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Guest blogger, Michelle Gyde from Urban Studio Properties Limited, has had a proven sales record in the real estate industry for some time and tells us exactly who you should enlist as your support crew when buying your first home.
Entering the world of buying property in a fast-paced market can be daunting for the first home buyer. You’ve finally decided to take the plunge to go house shopping but there’s so much you don’t know! Being prepared with your ‘eyes wide open’ in the lightning-quick property market will get you on the right track and provide you with clarity and purpose to find that dream home. This preparation may even save you money – and here’s how!
Enlist a support crew - yes a support crew! These people are the professionals you will engage to help you through this process. They’ll be the team you can trust for the right advice particular to your needs. Your mortgage broker, lawyer, real estate consultant and suitably qualified tradies will be worth their weight in gold if you get into a tricky situation through the search for a new home.
1. Choose an awesome banker or mortgage broker. They will get you in the starting blocks by letting you know just how much you can borrow and afford to spend on a home. Mortgage pre-approval is something that you should have before you start shopping! No money = no house! Having a broker or a bank prepare the finance approval in advance also leaves you time to negotiate some contribution towards legal fees or a lower rate than the standard mortgage rate.
2. Next, find your lawyer. They should be available to offer advice and guidance when the time comes to making an offer. Don’t be scared to give them a call, flick them an email or click on their website. They are there to keep you safe from potential fish hooks and will be able to provide you with awesome advice about conditions you should be putting in the agreement, and the timeframes you need to keep in mind to get everything done. Having a lawyer look over an agreement for sale and purchase can save you from errors which will cost you money down the track.
3. Talk to an energetic real estate consultant who can keep you in the loop with new properties about to hit the market. Let them know what kind of property you are in the market for, and that you are in a position to buy. They will likely contact you when a suitable property hits the market! A heads up when the property is about to be listed is much better than enquiring when you see it only to find out it has sold, damn! Having a real estate agent working towards your common goal will pay off, especially if you can purchase a home before it hits the open (and competitive) market!
4. Research suitably qualified tradespeople to inspect a property on your behalf e.g. Building Inspector, Plumbers and Electricians. You may not need to engage them until you have signed an agreement, or unless there’s something in particular you want to be looked at. However, deciding on who you are going to engage when the time is right is a step in the right direction. You also need to be aware that these guys can be booked out for weeks, so having a trusted and suitably qualified builder or other professional to contact can ensure you meet the condition deadlines in the agreement for sale and purchase, and save you from the dangers associated with not having these checks done, and from costs of repairs down the line.
5. Contact the local Council. These guys can be a hive of information if you’re wanting to do a little homework yourself. Councils have trained staff who can quickly source property information that may be very helpful in your due diligence, and to satisfy yourself that there is consent for the wood burner, and for the relocated home. However, just bear in mind that this research is not a replacement for obtaining a formal Land Information Memorandum (LIM Report). If there’s something in the LIM you don’t like and you want to get out of an agreement based on information contained in a LIM, you have to have purchased an official LIM report from the council. If in doubt, purchase one. It’s worth the peace of mind!
Yes, buying a property costs money! Sometimes a lot of money! But we think that the investment you make in getting a support crew of suitably qualified professionals around you will make the experience more cost effective and much less risky. Having your ducks in a row will mean that you are able to seize the opportunity to make an offer on the right home before someone else does. Then all that’s left is to pop the cork, bring out the cake, and relax in your new digs - it’s yours!
So, have you got the hint yet? Get on to your support crew right now! Other first home buyers who have theirs in place are already one or two steps ahead of you! If you need somewhere to start, we recommend you check out Legal Beagle’s Home-Buyers-Checklist.pdf and go from there.
Disclaimer: The information on this page is general information only and must not be relied on as legal advice. Legal Beagle is not a law firm or a substitute for a law firm. We are unable to provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defences, options, selection of legal documents or strategies.
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