Australian Property Updates

Property Information & Real Estate Updates

Build a team to tackle the property market with you

Buying a property is a major step and one that is not embarked upon without a great deal of thought and consideration. Unless you are one of the lucky few who is not struggling with finance and who finds the perfect house at the first viewing, then you will know the sweat and gruel of searching for houses and applying for mortgages and having offers rejected and all the other associated drama that goes with entering the property market. Usually the struggle is worth it, but if you are making your first foray into the world of property it is well worth making sure that you assemble a good team to back you up. Here are the key players who will help you through the process.

Find the right realtor

Estate agents are not as central to the whole process as they once were, but they are still very important. They are subject matter experts and they know the area in which they operate very well. Granted, an estate agent’s job is to represent the seller’s interests, but the very nature of the transaction, and the fact that they are only paid commission in the event they close a deal, means that they are incentivized to broker something that works for everyone. If you are not sure where to start looking the internet is usually a good place. A Google search for something like, ‘real estate agents Surrey Hills’ should provide you with a list of the best operators in the area. Make a plan to visit with them for a chat and to assess what is available and what their thoughts are on the state of the local market.

Legal expert

Registering bonds and transferring properties are legal proceedings. Traditionally the lawyers that are used are chosen by the bank and the seller respectively. Despite this it is the purchaser that has to pay the fees. Make sure that you have your own lawyer available and on stand-by and make your offer to purchase contingent on the seller’s attorney of choice being prepared to do the work at the same price, or better than your solicitor would charge. If they are not prepared to agree to this then it is likely that they are taking a chance.

Find a mentor

Buying a property for the first time is nerve-wracking. It is a lot of money and if you need to get a bond it is a long-term commitment to repay it as well. You are potentially talking about getting into debt for 25 years with hefty payments to be made every year. Having somebody at your side who has been through the process before, preferably more than once, is a great idea. A calm and objective head who can guide you in he right direction, letting you know what is right and wrong and not letting emotion get in the way of important decisions. This person could be a parent or a friend or even an estate agent who is not involved in the transaction. It is very helpful to have such a person along for advice.