The top ten tips to follow when buying property.

Helping you move, Wesellrealestate.com.au

1. Work out your budget. You will need to obtain approval from a financier to arrange a loan to suit your needs. It is important that you have a price range in mind when searching for your property, so that if you find the one you are after you can secure it. Mortgage brokers, banks, building societies and credit unions are a great place to start. It is important that you are realistic in your financial commitments and that you are comfortable with any interest rate movements.

2. Make a list of preferred areas. You should consider areas that are attractive to you and your lifestyle i.e. closest to schools, hospitals, cafes, transport and views. You should evaluate the affordability of each area and make sure that it fits within your budget.

3. Research recent sales. To have a good idea on the value of properties in the area you can purchase reports on recent sales from the Home Price Guide Index www.homepriceguide.com.au. You should also attend any auctions or open for inspections in your preferred areas so that you have a good idea about prices in the market.

4. Register on the Wesellrealestate.com.au website. This will allow you to develop a relationship with a Wesellrealestate.com.au sales agent who is a specialist in the Albury-Wodonga area. This allows that agent to look for properties that match your needs and to contact you as the property comes onto the market. Register here.

5. When you find a property you like. This is the most exciting stage, but remember it is important to not get to emotionally attached as this can cloud the buying decision. We suggest you visit http://www.consumer.vic.gov.au/cbav/fairattach.nsf/Images/factsheet-residentialproperty-buyingahome/$File/buyingahome.pdf which provides some valuable tips when buying a home.

6. If everything is ok, then make an offer on the property. Meet with the agent and put your offer in writing on the appropriate paperwork to ensure that terms such as settlement and deposits are fully agreed to. Special conditions pertaining to building and pest inspections as well as finance approvals can be included at this time.

7. Getting building and pest inspection reports. We recommend that you have both building and pest inspection completed to ensure that the property is structurally sound and to ensure you are fully aware of the condition of the building. The pest inspection will also alert you to other potential problems, by searching for evidence of white ants or termites.

8. Buying at auction. This can be a tense experience, but you can engage a real estate agent to bid on your behalf. You should also read the Office of Fair Trading's Bidders Guide before the day of the auction. Some great auction tips are located in the following documents. www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf

http://www.reiv.com.au/pdfs/buyingatauction.pdf

9. Successful negotiation will require you to finalise the sale by the payment of the agreed deposit, usually 10% of the purchase price. Your deposit will be held by the estate agent as a stakeholder in a trust account until settlement. The vendor will sign a contract and the solicitor or agent will exchange the contracts. Another option is the use of a deposit bond. This is a bond purchased from an institution which allows an individual to finance a deposit for a nominal charge. For more information on deposit bonds you can visit www.depositbond.com.au.

10. Pre-settlement inspection: You should arrange with the Real Estate Agent to have an inspection prior to settlement taking place. This allows you to ensure that the property is in the same condition as when you agreed to purchase it. You should also check that are inclusions are as stated in the contract you signed. Sometimes there are a chain of related property sales and often the parties involved are all trying to move and clean all at the same time. Special arrangements can be made through your solicitor to potentially access your new home a couple of days prior to settlement by agreement with the vendor.

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