Buying Tips

Buying a property should be an exciting and enjoyable experience. Here are some tips to help make this a reality.

How much can you spend?

It is always wise to know how much you have to invest in the buying of a new home.   This is how much you have as a deposit and how much you can afford to borrow, combined.    You need to know this before going to look for your new home.   You should also be aware of additional ongoing expenses that you will need to cover when owning a home such as rates, insurance, maintenance etc. 

Arranging your finances

Visit your Bank or Mortgage Broker and they will be able to advise you on what you can afford and are able to borrow.    Organise Pre-approved finance, so you are in a better position when the time comes to make an offer on your dream home.   Also consider that there are a number of extra expenses involved in buying a new home. Below is a list of additional expenses you may incur.  Buying a home is probably the single biggest investment you will ever make in your life, so you will also need experienced professionals to help you along the way.

    • Mortgage Application Fee
    • Building Inspection Reports
    • LIM/PIM Reports (Land Information Memorandum/Project Information Memorandum)
    • Property Valuation
    • Solicitors Fees/Legal Disbursements
    • Mortgage Insurance
    • Moving Expenses
    • Incidental Expenses
    • Ongoing:
    • House and contents insurance
    • Rates
    • Maintenance

The Right Home? Decide what you are looking for…

It is best to have a clear idea of what you are looking for, and in what location, before you start your search for your new home.   Ensure that your wish list fits within your approved price range. 

Location: Consider what suburbs you wish to live in and take into account schools, transport, shopping and anything else that is important to you. 

Try and have some degree of flexibility in what you’re looking for, if you hold out for the 100% perfect home you’ll either end up looking for years, spending too much money, or taking the fun out of the experience. 

Visit open homes, and the internet and save searches online, for suitable properties.   Research areas, and sale prices and demographics.    Be an informed buyer:   Gather as much information as you can. Agents often report how they have shown a buyer numerous homes but it is quite often the first home that they saw that they ended up buying.    Agents are experienced at understanding what it is you are looking for and will do their best to find those homes that match your needs as closely as possible.   So do not be afraid if you find the Right Home early on – if it fits all your needs and wants, make an offer, or you may miss out.

The Current Market:

Understand current market conditions, so you can be realistic when the right home becomes available. 

There are three different markets: 

Buyers Market

  • There are more homes on the market than there are buyers to buy them ]
  • Homes usually take longer to sell
  • Prices generally decrease

Sellers Market

  • There are more buyers than there are homes for sale
  • Homes sell quicker
  • Prices generally increase
  • There is quite often multiple offers on one property

Balanced Market

  • There is a similar amount of homes for sale as there are buyers looking to buy
  • Sellers will consider realistic offers
  • Homes sell within reasonable time frames
  • Prices are generally stable

Making an Offer:

When you find the home you like at a price that you are able to afford, the next step is to make an Offer to Purchase. Your Agent will prepare this legal document with you, making sure it covers all the details that are important to you and that protect you. 

Your Agent will also discuss the important factors of making on offer: Price, Deposit, Conditions (what your offer will be subject to), chattels and the settlement/possession date. 

See our ‘Glossary of Terms’ to assist you. 

Overlooking potential future problems can be an issue for first time buyers who are not familiar with building construction. It is often a good idea to get a building inspection completed by a registered and qualified tradesperson, particularly if you are in doubt about any structural elements. 

Next, secure final loan approval and commitment from your lending institution. If you have done your “up-front” work, and got pre-approval for your finance, this should not be any problem. Contact Your Solicitor:   After your offer has been accepted, your solicitor will need to check all the details of the title and prepare all the necessary documentation. You will then need to sign any mortgage documents and arrange for payment of the balance of the purchase price.

Congratulations! Now the Home is yours:

Make moving plans. If you plan to use a moving company, make comparisons and reserve your date now. 

See our ‘Moving Checklist’ to assist you with your move, under Buying Tips. 

There is normally the option in your contract for you to have one pre-settlement inspection to ensure that the property is in the state at which you agreed to purchase it. This is particularly important for long settlements. 

The pre-settlement inspection is an opportunity to see that any changes or damage, since you made your offer, are remedied by the seller. 


I wish you all the best for finding your new home. If I can be of any help please feel free to contact me.

Steve - Ph 0275 621 777