Buying a property
Buying and selling a property is a big decision. Here are some helpful tips to get you started.
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Helpful Hints to Get You Started
- Talk to your financier about how much you can borrow on the type of property you are thinking about. Make sure they understand if it is going to be residential or rural, there is a big difference with deposit/equity required. Some financiers have different criteria for properties with solar power, dirt road access and non producing large acreage.
- For acreage or a house on acreage – Smaller acreage usually requires from 10-30% deposit/equity and with larger acreage (over 120 acres) 30-60% deposit/equity is usually required from the financiers. For a residential house, deposit requirements are usually up to 10%. Each financier is different.
- Know your market – do some basic research on the area you are interested in to get a feel for the prices and the services you want nearby (schools, shops, transport etc).
- When you do find the right property, clarify what inclusions are going to be on the contract.
- Make an offer in writing – it shows you are a serious buyer!
- When you have agreed on a purchase price you can begin arranging relevant inspections (building, pest etc.) or other conditions that need to be met before the sale can be finalised.
- Pay a deposit
- Organise the conveyancing for your new purchase – once a contract becomes unconditional, this means that all clauses and conditions have been met and you are now proceeding to settlement.
- You have reached settlement – Congratulations on your new property!!
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