October 09, 2015
So you've found a place that's right for you but what should you do next?
Before making an offer on a property, make an honest assessment of how well suited the home is to your needs.
- Are there sufficient rooms and adequate storage space?
- Would you need to renovate or redecorate?
- Try out the heating and cooling system, water (water pressure in the shower, flush the toilet) and lighting.
- Examine windows, doors and locks for adequate sealing and security.
- Inspect the condition of the external roof and guttering, paying particular attention to evidence of water leaks.
- Check for damp patches and cracks inside, particularly if you found problems outside.
- Have a look at the neighbouring properties - are they in good condition?
- Listen for outside noise and view the property at different times of the day and week.
- Which way is the property facing? North-facing is good for light.
Keep your emotions in check
Real estate agents are masters at reading body language. If the property ticks all the boxes, playing down how much you like it will sometimes give you extra bargaining power.
Get a free Residex property report from us
A Residex property report is a great resource in helping you to determine the property's value. The report includes; a price estimate, sales history, compariable local sales, suburb profile and predicted growth over the next 5 and 8 years.
Arrange a pre-purchase pest and building inspection
This will cost upwards of around $500 but it is an essential investment. It could save you thousands of dollars in unexpected repair costs. Only use the defects as a negotiating tool if you can genuinely afford to rectify the problems.
Obtain a copy of the contract of sale
Arrange for your solicitor/conveyancer to check the contract and vendor's statement carefully. You are bound by the contract once you sign it.
Ready to make an offer?
Pitch your first offer below the price you’re actually prepared to pay. Very few properties sell for the asking price and you should have an educated guess at the price the vendor wants - make an offer at some point below this.
It’s important you submit your offer in writing specifying how much you are willing to pay and include any conditions you wish noted such as a timeframe for moving in.
Secure your purchase
Once you and the vendor have agreed on a price, you need to pay a deposit and sign the contract. Until this happens the vendor can accept a higher offer from someone else.
For further information on purchasing a property, call us today on 03 9432 6070 or contact us online at the top of this page.