding the property you’re buying, communicate them to your solicitor or conveyancer to ensure the best outcome.
2. Engage a Broker or Banker
If you are considering purchasing at auction, its important to engage a finance broker or banker who will help you obtain a pre approval prior to bidding or offering a price, to enable you to know your limits and your maximum bid. Shop around for the best rates as this can make a difference of up to 2% interest on the loan between lenders. Don’t forget to check the fine print to see what the hidden fees are and any extra costs etc.
There has been people who were the successful bidder at auction who signed the contract and paid the 10% deposit, to later find out they were not able to obtain funds from the bank to settle the property and because there is no cooling off period at auction they lost their 10% deposit, that’s the last thing you need when your investing your hard earned savings into a property.
3. Engage an Accountant
When you engage an accountant be sure to ask them, are they financially secure themselves? what experience do they have with property purchasing? your accountant should play an important role in purchasing a property because if they have knowledge around property transactions they should be able to advise what name, structure and advise the tax implications involved when purchasing a property. Especially if you are an investor.
4. Do Your Research
Once you know the legalities, have finance in place and you know your purchasing structure now your ready to start to research the market. Firstly think about the location you would like to purchase in, what type of property are you looking for, are there any future infrastructure planned or rezoning to come.
If you partner with Elite Partners Real Estate we can help you with most of the information you are after. Attend auctions to find out what properties are selling for, to get confident and to get a feel for the market. Check out www.realestate.com.au to check what’s currently available for sale and check out www.rpdata.com.au to get an accurate figure on what properties have been selling for in the past.
5. Know The Process & Proceed
Now that your confident with everything, learn the sales process, you can start by inspecting property you like, take note of anything that is worrying you, pick your top 3 wish lists in a property and when you find it go for it. Ensure you order a pest and building report if you are worried about something you have seen during the inspection. Ask for the contract of sale, ask for any amendments to the contract such as delayed or shorter settlements, lower deposits etc prior to signing anything if the vendor agrees, if not the standard deposit is 10% on exchange of contracts and 6 week settlement.
We hope that if you follow these steps you, will be able to build your property portfolio and remember always ask when in doubt we are here to help you call us on 02 9713 2900 anytime.