Buying Tips

First Home Buyers

Real Estate is often quoted as the great Australian dream. So you’ve worked hard and made sacrifices to save for the deposit on a home of your own in the Surat Basin. What happens next?
Firstly congratulations! Saving a deposit is a milestone in itself and a goal well achieved. And so now the fun part begins in that you finally get to scan over the real estate internet sites and shop windows to find your dream home. Or do you?
Going into a real estate transaction without doing your homework first can cause unnecessary stress. The property you are about to purchase will be one of the most expensive purchases in your life. So you will want to get it right. Read over our buying tips below to study a few things that you may already know about buying real estate and some that perhaps you don’t.

Experienced Home Buyers

You’ve lived through that heady excitement of your first home purchase, developed an intimate relationship with your bank and painted, papered and gardened your annual leave and weekends away. You consider yourself a savvy real estate investor with a good working knowledge of the real estate and property industry. And now it’s time to do it all over again.
Something bigger? A better location? More land? Low maintenance?
Whatever your needs are, you’re lining up to go through the process again. So… how have things changed? Is there anything you should be aware of? And heaven forbid…. Do you really have to bid at an auction? To brush up and hone your real estate purchasing skills,have a read over our buying tips. And if you can add a few tips that really ought to be there – email your suggestions in. We are always pleased to share real estate advice.

Quick Tips

1. Speak with your financier to establish how much you are able to borrow to buy a house, unit or townhouse and to find the best loan for you. Be savvy and shop around – some of the online banks have excellent rates and services.
2. Calculate extra charges such as lending fees, stamp duty, taxes, legal fees, property inspections and the like that will be charged in the real estate purchase price. Your local bank will be able to assist with fees. Don’t forget to speak to a local law firm or conveyancer for their costs too.
3. Consider your home loan repayments. Will you still be able to live comfortably? Draft up a budget and include all those one offs, regular payments and maintenance costs. Buying real estate shouldn’t mean an enforced diet.
4. Prepare a list of preferred areas or identified features in a home that suit your lifestyle. Different areas will attract different price brackets. If it is your first home then you may have to be prepared to start off small. Consider added costs of living further away from your workplace or lower costs if you live closer. Think carefully about your wants versus your needs.
In summary think carefully about your real estate needs.
5. Research real estate sales in your preferred areas using the Surat Basin Real Estate recent sales listings. Look at a wide range of property in your selected areas so that you gain a feel for the price. Properties within a town vary greatly in price.
6. Locate a solicitor to handle the purchase of your real estate and ask for a list of their charges and any other costs involved in the settlement of the property. Don’t forget to consider Stamp Duty and an amount to cover your percentage of council and water rates. The local Western Downs Council will be able to assist with rates enquiries.
7. Set aside an amount for moving. If you intend to do it yourself, consider trailer hire, petrol, food to feed the army of helping friends etc.  If using removalists contact several local firms and obtain some quotes. Think carefully about when you want to move. If the settlement date on your new property is on Friday will you be held up by delays and is it more cost efficient to move during the week? – added advantage when kids are at school!
8. We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: white ants or termites. This should apply to any property that you intend to purchase. You may consider that new residences in the Surat Basin may be at less risk, however the reality is these issues can apply to any real estate in any area.
9. When you have signed a contract on a property you will need to arrange an insurance cover note to insure the property up to the settlement date, and once settlement has taken place you will need to insure both the building and contents. You will be able to do this locally – either through one of the insurance companies located in the Surat Basin or you can arrange a cover note by phone or online.
10. On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed. It is wise to do this without the presence of children. Our Surat Basin Real Estate agents can arrange this inspection for you.  Pay attention to the particular details that prompted you to make the real estate purchase decision.
11 . If you have pets consider placing them in a kennel or asking a friend to take care of them the night before and the day of your move. Not only is it one less family member to worry about but it will prevent the animals from becoming stressed and getting in the way of the removalists carrying heavy objects.
12. While you are house hunting, and before you move, make a list of all incoming correspondence and then send a note to everyone who has written to you, giving them your new address and contact details.
Surat Basin Real Estate supply this information in good faith as a helpful guide to prospective buyers. Each buyer’s circumstances vary and Surat Basin Real Estate recommend that individual buyers make their own investigations and not rely solely or partly on the information provided.