Buy

Information On Buying

So you’ve decided to buy. There are a number of things to consider to ensure you make the right choice.

THINK ABOUT YOUR LIFESTYLE
How you live day-to-day, your plans for the future and your budget will determine the home you buy. Will you need more or less room in the future? Is it important that you live close to family, work, parks, cafes and other recreational facilities?
Consider how far you are prepared to live from schools and shops and if there is good access to transport.

HOW MUCH CAN YOU AFFORD TO REPAY?
Saving as much as you can for your deposit will reduce the amount of interest you have to pay. When working out your loan, figure out your expenses now, work out your potential mortgage repayments and associated costs (like council rates and water rates) and look realistically at whether your pay cheque can cover it all comfortable. Know exactly what your repayments and associated costs will be before plunging in.

HAVE REALISTIC EXPECTATIONS
Just getting into the housing market is a great step, so don’t worry if you can’t afford your dream home the first time you buy. Very few people buy just one home in their lifetime.

Here are some quick tips:

  • Develop a relationship with the Ray White Sales Agent specializing in your preferred area. The agent will be able to offer additional advice and also alert you to new listings early on.
  • When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyance.
  • We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns.
  • Following your solicitor’s or conveyancer’s advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.
  • Once negotiations have been finalized, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in trust in an interest bearing account until settlement. Interest is normally equally divided between you and the vendor. The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts.
  • 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.
  • And, wherever you buy, make sure your real estate agent helps you with finance, conveyancing, insurance and moving as well. Ray White Concierge provides these services free of charge see below link for more information! http://raywhitemanly.com.au/concierge/about/