Buying Tips

Prepare a wish list.

Make a list of the attributes you most desire in a property, including your ‘must have’ features, such as location, number of bedrooms etc.

 

Have finance pre-approved.

Loan pre-approval is a big advantage. Arrange to meet with your lender to find out how much you’ll be able to borrow and what your repayments will be so you know how much you have to spend. Having your finances organised is an asset when negotiating with vendors. Do not forget to account for the other costs when preparing finance:

- Loan application/establishment fees

- Government charges such as mortgage & property stamp duty

- Insurance

- Building & pest inspection report expenses

- Legal expenses

If you’re bidding at auction, make sure you have adequate funds in your cheque account to pay the deposit.

 

Organise your lawyer or Conveyancer

Make life easier by having a conveyancer or lawyer that you can engage as soon as you take out a contract on a property. Coastal Real Estate Group can recommend reliable contacts suitable to your situation.

 

Research.

Invest the time in inspecting as many properties as possible. This will give you a better understanding of the market and put you in a better position to negotiate. There are now many ways to research information on your preferred local market including Coastal Real Estate Group’s recent sales, property search websites, and the Gold Coast Suns and Gold Coast Bulletin Newspapers. The proven method of attending local ‘open homes’ and auctions is still a great way to get a feel for the market.

 

Sign up to Property Alerts

Subscribe to Coastal Real Estate Group’s Weekly Market Update to keep up to date with the local marketplace.

Most agencies and the major property search websites, such as realestate.com.au, have Property Alert facilities. Simply enter your details and your property requirements and you’ll be emailed as soon as a property meeting your criteria is listed.

 

Meet an agent.

In addition to your own research, develop a relationship with a local agent. See our team. Make sure you supply the agent with appreciable detail on what you are looking for and your preferred method of being contacted.

 

Take a look.

When looking over homes that you are interested in, be sure to take notes. Inspect the property personally more than once. Have your solicitor or conveyancer review the contract for sale. Check that your finance approval is still effective. Arrange for a building and pest inspection before negotiations commence.

 

Proceed to sale.

Seek solicitors’ or conveyancers’ professional advice on the contract and the building/pest report. Once offer and acceptance has been granted you will be required to sign the contract with your solicitor or conveyancer and pay a 10% deposit which will be held in a trust account until settlement is completed. The standard settlement period of the contract is generally 30 days. It is recommended that a pre-settlement inspection be carried out prior to final settlement to ensure the property inclusions and overall condition is the same as when you originally inspected.