Tips on what research you should do before purchasing a property
Transcript:
Deposit saved. Tick (thanks for your help flat mates)
Finances sorted. Tick
Loan pre-approval. Tick
Mike’s smashing this whole first home buyer thing so far, but before he pops that bottle of Champagne, there are some last-minute hurdles he’ll need to clear before that property dream becomes reality. Mike’s got a can-do attitude, but before he gets in too deep he’s going to make sure he has done his homework on the property he wants to buy…
We’re talking:
- Getting a building & pest inspection – so faulty wiring or termites don’t ruin your dreams.
- If you’re after an apartment, checking the health of the owner’s corporation. If a place seems too good to be true it just might be… the sinking fund for the apartment block might give you a sinking feeling, or the owner’s corporation may have huge works they are planning to take on which could mean additional costs for you if you become an owner in the building… Don’t get stung.
- Reading the fine print in the contract of sale for your property purchase, or better still get a solicitor or conveyancer to help you with this – you might be surprised at what’s on page 151! Remember: contracts are negotiable, and you can request changes to some of the terms (like settlement periods).
- Researching the suburb and potential developments - you don’t want a highway going in over your back fence. Give the local council a call for the lowdown on anything that’s in the planning stages.
Once you’re satisfied that you’ve got a winner, either put in an offer, or put your hand up at the auction. SOLD.
Originally published on flatmates.com.au
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