Make a list of your requirements. Prioritise the list into the ‘must haves’ and ‘would be nice’. Be sure to differentiate between your needs and wants.
List the advantages and disadvantages of each property inspected. Compare this to your requirements.
Be realistic when inspecting homes. Rarely will one home measure up completely. Be flexible and objective and try to avoid preconceived ideas that may cause you to miss better ideas highlighted in the home. Take notice of the homes which meet most of your needs.
Don't rush inspections and don't attempt too many inspections in one day - it is easy to become confused. Be prepared to make a second visit to a home. If you are buying with someone else, both parties should inspect the property together. Each partner may have slightly different requirements in a home and it is important that you both agree about the suitability of a particular home. Once you have found an acceptable property, have a look around the neighbourhood. Check the area for community facilities and other types of surrounding properties, for example industrial properties which may cause both noise and air pollution, and ask your Stockdale & Leggo agent for further information on the area.
If you are purchasing a property as a rental investment, it would be a good idea to have a property manager from the Stockdale & Leggo property management division inspect the property with you prior to submitting an offer. Our property managers have extensive knowledge of investment properties and will be able to advise you on the possible rental return.
The property manager will be able to suggest what improvements/repairs should be or will have to be attended to, prior to renting the property.
Location, Style and Size
When choosing the right home for you- apart from your preferred style & size requirements- there are several factors you should consider, including: location; preferred suburbs; access to schools, work and other amenities.
In deciding on a location, your local Stockdale & Leggo sales agents know their areas extremely well and will also be aware of any proposed changes which may be likely to affect your investment. However, you should consider factors such as distance from your place of work, nearby educational facilities, availability of recreational facilities, local amenities, the local town-planning regulations and the development potential of the land.
When determining the style and size of the home which best suits you, consider your basic needs and discuss these with the agent, for example:
* Garage or carport requirements
* An extensive garden or easy care surrounds
* Family living areas: games room, bedrooms, bathrooms/ensuite etc.
* Inside and outside entertaining areas
* Capacity to extend.
Although the Stockdale & Leggo sales agents can relate the matters relevant to the sale, prior to submitting an offer you should make your own enquiries to satisfy yourself on the suitability of the property.
Finance is a key issue. If you require a loan to enable the purchase of a home, then your capacity to meet home loan repayments will determine the price range in which you can consider buying.
Therefore, prior to inspecting properties for sale, it is a good idea to establish your borrowing capacity with your lending institution. Once your capacity is established you can then determine what properties are available in your price range. Stockdale & Leggo financial services can assist you in finding a loan which is right for you.
The Process of Offer and Acceptance
Agents are normally paid by the seller to obtain a fair and reasonable price and are required to act in the interests of the seller, while being fair with the buyer. The agent is under no obligation to advise you if another buyer offers a higher price, nor the value of that offer. The agent must simply present your offer when it is received.
If you are genuinely keen on the property you have selected, then it is in your interest to make your best offer.
Carefully consider the comments from the Stockdale & Leggo sales agent. For example, if you have been informed that the seller is not willing to consider offers below a certain price, then by making a low offer, you may lose the perfect property.
The Offer and Acceptance Contract
The details of your offer are expressed in the Contract of Sale. This is a legally binding document which sets down the terms and conditions under which the purchase and sale will be completed.
After you have signed the offer the agent then forwards the offer to the seller. The seller may not agree to your price and/or your conditions, and may make a counter offer or could totally reject your offer.
The contract is not legally binding until the Contract for Sale is signed by all parties who are signatories to the contract, and communication of its acceptance is conveyed to all parties who are signatories to the contract.
The seller should give the purchaser reasonable opportunity to inspect the property within seven days prior to settlement. The purchaser would use this opportunity to determine if any special conditions have been satisfied and to determine if the property is in the same state and condition as inspected by the purchaser on or immediately before the date of the contract.
At settlement, the balance of the purchase price is paid to the seller, and any outstanding mortgages will be discharged. New mortgages for the buyer will then be lodged, and the purchaser becomes the legal owner of the property.