Purchasing a property can become a highly time consuming and frustrating process if you don't start your journey with an expert from the word go. At Quay 1 International Realty, our specialist brokers are skilled at Navigating Success in all market conditions and are here to help make the buying experience easy and hassle-free. Here are some of our pointers for securing your dream property!
SETTING SOME PARAMETERS
Do you know what type of property you would like to buy? Do you want to buy a new build or an older property? Do you want to buy to invest or to live in? Have you decided on the area(s) you would like to live in?
It's important to know which direction your search will take from the start. This initial preparation will save you time as well as give you an indication on the various costs involved for the respective type of property you are considering.
DEFINING YOUR BUDGET
Once you have a good idea of what area you would like to invest into and have a broad idea of the type of property you would like, you need to set your budget.
Taking into account whether you intend on doing renovations or alterations on your new property, you will set your maximum purchase price. This budget will then determine the combination of attributes you will be able to afford, such as: size of the property, views, parking solutions, location in suburb, natural light, and so forth.
Generally speaking: the more you spend, the more you'll get in terms of the above attributes, which contribute towards a property's attractiveness. Setting a realistic budget can save you a lot of time and potential heartache. If you plan on taking out a mortgage bond to finance the purchase of your property, see our useful affordability calculator to help you get an idea of what bond amount you could qualify for.
CHOOSING THE BEST TIME TO INVEST
Is this the right time to make your property purchase? Prices within any specific area's property market can vary significantly depending on prevailing local and national economic, socio-economic, environmental and political factors.
Beyond market conditions, it is also important to consider whether it is the right time to buy in the context of your personal life, taking into account your current family and career situation and how this is likely to develop over the next 5 years.
There are opportunities to be found in any market - speak to a Quay 1 broker about your situation and goals to gain a better understanding of when would be the best time to invest.
LETTING THE PROPERTY EXPERTS GUIDE YOU
Buying a property takes time and a lot of personal commitment, especially if you are doing it for the first time.
The best way to make the process easier is to use a specialist broker who will be able to show you the properties that best match the criteria you have given them. With their specialised knowledge of the local market, they will be able to suggest properties that you may not have had the chance to see on your own.
– Our brokers –
Our team of award-winning brokers are dynamic, forward-thinking and driven by exceptional results. Equipped with area-specific innovative sales strategies, techniques and insights, they will ensure you have the inside lane when it comes to successfully concluding your property journey.
FROM INTEREST TO OFFER
When you have found a property that feels right, the next step is submitting a formal Offer to Purchase. This is a legally binding document that outlines the purchase price, suspensive conditions, occupation date, and any special terms agreed upon between buyer and seller. Your agent will walk you through each clause carefully to ensure you are fully informed and comfortable before putting pen to paper.
Never sign under pressure - take the time to read every clause thoroughly! If anything is unclear, ask your agent or conveyancer to explain it before proceeding.
Once the seller has accepted and signed the offer, the suspensive conditions come into play - most commonly, the securing of a home loan within a specified timeframe. It is important to act swiftly, submitting your bond application to one or more banks as quickly as possible and ensuring all supporting documentation is complete and accurate.
Once all suspensive conditions have been fulfilled, the conveyancing attorneys take over and begin preparing the legal documentation required to transfer ownership. This process typically takes between six and twelve weeks, during which time compliance certificates are obtained, rates and levies are settled, and all paperwork is lodged with the Deeds Office. Upon registration, the property is officially and legally yours!
THE RIGHT HOME IS WORTH THE WAIT
Finding the perfect property is rarely a straightforward journey, and it is important to approach the process with patience and a clear sense of perspective. It is entirely normal to view numerous properties before the right one presents itself - in fact, each viewing brings you one step closer to understanding exactly what you are looking for.
Ready to start your real estate journey? Contact Quay 1 International Realty and we'll connect you with one of our area specialist brokers to ensure that you achieve a top result when purchasing your property!
