Prepare a wish list – Make a list of the attributes you want the most including the ‘must have’ items, such as location, number of bedrooms or parking.
Organise your finance in advance – Loan pre-approval is a huge advantage when looking for a new home. Approach your lender or mortgage broker to find out how much you can borrow and what the repayments will be, so that you can confidently view homes in your price range. Having pre-approval gives you a better chance of securing a property and greater power to negotiate with vendors. If you’re bidding at Auction, ensure you have adequate funds in your savings account to cover the deposit, as this is required on the day of the Auction if you are successful. Weeks & Macklin have access to hundreds of loan products to assist you in finding the best loan rate for you. Call 8422 5333 for more details.
Organise a Conveyancer – Streamline the process by having a conveyancer on standby as soon as you take out a contract on a home. Contact us for a list of reputable conveyancers.
Additional expenses – While your lender will identify upfront costs such as mortgage insurance and stamp duty, you should also be aware of other expenses involved with owning a home. Ongoing maintenance costs, land tax, council rates, insurance and strata fees (if applicable) are all added costs that you will need to budget for on top of your mortgage repayments.
Do your research – Invest the time in inspecting as many properties as possible. This will give you a greater understanding of the market and put you in a better position when the time comes to negotiate on price.
Sign up for Property Alerts – Most agencies and major property search sites (such as realestate.com.au) have ‘property alert’ facilities. Simply provide your details and property requirements and you’ll be emailed as soon as a property matching your criteria is listed. This helps give you a jump on the market and saves considerable search time.
Pest and Building Inspections – For a few hundred dollars you can gain peace of mind in knowing that the likelihood of any nasty surprises which could cost you thousands in the future is significantly reduced.