Steps for Buying a House or Unit With Property Brokerage

READY TO BUY A HOUSE?

Pros and Cons of Homeownership Weighing the Options

Considering buying a house? Homeownership instead of renting is a good idea for most people. Be sure to weigh the pros and cons to ensure it aligns with your goals and preferences. This home-buying guide will walk you through the necessary steps to buy a house or unit.

StepbyStep Guide to Home Ownership

HOME BUYING STEPS EXPLAINED

What Are the Steps To Buying a House?

01

Gauge Your Borrowing Capacity

02

Explore the Property Market

03

Conduct a Thorough Property Inspection

04

Legal Review by Conveyancer or Lawyer

05

Building & Pest Inspections

06

Buy at Auction or Negotiate a Purchase

07

Contract Signing & Deposit Payment

08

Pre-settlement Inspection

09

Property Settlement

10

Celebrate Your Home Buying Success

11

First Home Owner Grants (FHOGs)

12

Buying a House With Property Brokerage

SECTION 2

KNOWING WHAT TO LOOK FOR WHEN BUYING A HOUSE

Three Steps to Researching the Property Market

1: TALK TO YOUR LOCAL PROPERTY BROKERAGE REAL ESTATE AGENT

Reach out to our friendly Property Brokerage Real Estate Sales Agents—they're local experts deeply involved in real estate.

They're the real estate agents you need, knowing all about market conditions, buyer trends, and insider property info. Regardless if a property is on, off, or about to hit the market, they've got you covered.

2: WHERE TO FIND PROPERTY MARKET DATA

Before buying a house check out online portals like PriceFinder, CoreLogic, and Australian Property Monitors. These websites tell you everything about real estate, sharing the details on supply, demand, and upcoming hot-spot areas.

Government websites often contain reports and community profiles, revealing council plans, development projects, and building regulations.

3: UNCOVER THE LATEST SALES DATA

Engage with your local Property Brokerage Sales Agent. Check out our free monthly suburb reports, conveniently presented in an easy-to-watch video format.

Explore real estate portals for a wealth of homes on the market and historical sales data. With easy-to-use search tools, you can survey the entire market from the comfort of your home.

SECTION 3

STRATEGIC LOCATIONS: UNVEILING SECRETS TO BUYING A HOME

What makes a Great Location When Buying Real Estate?

LOCATION

Location is a home buyer's most important consideration. You can always renovate or improve a home, but you cannot change its location. The location also directly influences the capital growth of the property. If you buy property in an area primed for growth it can help build your personal wealth faster.

But what actually makes a great location? In essence, a great location is one that allows you to live the lifestyle you want for you and your family. It is the mix of physical location, the character of the suburb and its proximity to desirable amenities.

SUBURB FEATURES TO LOOK FOR WHEN BUYING A HOUSE OR UNIT

At Property Brokerage, we understand the significance of location in your home buying journey. Our broader outlook allows you to uncover hidden gems and seize excellent opportunities, considering that multiple locations can cater to your desired lifestyle.

Keep an open mind on location to expedite your property search. A home's fixed location is fundamental for satisfaction and growth potential.

When evaluating a region, suburb, or neighbourhood, it's crucial to assess various factors:

  • Proximity to amenities like schools, parks, shops, etc
  • Commute time to work
  • Crime rates in the suburb
  • Standards of homes in the area
  • Walkability to essential services
  • Planned upgrades and developments including potential impact on lifestyle and property prices
  • Aspect, views, and overall outlook of the area

KNOWING WHAT TO LOOK FOR WHEN BUYING A HOUSE

How to Find the Right Property & Successfully Buy it

FINDING THE RIGHT HOUSE TO BUY

Buying a house or unit is easier when you know where to look, ask the right questions, and conduct thorough due diligence.
Strategic Property Search: Discover the various avenues for buying a house or unit, gaining insights into effective strategies for a successful property hunt.
Navigating the Settlement Journey: Dive deep into the intricacies of the settlement process, uncovering tips and guidance to ensure a smooth and successful home buying journey.

HOUSE HUNTING

If your goal is to find a great home at the right price in the perfect location, patience is key.

Attending open home inspections, engaging with agents, exploring suburbs and neighborhoods, and participating in auctions provide valuable insights that go beyond what you can gather from a computer.

This hands-on approach not only brings clarity about available options and your preferences but also enhances your understanding of local markets.

Developing instincts for property values ensures you make informed decisions aligned with current market conditions.

As you venture out to inspect properties:

  • Maintain a positive mindset – the journey is exciting
  • Create a property wish list
  • Select your favored suburbs
  • Ensure your budget aligns with the chosen areas
  • Visit several open homes to thoroughly assess the market

CHECKLISTS & DUE DILIGENCE BEFORE BUYING A HOUSE

Practicing due diligence can protect you from investing in a property that may pose costly issues in the future.

The initial step involves a comprehensive property inspection. Utilize our helpful room-by-room checklists to assist you in identifying crucial factors when purchasing a house or an apartment.

QUESTIONS TO ASK THE AGENT

As you explore different properties -
Consider the following 10 questions to kickstart your home buying journey:

  • Why are they selling?
  • Have the owners undertaken any recent renovations?
  • Could you share a list of comparable sales from the last 3 months?
  • How much are the council rates?
  • Are there any restrictions affecting the property?
  • Are they aware of any upcoming zoning changes?
  • How long has the property been on the market?
  • Have they received any offers and if so, what amounts?
  • Are the vendors open to negotiation?
  • Would they consider pre-auction offers?

SECTION 4

KNOWING HOW TO NAVIGATE THE CONTRACT OF SALE

Ensuring Accuracy & Guarding Against Surprises

LEGAL CONVEYANCING CHECK

In addition to inspections, engaging your conveyancer or lawyer for a thorough review of the Contract of Sale is crucial. This legal scrutiny ensures accuracy and guards against unexpected surprises.

Their expertise ensures that you enter into the transaction fully aware of the contractual terms, providing peace of mind in your property purchase.

SECTION 5

ENSURING COMPREHENSIVE PROPERTY ASSESSMENT

Pest and Building Inspections Identify Hidden Problems

BUILDING & PEST INSPECTIONS

To ensure a comprehensive understanding of the property's condition, it is essential to arrange professional pest and building inspections. These examinations unveil issues that may not be visible to the naked eye.

While no property is flawless, identifying any significant issues through inspections empowers you to make more informed home buying decisions.

SECTION 6

EXPLORING HOME BUYING OPTIONS - A VARIETY OF PATHS TO PROPERTY OWNERSHIP

What are the Different Ways to Buy a House or Unit?

BUYING A HOUSE AT AUCTION

Participating in an auction involves a public sale led by a licensed auctioneer, where the property goes to the highest bidder. The vendor collaborates with their agent to set a reserve price, indicating the lowest amount acceptable for the property.

If the bidding falls short of the reserve, the property is ‘passed in.’ Subsequently, the agent initiates negotiations with the highest bidder to reach a mutually agreeable price.

Several advantages accompany buying a house at an auction:

  • The price is benchmarked among other buyers in a public setting.
  • You receive an immediate result as there is no cooling-off period.
  • The highest bidder secures the property, contingent upon any reserve price.

BUYING BY PRIVATE TREATY / PRIVATE SALE

This method is the most common for buying a house or unit me in Australia.

The home is listed with a set price; however, the final selling price typically differs from the asking price.

After a negotiation period involving offers exchanged between the seller and the buyer, they reach a mutually agreeable price, finalizing the property sale.

What are the advantages of purchasing a house or unit through private treaty?

  • Greater flexibility for negotiation. A contract can be signed subject to specific conditions, such as a building inspection, finance approval, or property repairs.
  • You may have more time to decide, reducing the emotional pressure compared to an auction.
  • More certainty regarding anticipate property price compared to an auction.
  • You aren't required to pay for any reports until you've signed an agreement to buy the property.
  • In most cases, there's a cooling-off period in case your circumstances change.

BUYING PROPERTY BY EXPRESSION OF INTEREST OR TENDER

In an expression of interest or tender sales campaign, buyers are invited to submit their best and final offer to purchase a property by a specific closing date and time.

Following this, the seller, normally in consultation with their agent, will review the offers. If an acceptable offer is not received, the property may be sold via another method or an Expression of Interest may be called again.

This method of sale is most suitable for very expensive or unique properties.

What are the advantages of buying a home by Tender / Expression of Interest?

  • The closing date creates a sense of urgency.
  • Buyers can discreetly submit offers.
  • The private nature of the sale process allows the selling price to be kept discreet.
  • Indicates the true value of the property through the competitive nature of the offers.

SECTION 7 – 10

UNDERSTANDING THE LEGAL PROCESSES

Sales Contract & Property Settlement Process

(07) STEP 1 | CONTRACT OF SALE

Buying a property involves a legal process, and that's where the Contract of Sale comes in. It's a vital document protecting both the buyer and seller, covering key details like names, addresses, sale conditions, and what's included.

Once both parties sign and exchange the contract, they're legally bound to complete it, subject to any cooling-off period and conditions.

As part of this commitment, the buyer typically pays a deposit, a percentage of the property's purchase price, solidifying their intent to proceed with the purchase.

(08) STEP 2 | PREPARING FOR SETTLEMENT

The time between signing the Contract of Sale and settlement day can vary, typically around six weeks.

This allows home buyers to sort out finances and sellers to meet any special conditions in the Contract of Sale.

(09) STEP 3 | PRE-SETTLEMENT INSPECTION

Approaching settlement day, the new buyer has a chance to inspect the property to ensure nothing unexpected has happened since signing the contract.

It's also an opportunity to check if all the tasks mentioned in the contract are completed.

(10) STEP 4 | FINALISE THE TRANSFER DOCUMENTATION

On settlement day, both settlement teams ensure all contract conditions are met. The buyer’s lender authorises payment of the balance, and the Sales Agent transfers the deposit held in trust.

The seller’s legal team ensures the payment of necessary property taxes, land transfer duty, and water rates. Once everything is settled, the transfer documents are completed and lodged with the land registration office.

Assuming all goes well, the new buyer takes legal ownership, and the keys are handed over.

SECTION 11

GETTING SOME FREE MONEY

First Home Owners Grant (FHOGs)

BUYING YOUR FIRST PROPERTY?

The First Home Owner Grant (FHOG) scheme is a national initiative designed to assist first-time homebuyers in offsetting the impact of the GST when purchasing or building a home.

It is a one-off payment available to eligible first-home buyers who purchase or build a residential property for their primary residence.

While it is a national scheme, its funding is provided locally by state and territory governments, leading to variations in conditions across the country. However, in most cases, you may be eligible if you:

  • A permanent resident or citizen of Australia
  • Have never owned a property before
  • Have never received the grant previously
  • Are purchasing a new or established home as an individual
  • Intend to live in the property as your primary place of residence
  • Apply for the grant within 12 months of purchasing your first property

To discover the specific details of your state or territory’s FHOG, visit their official website.

SECTION 12

YOU'RE IN GOOD HANDS WITH US

Why Buy a House or Unit with Property Brokerage?

When you embark on the journey of finding and buying your dream home, it's more than just securing four walls and a roof—it's about embracing a lifestyle. At Property Brokerage Real Estate, we're experts at helping you find your perfect home.

Explore our Knowledge Centre, a valuable resource brimming with practical insights, strategies, and helpful downloads, streamlining your path to homeownership.

Dive into our extensive range of properties for sale at Property Brokerage Real Estate, where we cater to every lifestyle, ensuring you find a home that perfectly suits your needs.

As you navigate the exciting journey of homeownership, consider the pros and cons discussed in this home buying guide. Whether you’re envisioning a long-term investment or exploring short-term options, making an informed decision when buying a house or unit is the key to a successful and satisfying homeownership experience.

Trust Property Brokerage Real Estate to be your guide in this significant life venture. Happy house hunting!