A buyer’s guide.
Page 2 / Page Contents Page 2 / Welcome Intro.
Page Contents / Page 3 Welcome / Page 3 Welcome. For many of us, buying a property is one of the most significant investments we may make in our lives. When putting so much of your time, energy, and, of course, money into such a huge decision, it’s essential to make sure you have a plan in place and be aware of anything that may come up. Agents and Co have put together a buyer’s guide to help you knowwhere to start. Step 1 / Your financial position Step 2 / Planning for additional costs Step 3 / Checking your credit report Step 4 / Get pre-approved Step 5 / Create a checklist Step 6 / Meeting and working with an agent Step 7 / Start investigating Step 8 / Hire a building & pest inspector Step 9 / Review the contract Step 10 / Be Ready - For auction or tomake an offer You bought a house! Final notes Your checklist Pg 04 Pg 07 Pg 07 Pg 08 Pg 08 Pg 11 Pg 11 Pg 12 Pg 15 Pg 15 Pg 18 Pg 18 Pg 17
Page 4 / Your Financial Position 01. Your financial position. To be able to buy the property of your dreams, the first port of call is to ensure you are financially ready. This includes talking to your bank or broker to understand your borrowing capacity. Essential items that they will cover include taking into account your savings, your deposit, any lenders mortgage insurance you may need to pay, any government grants that you may be entitled to and planning for additional costs. “The first port of call is to ensure you are financially ready.”
Your Financial Positio / Page 5
Page 6 / Planning for additional costs / Checking your credit report
Checking your credit report / Planning for additional costs / Page 7 02. Planning for additional costs. Be sure to cover these costs with your bank or broker to ensure that you have no hidden surprises that may leave you short of funding. These include costs such as pest and building inspections, stamp duty, conveyancing, legal fees and of course, any renovating costs. Factors that influence these numbers include the state or territory the property is in, its value, whether you’re a first home buyer, and if it’s a new build, an established home, or vacant land. Again, your bank or broker can assist with answering this information. 03. It can pay to check your credit score before the bank or broker does to ensure there are no black marks against your name, which could hinder your loan approval. Legally, banks have access to detailed information regarding your credit history. You can use free credit reporting services to check it yourself before you apply for a loan, such as the credit reporting agency Equifax. Often it can pay to consult a financial expert to assess what you can do to improve your credit rating. Checking your credit report.
Page 8 / Get pre-approved / Create a checklist Create a checklist. Once you arrive at this point, your bank or broker will have determined your lending capacity and be ready to give you a ‘pre-approval’ amount. This will allow you to start making offers with confidence knowing that you can proceed to buy. Pre-approval is very handy for being able to jump on your dream home as soon as it appears. It also gives you a leg up on buyers without pre-approval, as sellers will favour your situation due to guaranteed funding. Just remember, though - pre-approval is a limited offer and doesn’t lock you into a loan - so be sure not to let it expire before you place your offer. Once you have your finances sorted and know your budget, you can start working out which boxes need to be ticked off in your new home. First and most importantly, is to determineWHERE you will live. Once you have narrowed down the location, we then suggest making a list of everything you’d like in your new home and determining which of these are ‘must haves’ and which are ‘would like to haves’. This is handy to keep on hand so you don’t get caught up in the emotion of open inspections and prevents you from overlooking anything important. It’s important to take your time and research the location - you may need proximity to schools, transport and local amenities. 05. 04. Get preapproved. “This will allow you to start making offers with confidence knowing that you can proceed to buy.”
Create a checklist / Get pre-approved / Page 9
Page 10 / Meeting and working with an agent / Start investigating
Start investigating / Meeting and working with an agent / Page 11 06. 07. Meeting and working with an agent. Start investigating We suggest visiting as many open homes as possible - even the homes that do not meet your criteria. This will allow you to gauge and compare the values of the homes in the area. But, most importantly, this will allow you to meet the real estate agent that you are most comfortable with. While the agent of your choice may not be the final agent that you buy from, they will be able to provide you with all the information that you require. Agents and Co appreciate working with buyers for life! Your agent will know all that there is about the local area, the street, the neighbours and of course, the house that you want! Do your research if you think you’ve found the property you want. If you’re buying an apartment or a unit, look into the body corporate/strata records for any discussions on building defects and maintenance. You should also check with the council to see if the neighbourhood has any development applications underway, just to be aware if your new home would be affected immediately by renovations and building noises. If new infrastructure or building is planned, it may affect the value of your property down the track. “Most importantly, this will allow you tomeet the real estate agent that you are most comfortable with.”
Page 12 / Hire a building & pest inspector 08. “Being aware of any potentially disastrous issues like termites or white ants is valuable.” Hire a building & pest inspector. It’s absolutely vital to do a building and pest inspection before you finalise the sale. Being aware of any potentially disastrous issues like termites or white ants is valuable, and if you’re considering doing any renovations, it is good to knowwhat is actually possible. The fee you spend on a building inspector can seem like a lot, but the cost of fixing issues down the track can be much more. A building inspector will assess the condition of the home and flag any potential issues. They will include potential problems like dampness and structural movement in the report. Do it for your own peace of mind and to potentially save you a packet.
. Hire a building & pest inspector / Page 13
Page 14 / Page Contents Page 14 / Review the contract / Be Ready - For auction or tomake an offer
Page Contents / Page 15 Be Ready - For auction or tomake an offer / Review the contract / Page 15 09 Review the contract. Be ready - for auction or to make an offer. We suggest getting a solicitor or licensed conveyancer to look at the legal aspect of your purchase. As professionals, they can help you be clear about what’s involved and what your rights are. If you’re purchasing a unit or apartment, you also need to look at the strata plan to ensure everything is on the title. This can include common areas, car spaces and external storage. At this point, you’ve done all the hard work and should you decide to make an offer or get ready for an auction, you will be asked to confirm the following: The purchase price (or howmuch you will bid up to)- your deposit amount - the method by which you choose to pay the deposit - the settlement period - name of your solicitor/ conveyancer - name of your bank/financial institution - any special conditions or requests that you may have so that we can inform the property owner. Once all of this information is ready, we can assist with submitting the offer or bidding at auction. 10.
Page 16 / Page Contents Page 16 / Your Check List
Page Contents / Page 17 Your Check List / Page 17 Your financial position Planning for additional costs Checking your credit report Get pre-approved Create a checklist Meeting and working with an agent Start investigating Hire a building & pest inspector Review the contract Be Ready - For auction or to make an offer Your check list.
Page 18 / You Bought the Home! NowWhat? Final note Final note Preparation is Essential! Understand your requirements, follow the advice of the professionals and above all, be sure to reach out to your Agents and Co Agent to tap into the wealth of knowledge that they have to share with you. Whether you are looking to purchase a home or are currently in the process of buying a home through another company, be sure to reach out to Agents + Co for some extra peace of mind. Congrats! “Be sure to reach out to your Agents and Co Agent to tap into the wealth of knowledge that they have.” You Bought the Home! NowWhat? All the hard work has now paid off - you bought the home and you nowwill prepare for the anticipated settlement date. Your legal teamwill prepare the mortgage documents with your bank/lender, finalize the contract of sale and your real estate agent will arrange a final inspection of the property 24 hours prior to the settlement day ensuring the property is everything that you expected. Now the exciting part begins - MOVING DAY!
Final note You Bought the Home! NowWhat? / Page 19
Page 20 / Page Contents abn 60 604 217 030 Agents & Co Property Group Shop 56a, 737 Anzac Parade, Maroubra NSW, 2035 (02) 9314 2100 hello@agentsandco.com.au www.agentsandco.com.au @agentsand.co
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