Buying Tips

Buying a property for the first time can be an exciting but confusing process, so we’ve put together some tips and tools to help you through.

TIP 1. Get your pre-approved finance

Speak with your financial adviser, bank or broker who will assess your situation, advise how much you can borrow, and arrange the best loan to suit your needs. When it comes to negotiation property sellers are often attracted to buyers who have pre-approved finance over those who don’t.

Loan pre-approval lets you head into the purchase process knowing the maximum amount you have to spend on the property, giving you confidence to buy or negotiate on price. It also saves you from looking at places that aren’t in your price range.

Once you have pre-approval, you can confidently begin the hunt for a new home.

You may be eligible for any government grants.

While most lenders require a deposit of at least 5% of the property’s value, bigger is definitely better.

A larger deposit may help you to avoid costly Lenders Mortgage Insurance, which is charged when a home buyer borrows more than 80% of the property’s value.

TIP 2. Appraise your current property

Buyers who own property should have their current property professionally appraised by one our area specialist. In most cases it is better to sell before you buy. It will save a lot of heartache and make your life a whole lot less stressful!

TIP 3. Know your need & wants

Shortlist properties that best suit your lifestyle and meet your expectations on price, location and features. Prepare a short list of preferred suburbs and then know your list of features that the property must have, including the number of bedrooms and bathrooms you require, whether you need a garage or a big back yard.

Once you know exactly what you’re looking for, you can narrow down the list of homes you wish to inspect.

Don’t visit properties that don’t meet most of your requirements – unless you’re willing to spend big on renovations.

The internet is a valuable tool when researching property. There is plenty of information available, including detailed descriptions, floor plans, photos, location maps and recent sales results.

TIP 4. Do your research

Well priced properties can sell within days, After researching the market and arranging finance, you will know how much you can afford to offer and what is a fair and reasonable price for the property.

Get through as many homes that makes you feel comfortable that you are making an informed decision.

When you find a property you like, let the agent know so they can involve you in any negotiations.

You may be tempted to make a very low offer in an attempt to grab a bargain but others may also be making offers and you could miss out. If you really want the property make sure your offer is realistic. The more attractive you can make your offer in terms of price and conditions, the more likely your offer will be accepted.

Ask the agent to send you a copy of the contract and consult with your solicitor or conveyancer. If you don’t have a solicitor or conveyancer, ask A Bragg Agent if they can recommend one to you.

Contracts are usually contingent to conditions such as Finance and Building & Pest Inspection. Professional inspections can give you insight of the structural condition of the property and make you aware of any major or minor defects that concerns the property.

Once negotiations are finalised, you will need to arrange a building insurance policy to protect your interest in the property. You will be required to sign the contract and pay up to a 10% deposit. Your deposit will be held in the sellers solicitors trust account.

From here it is your solicitor or conveyancers responsibility to keep you well informed in the lead up to the settlement.

TIP 5. Settlement day & key hand over

On settlement day it is advisable that you do a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you agreed to purchase it, and that all inclusions are as per the contract you signed.

Once the Agent has been advised that settlement has taken place- (usually about 30 minutes after, you will be able to collect the keys from our office.)