Buying Property
Looking for a Home
Start looking early and spend a few hours each weekend visiting “home opens” or arrange a couple of viewings over the weekend to give you a feel for what is available in your chosen areas / suburbs, this will also make the process fun and give you most of your weekend to enjoy the Aussie lifestyle. Consider looking at neighbouring areas and suburbs too to compare pricing and budgets. Consider applying for mortgage pre-approval through an experienced mortgage broker that specialises in assisting new arrivals so you know what you definitely can afford without placing undue financial pressure on your family – it will also help you to identify where you can afford and which properties fit into your budget.
If you live in an area or city where auctions are common, attend a few auctions for properties that you are definitely not interested in or cannot possibly afford (so you cannot bid on them) to familiarise yourself with the process and give you some confidence when you are ready to bid on a property you are interested in buying. Take notes and mark items or issues you like and dislike about each property (and area) and compare notes with your partner so that you both (hopefully!) agree on the most important “must haves” and dislikes.
Try as much as possible to take emotions out of the process and start looking well ahead of when you are ready to buy, this will give you a better understanding of the local market and assist in recognising values and make it easier to find the most suitable home when it becomes available. It will also take away any desperate buying that may result in being unhappy with your purchase.
Remember why you made the move to Aussie in the first place, keep the adventure alive as long as possible and try as much as possible to remove any unnecessary stress such as desperation, buying property that stretches you financially and unnecessary conditions that create anxiety for you or your family.
When You Find a Home
Ask the selling agent for applicable surveys, warranties (for new built properties), sales conditions and any other relevant legal or other evidence to address any concerns you may have regarding structural integrity of the house or land.
When you are ready to purchase and the property is being offered for sale by Private Treaty, make an offer to buy the property at the price you feel is reasonable and lower that you are ultimately prepared to pay for the property. Remember that the listing estate agent is paid a sales commission based on the selling price and whilst they will offer guidance on your offer, they are engaged by the seller and are acting in the seller’s interest. Most private treaty sales are listed at a price higher than the seller wants to sell the property for as negotiation is usually accepted, to keep this in mind. It is also acceptable (and often advised) to make the offer subject to any conditions you deem reasonable (e.g satisfactory survey, termite inspection, builders report, etc. as relevant), subject to finance approval to the buyers’ satisfaction is a very good idea to include! The seller will then make a counter offer if they are not happy with your offer and the process of offer and counter offer can go backwards and forwards until an agreement is reached (your offer is accepted with the relevant subject clauses). You will then need to engage the services of a lawyer or approved property settlement agent to complete the sales contracts to complete the sales process, finalise mortgage documents with your finance broker or bank and agree a settlement date.
