- Set a budget and enquire with a finance person about your buying capacity as it will avoid disappointment and will assist you during your research phase. Also, shop around for finance and consider talking to our finance broker – they generally will provide greater flexibility.
- Clearly ascertain and identify what your buying needs are and be confident to relay this to an agent you are comfortable with – it will save you hours of seeing property that really isn’t going to suit your requirements.
- Decide on an area/location – this will be closely aligned with Steps 1 and 2. Relay the reasons to your agent. Their expertise and knowledge may even be able to broaden your options.
- Select and contact a solicitor’s office to enquire about a fee for processing your documents. We can provide you with the Contact Details for a number of reputable firms.
- Conduct your own research and utilise the services offered by the internet – in particular www.realestate.com.au. It is a one stop shop and will provide you with an abundance of information.
BUT be very wary of the Portals that offer auto generated price guides they are often incorrect because they are purely basing automated algorithms that rely on Data without being able to adjust for the wide variety factors that is Real Estate. Location, Quality, Size, Age, Views and the list goes on…
- Following your own research, speak to your agent advising them of what your expectations are. If the agent is aware of these, they will be able to assist you in a more efficient manner.
- Make an appointment to inspect a property. Ask as many questions as you can! A professional agent should be able to answer immediately or seek to source the information for you.
Don’t leave this appointment with questions about the ‘Buying Process’.
- Once you have decided on a suitable property, the next stage is the ‘Buying Process’ and a professional agent will assist by making you feel comfortable.
This can be a daunting process, particularly for first home buyers so don’t be afraid to speak up.
- Relay your buying terms to the agent with confidence. If you have any special requirements, let the agent know.
Most negotiations occur regarding the price however, there are more terms to a contract than just the price.
- The Contract of Sale: Ensure the agent provides you with all of the correct paperwork and have them explain the documentation to you. A professional agent will have a good and sound knowledge of how the documentation relates to you as a buyer.
In Queensland, the required documents are:
- Contract of Sale: Which in most cases will be the REIQ/QLD Law Society Contract of Sale.
- Disclosure Statement (if the property is a unit): This document explains all of the relevant information should a Body Corporate be involved;
- Form 8: Disclosure to prospective Buyer…What an agent must tell you prior to signing.