5 tips to consider if you are looking to buy a residential property
No matter the market, there are always property buyers looking to purchase residential property in the housing market.
Here are 5 tips to consider if you are looking to buy a home:
1. Pest/Building Inspections
Ensure that your offer and acceptance agreement contain special conditions for building inspections. With many older houses on the market, it is paramount that you include a pest and building inspection and structural report before you sign on the dotted line. These inspections are important as to reflect the true condition of the property and to ensure you are not stuck with a property riddled with termites, or with a major structural defect.
2. Property Condition
It is important in your offer and acceptance agreement that the true property condition is reflected, i.e. ‘what you see is what you get’. A quick rushed through buyer’s inspection at the property may cause you to overlook certain defects. Take your time to carefully check the property. Unsure? Request to include a special condition all is in good working order and will be in good working order at settlement.
3. Set Realistic Time Frames
In the excitement of owning your new property, it is important to set realistic time frames for all the preparation for settlement. The 3 main hurdles when purchasing a property are the inspections, financing, and the settlement date. It is recommended to account for at least 14 business days from offer and acceptance for building inspections and 21-28 days for financing approval prior to the settlement date. With the bustling property market at the moment, certain processes may take longer than expected.
4. Who’s actually buying the property?
Ensure that you have the right parties on the contract when signing on the dotted line. Keep in mind any requirements you have to meet for your intended financing arrangements as variations to the contract, once lodged, may incur stamp duty consequences.
5. Listen to your ‘gut’.
In the midst of making a big decision, keep in mind that signing a contract to buy is a legal document and will have legal consequences. If there are any reservations with regards to a property, it is strongly suggested that you do not sign and seek legal advice.
To ensure you have peace of mind during this stressful process, please do not hesitate to contact us to assist in the process of purchasing your new property.
