Posted on 09/09/2014 by
If you’re thinking of buying, your requirements will most likely vary depending on your personal circumstances. One Agency South can assist all types of buyers in making the decision that best suits their needs whether you’re a first home buyer, upgrading or investing.
Here's a handy checklist plus some helpful tips to buying a home:
Things to consider when buying a home:
Before you start looking, you may wish to obtain a pre approval from a finance broker or bank.
Analyse your needs and wants and narrow down the suburbs that best suit your lifestyle, this makes the decision making process a whole lot clearer. It’s important to establish whether you are buying a home for investment or for your principle place of residence.
Once you have made a decision about potential suburbs and what type of property you’re looking for, we recommend researching the suburbs on REIWA (Real Estate Institute of Western Australia) www.reiwa.com.au, search suburb report. We would also recommend setting up buyer alerts to notify you of new listings in your preferred suburbs and price range.
If you have a property to sell we would recommend obtaining an up to date appraisal and start getting the property ready for sale as sometimes people find themselves in the position of wanting to buy but not being ready as it takes time to get a property ready for sale.
Research the title on any property before making an offer and ensure you understand what you’re buying i.e.; Freehold title, company title, strata title etc. If the property is strata titled we would recommend reviewing minutes from the last Annual General Meeting and any Notification of Change to the By-Laws. For example: some strata groups don’t allow pets.
Other items to consider when buying a house are local planning issues such as new roads or widening of roads, resumption or compulsory acquisition of land, main roads may have future plans that affect the title but not registered, you can obtain a clause 42 if you are concerned.
Once you are satisfied with your research it might be worthwhile have a second look if time permits.
When making an offer you may wish to place conditions on the contract. The most common conditions are:
We also recommend checking with the local authority about illegal structures, many agents will have already completed this research and may provide you with a copy of the plan or a property interest report from Landgate.
If you are in a buoyant market you may be competing against several other buyers so don’t be backward with the agent representing the property. Explain that you have a genuine interest in the property and ask for any information listed above as most professional agents will already have the information at hand.
Establishing what to offer may be very daunting however if you have been researching the market you will normally have a good sense of values and if you’re concerned about what to offer, you can find past sales evidence on many real estate portals which will help you compare the one your buying against recent sales.