Tips for buyers
Buying a property can be a challenging process – especially if it’s your first time. The following advice is designed to help you navigate your way through the buying process and ultimately secure the property of your dreams.
Here are a few tips to help you along the way….
1. Prepare a list of preferred areas that suit your specific lifestyle needs. Keep in mind affordability, access to local facilities and accommodation requirements.
2. Do a bit of research into recent sales in your preferred suburbs. Begin to attend open-house inspections and auctions of properties in these areas to establish a feel for local prices.
3. Develop a relationship with a Frank Dowling sales agent who specializes in your preferred area. The agent will be able to offer additional advice and can also introduce you to new listings – even before their campaigns begin.
4. Consult your financier as to the most appropriate loan that best suits your specific budgetary requirements. Feel free to use our loan calculator or Stamp duty calculator for an estimate.
5. When you find a property that fits your detailed criteria, ask your Frank Dowling agent to post or email a Vendor’s Statement to you as well as your solicitor or conveyancer to peruse.
6. It may also be prudent to arrange a building inspection and pest inspection that will alert you to any major faults, defects or pest concerns.
7. Once your solicitor or conveyancer has given you their advice, and taking into account the results of any building and pest reports, you will be in a good position to make an educated decision whether to bid at auction or proceed with a private offer on the property through the agent.
8. Another source of information regarding all aspects of real estate can be found on the Consumer Affairs website which is an invaluable resource for anyone buying or selling property.
9. Whether at auction or through private sale, finalizing your purchase will require you to sign the Contract of Sale documents and pay a 10% deposit. Your deposit will be held in the agency’s trust account until settlement. The vendor will also sign the Contract of Sale and copies will then be forwarded to both solicitors/conveyancers.
10. Prior to settlement, a final inspection of the property is usually carried out by the agent and you, the buyer. This is to ensure the property you are about to own is the same as it was the day you signed the Contract of Sale documents. The final inspection is normally performed just a few days before settlement – usually once the vendors have moved out. The home should contain all the chattels and inclusions listed in the Contract of Sale as well as any other standard fixtures unless otherwise specified.
11. On the agreed day of settlement, your solicitor or conveyancer will have made all the necessary arrangements to ensure a smooth and hassle-free transition of ownership from the vendor to you the purchaser.
12. You will be notified by your solicitor or conveyancer that the property has settled. At this point the keys will become available to you from the Frank Dowling office. It is now yours to enjoy. Congratulations!
Throughout this exciting yet sometimes daunting process, an experienced Frank Dowling Estate Agent is just a phone call away for any general advice you may require. If you need any assistance please contact us at any time – we’d be more than happy to help.