Buying Real Estate
Buying real estate is about the biggest financial commitment and decision you will ever have to make. However, it is also an exciting turning point, one that will almost certainly make the most impact on your lifestyle.
For many it will be something never done before. Selecting the right property, in the right area, organising finance and negotiating the sale – it can be a little daunting. Yet it is not as complicated as you may think and there are many ways your Real Estate Maryborough agent can help.
What kind of home are you looking for?
The first step is to decide what kind of home will suit your tastes and lifestyle. Establish family priorities – don’t forget to include the kids in the discussion! Anticipate potential changes in lifestyle: size of family, job changes etc. Consider extracurricular activities and school when choosing your new home.
What can you afford?
Establish the price range you can afford – even before you start looking at homes, Real Estate Maryborough can help by assisting you to determine both your priorities and potential price range.
Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements. Research sales in those preferred suburbs be it Maryborough, Tinana, Tinana South, Granville, Maaroom, Boonooroo, Poona, Maryborough West or Tiaro it doesn’t matter, what does matter is that you’ve done your homework which will enable you to make educated offers on properties.
A good flood map is a must in Maryborough, The Mary River has flooded a number of times over the last 100 years and there are properties in and around Maryborough that do get inundated, it’s not all bad news though do your research and you’ll know the height that will affect the property in question, if you are uncomfortable with flood affected property most of Maryborough is flood free.
You’ve found it…
There are two ways of buying a home – auction or private treaty, under auction conditions you bid under terms set by the seller, so it’s important your finance and building and pest are in order prior to bidding. Private treaty on the other hand, the buyer sets the initial terms of the offer and then the agent presents their offer on contract to the seller, now the seller can do three things, accept, reject or counter sign to renegotiate terms or a price that is more suitable to them.
It's imperative that everything is done in writing these days, offers should be made on contract and it’s best practice to have any legal documents checked by a solicitor prior to signing.
What happens on settlement day?
- The lender authorises payment of the loan, and payment is made to the vendor;
- You (or your solicitor) authorise the vendor to collect the deposit money that has been held by the real estate agent, in trust;
- You receive a signed transfer of title deed and your solicitor or bank will arrange for the Registrar
- General to register the transfer and the loan;
- You pay the stamp duty on the home loan;
- You are given the keys and the house is yours!