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Buying Tips

Buying a home is a big decision that should be thoroughly researched and planned so that you make the most informed decision. Below are some of our top tips for buying a property:

  • Speak with your financier or your home loan consultant to arrange the best loan to suit your needs.
  • Know what you want, prepare a short list of preferred areas that suit your lifestyle. After you have narrowed down the location, consider your budget and accommodation requirements when creating your shortlist.
  • Research sales in your preferred areas using recent sales. A good source of information is your Tracy Yap Realty Area Manager that specialises in your preferred area. You can also use recent sales published on realestate.com.au, domain.com.au and our website. Attend auctions in the area and compare the properties currently on the market.
  • 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.
  • Arrange for thorough inspections by building and pest inspectors.
  • Following your legal advice on the sale contract and taking into consideration the building and pest reports, if everything is to your satisfaction, make an offer on the property through your agent.
  • Signed and Sealed. When negotiations have reached their final stage, you will be required to sign the sale contract and arrange payment of the 10% percent deposit. Your deposit will be placed in a trust account until final settlement. The vendor will sign their sale contract and the solicitor or conveyancer/agent will exchange the contracts. If 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 Bidders Guide at http://www.fairtrading.nsw.gov.au/Factsheet_print/Tenants_and_home_owners/Buying_property/FTR31_Bidders_guide.pdf
  • Use your time productively. The period between exchange of contracts and settlement is usually six to eight weeks. Make the most of the wait, and if it is agreeable, arrange for your architect, builder or interior designer to make their assessments. While the vendor is under no obligation to allow access, apart from a pre-settlement inspection, your agent should be able to arrange reasonable additional access.
  • On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed