Purchasing a property

You have decided to enter the property market but before you begin the process of browsing for property, below are a few guidelines to ensure a happy and smooth purchase process.

To have a clear indication of what you will be able to spend on a property, it is recommended that you apply for a pre-qualification certificate. The pre-qualification amount is based on your monthly earnings, expenses and debts, if applicable.

The Pre-Qualification Process

• Building a good credit history will improve your chances of bond approval.

​​How To Build A Good Credit History ​

• Begin browsing online for property in order to get a better understanding or idea of what is available in the marketplace. ​
• Research the agencies in your area.​
• Choose an agent who is fully qualified and has extensive knowledge and understanding of the area you wish to purchase in. ​

Selecting The Right Agent​

• Consider the cost implications of purchasing a property and what sort of home your budget will allow for.

Costs When Purchasing A Property

Determine your property needs and wants by creating a wishlist. This wish list will assist you in identifying what type of property you want to purchase and what area or neighbourhood you wish to purchase in, giving your agent a clear understanding of what your ideal home looks like and where it is located.

You and your agent will begin searching for homes that meet your requirements, creating a shortlist of properties you are interested in viewing.

Your agent will set up an appointment to view the property with the owner, whereby you will accompanied by your agent to walk through the property. Upon viewing you will need to ensure that you are happy with property and it's features. Keeping in mind that you shouldn't rush to purchase the first property you view as it is not necessarily the only property suited for you but also acknowledging that a prime property may not be available should you wish to reconsider purchasing it at a later stage.

Once you have selected a property that you can envision yourself living in, it is important to ensure that you haven't missed any hidden problems with the property. Should you find an issues with the property, negotiate with the current owner to fix them or take the cost of repair into consideration when putting down an offer.

Your agent will walk you through the steps required to make an offer on a property that meets your requirements. Ensure to expect some negotiation and discuss a competitive offer with your agent.

When To Put In An Offer

Some offer to purchase agreements are subject to bond approval which means that once your offer has been accepted you will be required to finalise your bond, presenting confirmation that your bank has granted you the bond.

An offer to purchase agreement can also be subject to the sale of the property you may already own.

Once the bank has granted you the bond, the bond attorney will be instructed to register the bond.

Simultaneously to the bank granting you the bond, the seller will receive confirmation of bond approval advising the transferring attorney to transfer the property from their name into your name.