DO’s • DO visit the Local Council to find out about how the property is zoned and whether the zoning will affect your intended use of the property; • DO make sure you obtain Pre Inspection Reports such as Building, Pest and Strata Reports. • DO contact your bank and get a pre-approval limit for your finance but remember that pre-approval is not final approval. • DO remember to factor in stamp duty and GST when calculating your budget • DO heed housing priorities. Separate your "wants" from you "needs" so you know where you can compromise to stay on budget. • DO take note of the fixtures and fittings included in the contract and check these items against the property. If in doubt about whether something should be included, insist that it is written into the contract. • DO check that all appliances are in working order before entering into the contract. For example, don’t be afraid to turn on the stove or ask for the airconditioner and dishwasher to be operated. DONT’s • DON'T get taken by the first house or neighbourhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighbourhood for your needs. • DON'T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. • DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren't so predictable. Don't expect your home's value to skyrocket. • DON'T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy. • DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, "creative financing," multi-option loans you don't understand. • DON’T sign any document that you do not understand or believe to be ambiguous. • DON’T not rely on verbal representations. Ensure that they are put in writing and form part of the conditions of the contract. • DON’T use a do-it-yourself Conveyancing kit. Conveyancing contracts are complex legal documents and you will leave yourself exposed to financial consequences and being taken advantage of. • DON’T leave things to the last minute, be organised and prepared. • DON’T forget to do a final inspection of the property prior to settlement to ensure everything is still in working order and that the fixtures and fittings included in the contract are still in place.
DISCLAIMER: The above information is general in nature and believed to be correct at the time of writing. All matters should be discussed fully with your solicitor before any action is taken. No responsibility will be accepted by this firm for any loss or damage suffered by anyone as a result of the information contained above.