Ready to Buy a Property? CPM Realty can help you!
Finding the ideal home or investment property can often be a difficult and daunting task. To assist you in your search, we have compiled a useful list of 7 tips including points on financial arrangements.
Create a household budget to help you determine manageable loan repayments. Be prepared for the “hidden” costs of purchase, including solicitor’s fees, building inspections and taxes.
Your mortgage provider will advise how much you can afford to borrow, it’s important to have your finance in order before you start looking. Request a letter of approval from your lender; this may be required on the day of auction.
3. Wish List
Make a detailed list of all your requirements, including location, size and features. The more specific your list the more refined your search will be, saving you valuable time and energy. It’s a good idea to prioritise them as this will help you better qualify your choices.
Ask your CPM Realty sales agent for a list of recent sales in your preferred area. Your agent can also provide you with valuable locality information, including schools and facilities. Try to attend inspections and auctions in your area to get a feel for the market.
Once you have found your ideal home, we recommend that you arrange for a building and pest inspection. This is to help ensure you don’t have to pay costly repairs.
Once you have found your ideal property, you may decide to pay the asking price or make an offer, dependant on your opinion of its value. Ask your agent to send a copy of the contract of sale to your solicitors. Remember, the agent is acting in the best interests of the vendor, so if you are making an offer less than the asking price, you may risk losing the property to a buyer prepared to pay the asking price. Once an agreed price is reached, it is usually best to exchange contracts ASAP.
Now that your offer has been accepted, a deposit will be required, usually 10% of the purchase price. At this time your solicitors will sign and exchange contracts between you and the vendor and a settlement period will also be agreed upon, on average this is forty two days.