Tips When Buying Your Home

1. Research
 When buying a home, it is a good idea to research the market. Knowing what areas are selling at, can help you decide what location you would like to buy into. Take your time when doing this, look at how much different property types are selling at regarding more bedrooms, garages and bathrooms etc, etc. Research the cost that involves the stamp duty and solicitor or conveyancer fees. This will ensure you are prepared prior to buying. At this stage, first home buyers have up to the house value of $650,000 to get stamp duty exemption.

2. Inspections
After doing your research and you are interested in a few properties book an inspection. This will allow you to see the property yourself. Take notes on what you like about the property, that way you can compare other properties you have seen and decide which property you want to purchase. Viewing the property also allows you to see whether the house is in good condition or not. Therefore, when you buy you know what work is to be done or fixed.

3. Make an offer / Deposit
To obtain a property, generally the highest offers have the best chance of securing a property. Once you have been notified that your offer has been accepted, the next step is to pay a deposit. At Bill Shepherd Real Estate, a minimum of 0.25% deposit is paid on the property value. At this time, you should aim to appoint a solicitor to act on your behalf during this time.

4. Building, pest inspections and finance
We recommend you sign the contract with a cooling off period and do the building and pest inspection report during the cooling off period. That way you won't lose the property or waste money on reports. Building and pest inspections can leave you at ease knowing that your new home is free from bad building structures or termites. Your finance for the property should be approved within 14 days of signing the contract.

5. Settlement
Settlement usually occurs between 28 – 42 days after contracts are signed, unless agreed upon otherwise. It is important to understand that delays can happen and occur between solicitors and conveyancers. Once you have been notified of settlement, you will be able to pick up your keys and move into your new home!

If you are unsure on the buying market or need advice about buying, please don’t hesitate to call us. We are happy to assist in any way we can!
For now, happy house hunting
Bill Shepherd Real Estate