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Buyer's Check List...
Confirm your finances
- Talk to a mortgage broker, bank or financier so you know how much you can afford to spend. Take into account extra expenses needed to cover moving, insurance etc.
Make a list of requirements
- Break your list into “must have’s” and “nice to have’s”.
For example:
- Must have ... 4 bedrooms and be close to public transport.
- Nice to have ... fully fenced and low maintenance.
Research areas and prices
- Use the internet, local papers and real estate publications to investigate prices and housing styles in different areas. The internet is particularly useful if you are moving between towns.
Decide where you wish to purchase
- Take into account affordability, transport, schools and family lifestyle. Be flexible with your area selection.
Property Title
- Check what type of title the property has: freehold, leashold, unit title, cross lease.
- With leasehold properties, check how long the lease has to run and the annual ground rent.
- With apartments or terraced complexes, check whether the property has a Body Corporate and any associated fees.
Specialist Inspections
- If you are serious about a property but unsure of structural issues, arrange for a building inspection by a building inspector or qualified tradesperson.
Auctions
- Register your interest with the real estate agent in advance.
- Arrange your finance in advance; if you are the successful bidder, the contract will be unconditional.
- Make sure you have the finance available to pay a deposit on auction day.
- Talk to the real estate agent to make sure you understand the auction process.
- Carry out any necessary checks before the auction.
Use your solicitor / lawyer
- When you make an offer on a property, make sure a copy of the contract is sent to your solicitor. Follow their advice.
Deposit
- When an agreement has been reached by both buyer and seller, a deposit will be payable. This is usually around 10% of the purchase price. Deposits are held in the real estate agent or lawyer's trust account for a minimum of ten working days.
Final inspection
- You have right to make a final inspection of the property prior to settlement to ensure it is in the same condition as when you first inspected it. This can be arranged through the real estate agent.
General Features to Consider
- Positive features:
- sufficient storage space in kitchen, bedrooms and outside
- level floor and sound piling
- good water pressure (turn on the taps and shower, flush the toilet)
- insulation (check for insulation batts in the roof, ceiling and walls)
- which fixtures will remain (e.g. heaters, carpets, dishwasher).
- Negative features:
- traffic/airplane noise
- house movement (revealed by cracked window sills or walls)
- dampness (can be detected by smell and/or mildew)
- leaking roof (check the wallpaper and ceilings for stains, ensure the iron is not rusty or tiles decayed)
- zoning restrictions (check with the local authority)
- potential flooding/slipping (check aspect of neighboring
land, banks, streams)
old electrical wiring - structural defects (check for dry rot and borer).
