Buying Tips

Starting your Search

So you have decided to purchase a property. Where do you start?

Over the past 5 years the Internet has become the virtual shopfront for property search in any area. All agents would have a website to search and most subscribe to the major property search portals.

We would suggest taking the following steps when starting your property search:

  • Log on to local agents websites and subscribe to their property alerts.
  • Go to the major online publications www.realestate.com.au & www.domain.com.au to register for their property alerts which will allow you to receive emails on any new properties which match your criteria.
  • Visit some local agents in your area to introduce yourself and specify what you are looking for.
  • Make sure you get the local newspaper in the area, as well as the metropolitan paper every week.

The best way to gain an upper hand in the real estate market is to educate yourself. One you have established your area of interest keep a tab on property sale prices for all different sized properties, in order to work out market values. This will allow you establish what you will need to spend to meet your requirements, and act quickly and confidently when the perfect property is found.

Establish Price Range & Wish List

The next step is to establish your wish list & price range in which you are searching. Buying property is a compromise. The likelihood of finding one property that will meet all your requirements is fairly slim, so it is best to prioritise what is most important to you.

For example: Number of bedrooms, bathrooms, parking, views, location, condition of property.

Next you must establish a specific price range and limit for your purchase. This is essential, especially if the property is going to auction and you will need to make quick decisions. This price range may vary depending on the property and how it meets your criteria. 

The Purchase

When you have found a suitable property there are a number of steps which you must take.

Firstly submitting an offer. The best advice we can give a purchaser is to act quickly if you are interested and make your interest known to the agent. Many buyers miss out on properties by trying to play the game in negotiations, or by playing their cards too close to their chest. 

An offer can be made verbally, by email or in writing. Remember to specify any terms at this initial stage, for example a delayed settlement.

Your offer has been accepted! Great news, now what is the next step.

If your solicitor has not already looked over the contract for sale, then you must provide him/her a copy. When your solicitor is satisfied with the contract (generally takes 2-3 days) you must sign the contract. 

At this stage you will also provide a deposit cheque, usually 10%. The solicitor will then organise to exchange your contract with the vendor’s executing the exchange.

Settlement

At settlement which on a standard sale is 42 days, you must pay the vendor the remainder of the purchase price. Your solicitor will organise this with you directly. Once settlement has occurred the agent will receive a fax called the order on the agent which directs us to release the keys to the purchaser.