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A word from the Real Estate Agents

After a few discussions with Real Estate Agents, we put a brief blog together about things they said to look out for, be aware of and to think about when buying your first home, or any property, these are;

  • Establish your budget - How much can I borrow? - How much do I wish to invest?
  • Use the internet to establish the availability of homes within your chosen suburb, look at a range of values. For example we want to spend $400K, look at properties for sale in the $380 to $440K range - establish if what you require in a property is available within that range.
  • Look at as many homes as you can as this will give you a good idea of value
  • If you use a buying agent, make sure you brief the agent very specifically on what is required by you in a home. The agent will have a wider knowledge than you on what's available, and they should short list homes that are suitable for you to view.
  • Develop trust between you and your agent - there is no cost to you for using an agent, and a good agent will make your life as a purchaser much easier.
  • When you make an offer, understand that offer is a legally binding contract.
  • Make sure all the conditions you expect to be met by the Seller are itemised, worthy and well written on the offer.
  • Make a realistic offer, something that even if low will be seriously considered, not considered an insult.
  • Keep it to one counter offer if possible, the more the offer goes backwards and forwards the less chance you have of getting what you want.
  • You will be asked to put in a deposit, this is optional, but it helps show your level of seriousness in relation to your offer, so a reasonable deposit should be considered.
  • When a final inspection is being completed, you are assumed to have purchased in an as inspected condition. Final inspections are not an opportunity for maintenance items to be fixed prior to settlement.
  • Wet areas are always something to pay special interest to, for example Bathroom tiles can and often do leak through walls - check for chalky plaster generally down low on the wall, this is a tell tale  sign of seepage through wall tiles.
  • Stand well back and have a look at the roof line - is it flat or are there ups and downs? This will indicate that either the roof is sound or if a little sagged or wavy then timbers are warping and may need an expert to view for structural integrity.
  • Check the safety issues - electric light switches - plugs - shed wiring (where applicable) gas connections (do they look professional or are they a bit rough)
  • Check all major appliances on the property, including pool equipment, reticulation, air conditioners, heaters and hot water systems (if the house is empty and this is turned off, make sure the agent can arrange to have it checked or turned on for the next inspection), oven, fans, roller doors and anything else you can see on the property that uses power, water or gas.
  • Run water down the sink, toilets and troughs, watch to ensure drains are clear and running freely.
  • Check guttering for rust and sealed eaves for water stains as this may indicate poor flow and potential flooding in heavy rain.
  • Trees on the property - are they too close to the home - do they pose a potential threat?
  • Use your agent to write an offer and ensure that your individual interests are taken into account.
 
The 7 steps to buying your first home