Buying Tips

Outline Your Goals, Needs & Wants

Home ownership can be a compromise. It is helpful to be clear about non-negotiables such as property type, size and location. Ask yourself some of the questions below to gain further insight.

  • Are you buying as a financial investment?
  • Will your purchase be a stepping stone to bigger things?
  • Is the dream to find your forever home?
  • What is your criteria regarding being close to work, school, transport?
  • If you are downsizing, what elements are not flexible?

Knowing why you’re buying will help you define your criteria and make your search quicker and easier.

Budget & Financing

Being aware of what you can afford before you start looking at homes can help you avoid big disappointments down the road. Our team at Ray White The Entrance can direct you to reputable mortgage consultants to obtain finance pre-approval for your impending purchase.

Making an Offer

You’ve found the perfect home and it’s time to make an offer. All terms and conditions of the sale must be addressed in the offer and don’t forget to factor in costs such as legal fees, stamp duty, insurance and loan application fees.

Exchange of Contracts

Whether you’re purchasing at auction or by private treaty conditions, your conveyancer will lead you through the intricacies of your purchase and formalise the sale by exchanging the contracts with the vendor’s solicitor. At this point, a 10% deposit is paid.

Settlement

The standard settlement term is 42 days after exchange, however in some cases this can be negotiated. At settlement, the vendor and purchaser sign all papers related to the sale of the property under the guidance of their legal representatives, the deed is transferred from the vendor to the purchaser and the balance of the sale price is paid.