There are many reasons why people buy property: it may be to live in, for an investment, or to bequeath. Here are a few tips to consider when looking to buy:
- Determine your preferred areas or suburbs that you would like to buy in and any property requirements you may have, such as type of property, number of bedrooms.
- Consult with your financial institution or broker to determine your maximum spend.
- Get a ‘feel’ for the area you wish to buy in, attend open inspections and auctions for suitable properties in the area (even if you are not bidding), restaurants and cafes.
- Build a relationship with an agent. Feel free to email, call or drop into position realty to talk to our agents who specialise throughout the Eastern Suburbs: Rose Bay, Dover Heights and Bondi through to Paddington, Randwick, Queens Park, and Mascot. Offering a bespoke service to our clients, our agents can keep you informed of any new or quietly listed properties before they are advertised. They are knowledgeable and experienced with the areas in which they operate.
- Maintain an open mind when looking at properties. If you are looking for your ‘dream home’, keep in mind that properties can be updated and renovated to suit your tastes. If you are seeking the perfect investment, remember that the property will be just that: an investment; therefore avoid letting emotions get involved.
- Once you come across a property which suits your requirements, contact the selling agent to request that the contract of sale be sent to yourself, or your solicitor or conveyancer.
- Undertake building and pest inspections to determine if there are any major defects or concerns which you need to be aware of. If you are looking to buy an apartment, we highly recommend you undertake a strata inspection to discover any upcoming works or special levies.
- Speak to your solicitor or conveyancer for advice on the contract of sale so as to make an informed decision, and either proceed to make an offer on the property or continue searching for a more suitable property.
- If the property is going to auction and you would like to bid, information can be found on the NSW Office of Fair Trading website. In particular, the Bidder’s Guide provides useful information and must legally be provided to all potential bidders. Remember, if you are to bid at an auction, take identification such as a driver’s license and bring your cheque book, or make an arrangement with the agent.