THE STEPS TO BUYING A PROPERTY...
Understand how much you can borrow
Research the property market
Thoroughly inspect the property
Contract reviewed by conveyancer or lawyer
Building & pest inspections
Buy at auction or negotiate a purchase
Sign contracts and pay the deposit
Pre-settlement inspection
Property settles
Celebrate a great result
Buying a House or an Apartment
Firstly, before you even start looking around at buying properties, you should get in contact with a mortgage broker to find out how much you can afford to borrow and to get your pre-approval for your loan. We have mortgage brokers who we can refer to you if required.
If you are serious in finding a property at the right price in the right location, it will take time and maybe a little bit of disappointment, that’s all part of the journey.
Suggestions
Visit online real estate portals such as domain.com.au & realestate.com.au. This will save you time and give you a chance to establish what you’re looking for and more importantly what price points are for the properties you like and make enquires to.
Going to inspections, meeting the agents, walking around your favoured suburb of choice, and attending auctions all give you good experience. It will ensure your knowledge of local markets is broadened.
When buying a home or investment, remember aspect, size, natural light, views, busy streets, busy roads and general condition of a property all contribute to price points.
It is important to physically inspect properties and keep the brochures and follow up on what they end up selling for, keep a file with the brochures for your research.
It is one of your biggest investments you will make in your lifetime, so make sure you do your homework.
Apartment Buyer’s Tips
If buying a strata or company title property it is wise to have your conveyancer or solicitor order a strata report and view the AGM minutes to investigate any major works that may be pending or underway, understand the financials they hold in the sinking fund and what the strata levies are.
House or Terrace Buyers
When buying a House or Terrace if you are wanting to either attend the auction or submit an offer, ensure you engage a reputable pest and building inspector, this allows you to be prepared for any unexpected repairs or defects that may need to be undertaken, this will also give you leverage in negotiations if there are any unexpected defects or repairs. If you are the successful purchaser, you will have a budget set aside or enough funds to carry out the works.
Methods of Sale
Predominantly there are two popular methods to sell a property in NSW.
For Sale/Private Treaty
This is when a fixed asking price is set and buyers can make offers close to the asking price or at the asking price.
Auction
This is generally Sydney’s most popular method to sell property.
Agents give prospective buyers a price range based on similar properties that have sold in the immediate area. This allows the vendor a selling method that does not set a ceiling price.
From Our Experience
”It’s not what a property is worth! It’s what someone is willing to pay for it!“
As we have experienced at the end of 2020 and 2021 this has been Sydney’s most popular method to sell property.
The Team at D'Ettorre Real Estate
