Buyer Information

Consider these things before purchasing a property

Where do you start? 

Like anything in Life, preparation is the key. A professional painter with a week’s work on a house ahead will not open the first paint can for at least two days. Days one and two are all about preparation … doing the boring but necessary tasks first.

Become Acquainted With The Area

It's always a good idea to become well acquainted with the suburb you are intending to buy in. If you are planning to buy a new home, whether you’re a first home buyer or an experienced purchaser, do your research and due diligence first. Talk to as many people as possible who are familiar with the area you are considering. Find out from the local authority if new roads are about to go through the suburb, estimate the impact of proposed developments and before you start visiting real estate websites and home opens, be as prepared as you possibly can be.

It pays handsome dividends to research the suburbs you like the look of, and then research the prices of the homes available for sale as well as the selling prices of properties that have sold recently. Be aware of value fluctuations up and down. Remember that each property for sale competes with the others for same in the same locality.

Take a walk around the shops, visit at different times of the day and night to see what is happening in the area. Have a meal in a local restaurant to get a feel for the vibe of a suburb. Read the local community newspaper to find out if there are any local issues. Visit the local shire and ask if any new infrastructure, developments or roads are planned near or next to where you are planning to purchase.

Find a broker you can trust and work – seek the
recommendation of others you respect

When you are comfortable that you have done the groundwork thoroughly, the next thing to consider is finance and the best person to talk about finance with is your chosen mortgage broker.

They will have a wide range of loans from an extensive range of lenders and once they understand your precise circumstances the broker will be able to select the most appropriate lender with the most competitive rate available. Share all your available financial information with the broker and leaving nothing out so that he or she is not faced with ‘surprises’ later on.

Once you have a clear indication of how much you can borrow from a lender you are then able to go forth and search for the property that fits your lifestyle and affordability.

When researching homes for sale the fundamental elements to keep in mind are:

Location: 
Proximity to road, rail and transport links. Keep the old piece of advice in mind .. ‘Location. Location. Location.’ It’s better to buy the worst house in the best street than the best house in the worst street.

Size:
If your family is growing, choose with the future in mind. If you will be retiring soon, avoid a property on a massive block that will be a challenge to keep neat and tidy later on.

Aspect: 
Street appeal and views should be taken into consideration.

Affordability: 
Don’t overstretch yourself. It’s better to be comfortable in a small home than stressed by the mortgage of a mansion.

Shopping, Recreation & Entertainment: 
Ideally they should be within easy reach.

Lifestyle: 
does the home you are looking at fit with your desired lifestyle – or not?

Don't Buy Emotionally!
Always inspect a property with a trusted family member or friend, someone who has purchased before and who is going to give you an unbiased view of the property. If the home you are looking at is an older home it is wise to ask for a building inspection report (ask for plumbing and electrical as well). The white ant/pest report will be required by your bank. Take a note of any repairs or maintenance issues that either need to be repaired or otherwise to be considered when placing an offer.

Don't Sign a Contract Until ….
In Western Australia, once you sign a contract to purchase real estate it is legally binding … there is no 'cooling off' period as in the Eastern States.

The single most important thing we can say here is … Do Not Sign a Contract (especially an Unconditional Contract) without Seeking Expert Advice from either a solicitor or financial adviser. For example, you may find that there are conditions or covenants in the contract that may restrict or prohibit your intended use of the property. In one particular estate in the hills of Perth, you are not permitted to have a cat as it is a semi-rural area and the native birds are protected.

*This information is not advice – you should always consult with professional advisors before considering a real estate purchase.