At TNRE we realise that buying a property, especially if it is your first purchase, can be a daunting experience. By offering professional service, we hope to make your experience more enjoyable and ensure you understand, and are comfortable with the options available at each step of the buying process.
When calculating how much you need to borrow to finance the purchase of your home or investment property, don’t forget to allow for the additional costs associated with the purchase such as solicitors fees, stamp duty, pest and building inspections, removalists, and any additional work that may need to be carried out such as renovations or landscaping.
It is useful to have your finances organised prior to beginning your property search as this will make it easier for you to make a quick decision if you see a property which appeals to you. As a property is only sold once the relevant paperwork is signed and deposit taken, while you wait for your finance to be approved, you may find you miss out should someone else makes an offer who is fully financed.
Many lenders will provide you with a written “pre-approval” which can be a useful tool when negotiating on a property.
Needs and Wants
Before you begin your search, it is important to determine your housing needs and wants, and to discuss these with your agent to avoid precious time being wasted looking at properties which do not meet your essential criteria.
Your “needs” are your minimum requirements, with your “wants” being any desired additional features. Keep in mind that there may be certain elements of a home that you do not want also. Through online property sites (such as domain.com.au and realestate.com.au) you are able to enter certain search criteria which will aid in the elimination process.
One very important piece of information to note is that very rarely does the “perfect” property exist. Typically there are certain elements to a property that will need to be compromised on and it is useful to have these worked out prior to beginning your search. A useful way of doing this is to prioritise your list of “wants”.
The Office of State Revenue provides information and an up-to-date stamp Duty Calculator.
For general information you may wish to visit the Department of Fair Trading website, while more specific information in relation to local council requirements and facilities can be found at the Ku-ring-gai Council website http://www.kmc.nsw.gov.au