HOW TO MANAGE A PROPERTY PURCHASE
How to manage a property purchase
There are so many things that have to come before this…researching property, working out your buying strategy, saving for your deposit, getting your purchasing team together, going to open homes, making an offer and negotiating your purchase/conditions. So by the time you get here - wherever here is - you could be forgiven for feeling a bit of Buyer Fatigue.
Buying a home is exciting—but contracts don’t wait and this is no time to lose steam.
This is the best time to get out a check list and just go through the motions so that nothing is missed.
Unless you buy at auction, you will have some important dates to write down. For example:
Contracts exchange [once you’ve signed your side of the contract, the actual exchange is taken care of by the conveyancers & real estate agents]
Cooling off period [most contracts have this - unless you waive the cooling off period which we don’t recommend - is 5 business days from exchange where you can back out of the contract but you will lose a small part of your deposit - example NSW its 0.25% of the purchase price]
Pest and building clause [can be anywhere between 7-21 days from the exchange of contracts - your building inspection isn’t just a step, it’s your safety net. If something shows up, you’ll want time to investigate, negotiate or walk away with confidence so 7 days is a bit tight, really only 2 days longer than your cooling off period…21 days is excessive…we think 14 is just right]
Finance clause [is usually also 7-21 days from the exchange of contracts - you will need to make sure your mortgage broker and conveyancer are in communicado over this part of your purchase]
Unconditional date [this is when you really can’t back out…you could but you’ll lose your deposit so at this stage it’s critical that you have no more conditions - especially finance]
Settlement date [you get the keys, do a final walk around with the agent and the conveyancers and your lender settle the matter so that the title is put into your name, the mortgage starts and it’s GO TIME.
How to manage a property purchase…a lot like trying to eat an elephant.
That’s just a quick but thorough overview. Of course your particular situation will vary wildly from that.
For example some agents are now asking for very short pest and building inspection clauses. And if you buy at auction, you won’t have to worry about a lot of that to and fro-ing because it’ll mostly happen on the day, settlement day, not withstanding.
Pro Tip: Book your inspections and tee up your finance early so you’re not rushing against deadlines. Future-you will thank you.
Check out the First Home Buyers Hub - Resources to find a general Purchase Timeline PDF. We suggest you print it off and when it’s your time to go through the process, make note of Important Dates on the back of it!
🔑 Peace of mind starts with time on your side.
#firsthomebuyers #realestatetips #buildinginspections #duediligence
Call to book, or reach out online
0424741616
info@dwellbuild.com.au
HOW TO BUDGET FOR REAL SAVINGS
How to budget for real savings
Saving for your first deposit can be tricky, especially with the cost of living being what it is! But know that a tight squeeze now will all be worth it down the track when you have your first property in the bag.
Whether or not you're looking at investing in property again later on down the track, usually time + other factors will help you in the long run with the deposit on your second home, third and so forth.
It’s just getting in there initially that’s the real hurdle because you’re literally Saving Against the Clock!
So our top tips for getting your first deposit together:
Go to extreme measures to cut down your living costs – get a room mate or 5, live with your parents, whatever it takes.
Cut out the expensive habits – for the time being or for good! Smoking, gambling and excessive drinking are a given, but also relying on take-away when you could just open a tin of beans!
Compulsive shopping has got to go! Buy now/pay later, Amazon ordering and FOMO are all Consumerism related disasters waiting in the wings to sabotage your savings. This isn’t part of the “avocado toast” debate - this is just cutting out things that aren’t giving you real pleasure. Mindful shopping is a good, solid life-long habit that you will probably continue with long after you’ve moved into your new pad.
Ultra boring but super crucial - start keeping track of your spending. Once you’ve got an iron grip on what you’re actually spending, you will have a good idea of what you should be spending, what you could be saving and even better, a goal date in the future when it should all happen for you!
You’re going to have to get a little crazy to get a decent deposit together! But it’s worth it!
On top of the above, you should also be doing some serious research and thinking outside the box:
Check your borrowing capacity with a broker so you know your real deposit target
Ask your conveyancer about rebates, concessions & first home buyer schemes
Team up with a friend or relative if it makes sense - you can easily buy a property jointly by putting both names on the title it automatically splits the property 50/50.
Ask you parents if they are open to going guarantor on your loan.
No stone unturned. No opportunity missed. That’s how you get it done.
If you need budgeting tools, have a look through our resources, there is a format there that we think does the trick - and that you can modify for your own purposes!
#firsthomebuyers #realestatetips #buildinginspections #duediligence
Call to book, or reach out online
0424741616
info@dwellbuild.com.au
HOW TO ZERO IN ON REAL ESTATE
How to zero in on real estate
Let’s be honest: buying your first home in today’s market is tough. Prices are high, competition is fierce, and dream homes can slip away fast.
But here’s the truth: the ‘perfect property’ isn’t always the prettiest listing or the one with the most hype. It’s the one that:
Fits your budget without maxing you out
Supports the lifestyle you actually live
Will experience capital growth so that if your family grows, you will be able to move forward
If you focus on what matters most to YOU, you’ll spot the right property—even in a competitive market.
Now to get to the guts of the search…here are some online tools that we recommend you get across for your initial research into property:
On the House
Corelogic - Mapping the Market
realestate.com.au - Suburb Research Tool
SQM Research
Microburbs
Australian Bureau of Statistics
Google Maps
Roll up those sleeves and get searching! The right property is out there waiting for you!
All these online resources are free and absolutely should form part of your search tool box but don’t rely on them too heavily as their data is usually a little bit out of date – why’s that?
Because the open market dictates what houses sell for and so when a property sells for $1,000,000 the house next to it, given that it’s a comparable property will also be valued at that level. But it usually takes 30-60 days for a property to settle and the public record doesn’t get updated when the sale price is achieved. There’s a lag time.
If you are using these sites to estimate your potential purchase price and the market is moving (upwards) quickly, mentally add a little on when you’re ready to get out there and make offers. Don’t offer more than what you think – but also be ready that you might need to negotiate up to get in!
Don’t forget - you can always buy a bigger home later - or renovate when the time comes - but right now you just need to take action!
Have a look in the First Home Buyers Hub for the CMA Explainer which goes into the nitty gritty of estimating property values…or get in touch and we’ll send you the PDF.
#firsthomebuyers #realestatetips #buildinginspections #duediligence
Call to book, or reach out online
0424741616
info@dwellbuild.com.au
EVERY BUYER IS DIFFERENT
Of course we are…
Last week, during a pre-purchase building inspection of a $2 million home in Coolangatta, we were reminded that people buy properties for various reasons and that every buyer is different.
Sometimes it's about getting the most bang for your buck or else the perfect (defect free) family home. Other times it's about finding a diamond in the rough, and occasionally it's about securing a spot in the best location, even if the house isn't up to par.
Despite its hefty price tag, the Coolangatta property had undergone renovations that clearly hadn't passed the scrutiny of the Building Code of Australia. It seemed like the previous owners had taken some liberties, with little regard for compliance.
In this instance, our buyer had plans to demolish the house entirely, so the questionable renovations weren't a major concern.
However, if the intention had been to live there and resell the property later on, the lack of approval and compliance would have been a major obstacle.
It was a stark reminder that everyone has a different goal in mind when buying!
Dwell Building Services knows that when buying or selling property, you are relying on our many years of experience to make the best possible decision. Our thorough and accurate building inspection reports are full of important information and we're happy to talk you through it as well, to make sure you understand exactly what's contained in the report!
#BuildingInspector #Invest #Property
Call to book, or reach out online
0424741616
info@dwellbuild.com.au