Buying property is one of the most exciting things you can do, and also one of the biggest decisions you will ever make. VIBE Property shares some sage advice for prospective purchasers who are looking at apartments for sale, and houses for sale.
The first thing to know about purchasing an apartment for sale, is that you will be purchasing a Lot within a complex. This also applies to townhouses for sale and units for sale. When you are looking to buy an apartment or townhouse, not only should you take note of the internal attributes of the property, but you should also take note of the condition of the common property. Has it been well maintained? What is included in the common property? Is it in disrepair or does it look to be in good condition?
Townhouses and units will fall under a strata title, so it is wise to order a strata report prior to an auction sale, or during the cooling off period of a private treaty sale. The strata report will reveal if there are any major defects with the building, indicating that there may be a special levy required for repairs.
You should also take note of the cost of the strata levies, which are quarterly payments that you will need to pay on top of your mortgage repayments, and factor that cost into your budget.
Whether you are looking to owner occupy or rent the property out, there are certain aspects of home ownership that you will want to keep an eye out for when searching for houses for sale.
More often than not, the marketing photos will give you a good look at what to expect when you see the property, but you really must attend an inspection to get the whole picture of what you could potentially be purchasing.
The sort of frequently asked questions you might want to chat with the selling agent about include whether or not the property is tenanted, if there are any easements on the property, the age of the dwelling and the zoning of the property.
The reason these questions are important, is the answers can potentially impact any future decisions to build, extend, the potential to put in a granny flat or make alterations to the existing dwelling.
You will also need to organise a building and pest inspection in the cooling off period to ensure you know exactly what you are buying and what kind of work might need to be done to the property. Builders will search for things such as mould or damp issues, structural soundness or damage, insulation, wood rot or termite damage, the presence of smoke alarms and more.
When you do put in an offer and get your acceptance, you will need a conveyancer to represent you for the contract exchange with the vendor. Your real estate agent will be available all through this process, but your conveyancer will guide you through the finer details of your contract and explain everything to you during your cooling off period.
If you see a property that suits all of your needs and tugs at the heart strings – don’t be afraid to make an offer! If you are a first home buyer, don’t hesitate to talk to your real estate agent and ask them what the process is. Each real estate business has a different process in place for making offers, but the agent will tell you exactly how you can put in an offer and what the process will be from there.
All offers made on a sale property must be disclosed to the vendor for consideration, so decide what you think is an amount that you are willing to pay and can afford, and put in a strong offer that you think will get the owner’s attention.