When you start looking for a home, how do you know which is the right one?
Give some thought to what type of home you require and where you would like to live. It may be a brand new house in a new area that appeals to you because of the kind of people – young families perhaps – who will be living there. Maybe you would prefer an established house, an older style home or a property with hectares of land. Are you interested in renovating? Importantly, you must consider not only what looks attractive, but will suit the size of your family now and in the near future.
Make a list of your priorities. Do you need to be near public transport? Are there schools in the area that meet your needs? How will you get to work and what costs will be involved if there is limited public transport, will you need an extra car? Is the garden relatively maintenance free? If you don’t enjoy a garden you may wish to consider a villa or a town house.
Your final selection of a home may be one that requires some general repairs and you may be concerned about its structural soundness. You could have an expert in the building industry inspect the property thoroughly and supply you with a written report on the condition of the property and a general indication of the costs for repairs.
Areas of investigation should include the condition of wiring, plumbing, stumping and roof structure. Alternatively, you may choose to purchase the property with a special condition included in the contract of sale. The condition would specify that a building inspection be conducted by a registered builder/architect and a satisfactory report obtained prior to becoming unconditional.
It is important that you budget for all the associated costs when purchasing a property to ensure no extra strain is placed on the family finances and you can relax and enjoy your new home.
Allow for the cost of the State Government stamp duty, the conveyancing costs, mortgage registration, stamp duty on any mortgage, financial institution cost, such as valuation and/or establishment fee. Other costs to include are the pro rata adjustments of council water rates , insurance on the building and contents, removal costs ranging from hiring yourself to using professional removalists. Also seriously consider insuring the content transit.
Buying at Auction
Firstly, inspect the property thoroughly. This may be arranged be appointment with a Ray White agent or by attending an open house. The agent will not disclose the reserve price but may give you a general indication of the expected price range.
Importantly, contact your financial institution to ensure that you are eligible for a loan as an auction contract is an unconditional sale. Read the contract and other documentation first to discover if the terms of sale will suit your requirements and whether any terms are not included in the sale.