Buyer Facts – The Process
Pre – Inspection
Buying a home, can be one of the most stressful situations that you and your family can experience. For most people, their biggest asset, so you need to ensure that the place you’ll call ‘home’ will tick all the boxes for both you and your family. To ensure nothing gets missed, start by making a list of all your requirements. Prioritize the list by importance and be sure to differentiate between your needs and wants.
As it can be such a lengthy process until your find the perfect home, you may end up viewing up to 10 homes in a single week so the information can become overwhelming in trying to differentiate between homes as they’ll all have such similar attributes, such as number of bedroom, garages etc. After each inspection take a few minutes in the car to write down some of the key advantages and disadvantages of each property inspected. At the end of the week, compare this to your list of requirements and you’ll gradually start eliminating the homes which just simply, don’t make the cut.
Be flexible and objective and try to avoid preconceived ideas that may cause you to miss better ideas highlighted in the home. Be realistic when inspecting homes. Rarely will one home measure up completely. Take notice of the homes, which meet most of your needs.
Don’t rush inspections and don’t attempt too many inspections in one day – it is easy to become confused. Be prepared to make a second visit to a home. If you are buying with someone else, both parties should inspect the property together. Each partner may have slightly different requirements in a home and it is important that you both agree about the suitability of a home. Once you have found an acceptable home, have a look around the neighbourhood. Check the area for community facilities and other types of surrounding properties ‘ for example, industrial properties, which may cause both noise and air pollution ‘ and ask your agent for further information on the area. If you are purchasing a property as a rental investment, then prior to submitting an offer, it would be a good idea to have the property manager, to inspect the property with you. The property manager has extensive knowledge of rental properties and has a keen eye for detail and the rent that should be obtained from the property.
The property manager will be able to suggest what improvements/repairs should be or will have to be attended to prior to renting the property.
Location, Style and Size
In choosing the right home there are several factors you need to consider, including: Location: preferred suburbs access to schools, work, amenities, style and size along with your specific needs.
In deciding on a location, your personal Platinum sales representatives know areas extremely well and are also aware of any proposed changes in the area that are likely to affect your investment. However, you should consider factors such as distance from your place of work, nearby educational facilities, availability of recreational facilities, the local town-planning regulations and the development potential of the land.
When determining the style and size of your home, consider your basic needs and discuss these with the agent, for example:
* Vehicle requirements, such as Garage spaces or Carports.
* An extensive garden or easy care surrounds
* Family living areas: games room, bedrooms etc.
* Inside and outside entertaining areas
* Capacity to extend, allowing your family potential room to grow in comfort.
Although the sales representative can relate the matters relevant to the sale, prior to submitting an offer you should make your own enquiries to satisfy yourself on the suitability of the property.
One of the most important factors, If you require a loan to enable the purchase of a home, then your capacity to meet home loan repayments will determine the price range in which you can consider buying. It is strongly recommended to establish your buying capacity prior to searching for a home to reduce any uneccasarry disappointment or strain on repayments.
Platinum Real Estate’s highly recommended financial service assistants can help you in finding a loan which is right for you.
Offer and Acceptance – The Process
Agents are normally paid by the seller to obtain a fair and reasonable price and are required to act in the interests of the seller. The agent is under no obligation to advise you if another buyer offers neither a higher price nor the value of that offer. The agent must simply present your offer when it is received.
If you are genuinely keen on the property you have selected, then it is in your best interest to make your best offer.
Carefully consider the feedback from your personal sales representative. For example, if the agent informs you that the seller is not willing to consider offers below a certain price, then by making a low offer, you may risk the chance of loosing the perfect property.
The Offer and Acceptance Contract
The details of your offer are expressed in the Contract of Sale. This is a legally binding contract that sets down the terms and conditions under which the purchase and sale will be completed.
After you have signed the offer the agent then forwards the offer to the seller. The seller may not agree to your price and/or your conditions. The seller may make a counter offer or may totally reject your offer.
The contract is not legally binding until the Contract for Sale is signed by all parties who are signatories to the contract, and communication of its acceptance is conveyed to all parties who are signatories to the contract.
The seller shall give the purchaser reasonable opportunity to inspect the property within seven days prior to settlement. The purchaser would use this opportunity to determine if any special conditions have been satisfied and to determine if the property is in the same state and condition as inspected by the purchaser on or immediately before the date of the contract.
At settlement, the balance of the purchase price is paid to the seller, any outstanding mortgages discharged, new mortgages lodged, and then the purchaser becomes the legal owner of the property. This is moment where we a honoured to present you the keys to your new home.
This all may seem like alot of information to take in at once, but please don’t be disheartened. Buying a home is overall a wonderful experience as its a new adventure where new memories begin to grow. Rest Assured, All the staff at Platinum Real estate will be there to assist you every step of they way.
With Best Wishes
-Elvira & Team