A partnership with The Professionals means not only finding the right home ... but making the process of buying it as simple and as stress-free as possible. We're with you every step of the way ...
decide what you are looking for in a home
There are many decisions to make when buying your home. It helps to have a clear idea of what you're looking for before you set out on a search for it. For example, you need to consider what type of home and location you're interested in. work out your finances
Now that you have a clean-cut idea of what you're looking for, it's time to work out the finances. After all, buying a home is probably the single biggest investment you'll ever make in your life, which is why it's so important that you understand the cost of your mortgage. Determine what your weekly mortgage repayments will be with our Mortgage Calculator. determine overall costs involved
When working out your finances, please consider that there are a number of extra expenses involved in buying a new home. Unfortunately, the price you pay for your home is not the only cost involved. Below is a list of additional expenses you can expect.
- Mortgage Application Fee
- Property Valuation
- Solicitor’s Fees/Legal Disbursements
- Mortgage Insurance
- Moving Expenses
- Incidentals & Other Expenses
understand current market conditions
The housing market fluctuates between three main states. These are listed and explained below.
Buyers Market
- The number of homes on the market is greater than the number of buyers.
- Homes usually take longer to sell.
- Prices stabilise or sometimes decrease.
Sellers Market
- The number of buyers exceeds the number of homes on the market.
- Homes sell quicker.
- Prices generally increase.
- Sellers may receive offers from more than one buyer.
Balanced Market
- The number of homes for sale is approximately equal to the number of buyers.
- Sellers will consider reasonable offers.
- Homes sell within reasonable time frames.
- Prices are generally stable.
- A good number of prospective buyers see the home.
find the right home
You know how much your new home is likely to cost - and what's happening in the market. Now it's time to begin the search for the home that's right for you. It's easy to forget what you think of each home you review, especially after you've seen several. Make lists of the houses you view, with comments, rating them according to what you are looking for. enter into an arrangement with the purchaser
When you find the home you like at a price that fits your budget, the next step is to make an Offer to Purchase. Your Professionals Sales Consultant will prepare this key document with you - making sure it covers all the details that are important to you.
Below are the five major elements of an offer:
Price
The price you offer may be different from the seller's asking or listing price. This will depend on your opinion of the value of the property and how it suits your needs.
Deposit
The deposit shows your intent or good faith and will be applied against the purchase price once the sale is unconditional. Your Professional Sales Consultant can provide guidance on a suitable amount for a deposit - 10 percent is usually acceptable. The deposit is normally refundable if the sale does not become unconditional.
Conditions
These are requirements that must be met before the sale becomes unconditional. Conditions are always subject to a state time and may include:
- 'subject to you selling your home';
- 'subject to you obtaining finance'; or
- 'subject to completion of certain work on the home'
Your Sales Consultant will explain all the details relating to these conditions.
Chattels
Chattels are the items the seller will leave in the home and include fixed floor covers, blinds, curtains, dishwashers, stoves and television aerials. Your Professionals Sales Consultant will know what these items are and will make sure you are fully aware of them.
A Conditional Vs an Unconditional Offer
What's the difference? An unconditional offer means the seller is not placing any special conditions on the purchase. The seller has only to accept the offer for the property to be sold. A conditional offer means that you have placed one or more special conditions on the purchase, such as "subject to finance" or "subject to your home selling". The sale is not completed until these special conditions have been satisfied. In some cases a conditional offer can be rejected. For example, if the vendor receives what he or she considers to be a better offer while you are still trying to make finance arrangements or sell your property. contract is forwarded to your solicitor
After an offer has been accepted, your solicitor will need to check all the details of the title and prepare all the necessary documentation. You will then need to sign any mortgage documents and arrange for payment of the balance of the purchase price. Bank cheques are normally required for this purpose.
plan your move
With finance and legal requirements taken care of, it's time to plan the move to your new home! Here's a checklist to make planning your move easier. Click here to view and/or print a checklist to make planning your move easier. settlement and possession day
Generally, this is the day that the balance of the purchase price is paid to the vendor and yes, you finally receive the keys to your new home! |
