10 Tips for Buying Success
Buying property in Tasmania can be a great investment opportunity or what a fabulous place to set down your roots and call 'home', but it's important to understand the process before diving in.
We have compiled our 10 top tips to buying success. This list can help you in the buying process, it covers the importance of getting pre-approved, making a wish list, getting informed on the current market conditions, and getting legal representation, among other things.
Our 10 Tips For Buying Success
1- Get Pre-approved – From knowing what you can afford, to being more attractive to sellers. If you can have pre-approval in place, this will fast track your buying process. A broker is a great start as they can assess your affordability and the best loan and lender options.
2 – Make a wish list of your preferences – What is important to you when looking for a home? Think about ideal locations, size of home, land, and amenities in the area.
3 - Get in the know – Learn as much as you can on the current market conditions and what properties are selling for in your area of interest. This will give you a leg up when looking for a home.
4 - Start house hunting – Many websites allow you to subscribe your preferences to receive buyer alerts. Contact us at MIX and we can add you to our list to receive buyer alerts. Popular properties can go under offer in a matter of days, so you need to act quick when you see something you like.
5 - Making an offer – Familiarise yourself with a contract for sale, all offers need to be submitted in writing. What conditions, if any, will your offer be subject to? Some common conditions include a finance and inspection clause.
6 - Get legal representation – Once you have made an offer that is accepted, you will need to appoint a conveyancer or solicitor for legal representation, this rep will either need to be locally based or have a someone who can be present in person at settlement. They will take care of all legal matters for the sale including transfer of funds and title transfer at settlement.
7 - Confirm any conditions – If your offer was subject to any special conditions such as deposit payment, finance, or an inspection clause you are responsible for meeting the time deadlines set out in the contract. Make a note of all important dates and get to work confirming these clauses as soon as you can.
8 - Confirmation of the sale – Once all special conditions have been confirmed, the property will be marked as SOLD. The settlement date will be confirmed, and you can start packing and getting ready for the big move. It is a great idea to start with those things you don't use often and also keeping aside a box of necessities like tools etc. for quick access on move in day. This is when if you require professional movers to lock them in for settlement day.
9 - Pre-settlement inspection – Close to settlement it is best practice to arrange an inspection of the property to ensure that it is in the same condition as when you inspected it and that you are satisfied to go through to settlement.
10 - Settlement Day – Once settlement has been completed you are now legally the new owner and access will be granted from this time, enjoy your new home and time to start unpacking. It is ideal to have some time of work so that you can take your time getting settled into your new property.
Buying property in Hobart can be a complex process, but with the right guidance and research, it can be a rewarding investment. If you would like more assistance with your property hunt contact the team at MIX - we have an experienced and willing team ready to assist with your buying journey.
Sell, lease or manage your property with confidence.
Our personalised step-by-step process makes real estate easy, enjoyable and transparent. Keeping you in control and ensuring your success.
Your Recipe Mixed For Success!