Buying tips

Step 1 – Outline your goals

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.

Step 2 – Budget & financing

Being aware of what you can afford before you start looking at properties can help you avoid big disappointments down the road. The Loan Market team based in our Mosman office can help you to obtain finance pre-approval for your impending purchase.

Step 3 – Open for inspections

Once your search criteria is determined and your budget is in place you are now ready to find a property. With an abundance of property on the market this may be overwhelming. Always here to help, our sales professionals in all our offices will happily guide you on your real estate journey.

Step 4 – Make an offer

You’ve found the perfect place! 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.

Step 5 – Exchange of contracts

Whether you’re purchasing at auction, prior to auction or by private treaty conditions, your solicitor is on your team for this one. They will lead you through the intricacies of your purchase formalising the sale by exchanging the contracts with the vendor’s solicitor. At this point in time, a deposit of generally 10% of the purchase price is paid to be held in trust until settlement.

Step 6 – Funding your purchase

Shortly after the contracts are signed and exchanged, a mortgage application will need to be completed and submitted. Your lender or broker will assist you in this process.

Step 9 – Settlement

The standard settlement term is 42 days in NSW, after exchange, this can be negotiable. 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.

Step 10 – Move in or lease it!

Congratulations, here are the keys to your new place. If you bought an investment property, then you might like to talk to our experienced Property Management team. Their primary duties are to market your rental, choose tenants and then, as the name suggests, manage your property. They will also assist in maximising your return and optimising capital growth.