Gday all,
I'm about to buy my first place. I need advice on a range of areas such as the whole buying process…
My question is who should i book an appointment with to discuss these issues prior to getting my hands dirty? A Financial Advisor, Solicitor, Accountant, Conveyencer???
Ive seen my bank who have said that given my circumstances they will lend me the money i need. So once i've formally gotten pre-approval and i find a place i want to make an offer on. Do you go ahead and make an offer to them off your own bat or do you find a Solicitor first before making any offers?Or do you make an offer yourself and once it is accepted you then hire a Solicitor or Conveyencer?
Sorry for the basic questions, i'm just trying to nut it all out….
Hi it depends what info you need.
Have you chosen an area? Type for purchase? house, unit etc.If you need to know how purchase will affect your tax ask your accountant.
If you don't know how to get on the path to financial freedom speak to a financial advisor (but they will probably advise against property). Have you nutted this out? Do you have a plan? How much can you afford to pay out of your own pocket every week? What's your priority for purchase? good yield? Inbuilt equity (or chance to get some via reno etc)? Are you buying an investment or PPOR?
Find a solicitor. Then when you have a property then engage them. Unless you go to auction, then you need the solicitor to look at the contract before purchase.
SSSOOO much to do before actually buying (for the first one anyway, then it gets easier.Pre Preparations
– Have Conveyancer
– Know that you can get finance.When you make the offer, and assuming vendor accepts.
You sign a contract of sale – On the contract of sale you need to nominate your conveyancer.Would be wise if you had pre-approval sorted in writing from the lender.
If you sign the contract on an established house, the settlement terms will be there.
You will then need to formalize the loan, get the info to the conveyancer and off you go.Circumstantial stuff that can impact this:
– Pest Reports
– Building Inspection Reports.
– ValuationsAll are optional and dependant on what you buy and what you want. These would occur before you sign the contract, and you would be wise to have the contract conditional to these items.
There is a wealth of to do’s once settled, but thats a different question.
Thanks for the comments,
I have a basic plan in that i'm after a 3 to 4 bedroom house in Palmerston, NT. I have narrowed it down to a few suberbs which i have been monitoring for probably six months or so and know the areas well. I intend to make it my PPOR. I'm not interested in auctions at this stage. I will be getting pre-approval from my bank ASAP.
So if you find a place you want to make an offer on do you get your building and pest inspections done first???
domma55 wrote:Thanks for the comments,I have a basic plan in that i'm after a 3 to 4 bedroom house in Palmerston, NT. I have narrowed it down to a few suberbs which i have been monitoring for probably six months or so and know the areas well. I intend to make it my PPOR. I'm not interested in auctions at this stage. I will be getting pre-approval from my bank ASAP.
So if you find a place you want to make an offer on do you get your building and pest inspections done first???
Really depends on the place that you choose.
Structural issues could cost you a fortune in the future
Pests like Termites could cost you a fortune in the future.
If you go with a relatively new house, and you feel safe with these aspects, then you can skip it and save on the money.
Unfortunately these are just buying dollars necessary for your own security (If you think they are necessary of course)
If you suspect these kinds of damages and the agent is pushing you to sign the contract, then put a clause in “Subject to Building Pest Report”Dont necessarily think that a new property will be pest/termite free. I have a friend that is in his own home, 5yo in a brand new estate and he has termites. The pest control people have said to him that the entire estate is riddled with termites.
Consequently I will not be buying any investments in that estate.I will definitely be getting building and pest inspections done.
I just figured you could make an offer, subject to pest and building inspections. That way you only pay for inspections where you know the seller is serious about selling the place to you.
Otherwise you may pay for the inspections, make an offer and find that the seller isn't interested in your offer.
OK, so ive got myself a basic plan.
I'm meeting with the bank on Wednesday to get pre-approval. I have researched my options and loans and know what i'm after.
I will then source a Conveyencer and get advice.
Once i've shopped around and found a house that i want to make an offer on i will make the offer and if accepted I'll sign a contract of sale at which point i will nominate my Conveyencer. In my offer i will have conditions such as – subject to pest and building inspections, subject to finance, subject to 14 day cool off period. I also take it that at this stage i will be required to make a deposit which will be detailed in the contract???
Then i will get my inspections completed. If all is well, continue with the sale.
Once the settlement date comes- the rest of the money and documents are exchanged. At what point to you buy house and contents insurance??? As of the settlement date?
I plan to rent out two rooms and pay off a heap of my loan ASAP and once I've got the equity buy an IP.
Any advice appreciatted. Sorry for the very basic questions….
Hi,
regarding the pest report, see if you can find someone that owns a thermal imaging camera or a Termatrac. They are much more accurate than a normal "visual inspection" which most pesties use.
You can see more info on my Sydney based site on the best termite inspection tools
Regards Bruce
You must be logged in to reply to this topic. If you don't have an account, you can register here.
