In today’s competitive property market, it’s easy to feel pressured to purchase a home quickly, however, this is when life-long and expensive mistakes can occur.
As part of buying the perfect home to meet your budget, there are at least four key steps to undertake as part of your due diligence, which should include:
- Working out your budget carefully against your primary needs of the property;
- Inspect similar properties in the area and check recent sale results;
- Organise a deposit and arrange a pre-approved loan if purchasing at auction; and
- Closely review the disclosure statement from the seller, which lists all the information before buying the property.
As summarised on the Consumer Protection website, if borrowing money, research loan interest rates and conditions offered by various financial institutions, so you know how much you can borrow. Make sure that you’re comfortable with the repayments, including if interest rates go up.
When the time comes to make an offer, if you’re borrowing money you will need to complete and sign the box on the Offer and Acceptance document titled ‘Finance Clause Is Applicable’ and name the lender that has pre-approved the loan.
It is important to understand all the financial conditions before signing a contract, and to obtain professional advice if you are uncertain.
Unless the contract states otherwise, properties are generally sold in the same condition as when first inspected.
That’s why it is essential to conduct a thorough physical inspection of the property well before a settlement is finalised.
If you want changes to be made to the property, or certain items to be included in the sale, you should insert specific terms about this into the contract, which would need to be accepted by the seller.
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