Owning your own home is often cited as the ‘Australian Dream’ but buyers can underestimate how much work needs to be completed before you even make an offer.
Making an offer can be an exciting time, it is often the end result of many months of planning, whether you are buying your first home or looking to expand into something bigger. However, there are a lot of additional steps and work that are required before you even reach the proverbial front door. Signing a contract is often the end result of a lot of planning, due diligence, and conversations with your professional team.
1. Finances
Searching for your new home can be an exciting time, but one of the first steps is always working out your budget. Knowing what properties are in your price range will often dictate the starting line for many and allow you to place realistic offers. Meeting with a broker, your bank, or another financial professional before you start the hunt is essential for buyers who are starting out on this journey. This also may mean obtaining pre-approval so that when you do start placing those offers – you can place them with confidence!
2. Prepurchase due diligence
It’s no secret that the property market moves at a cracking pace. Before committing, it is important to ensure that you conduct your due diligence on your potential purchase. Queensland is commonly referred to as a ‘Buyers Risk’ state, meaning that shortly after the contract is signed, the risk passes over to the Buyer.
This is why it is always essential to physically inspect before signing. This helps you to gauge the condition of the property– you may pick up issues that you can’t otherwise see in pictures or videos. You may also wish to consider investigating other issues as well which may include checking the zoning of the property, seeing if the land is in a flood zone, whether a structure on the land has received council approval or even simply checking that the location is near the right amenities for you – everyone’s needs are different and unique to them.
If you are purchasing through an auction, you may also wish to consider completing a Building and Pest report beforehand to help you not only work out your budget afterwards, but to help you decide how much you are wanting to bid on the property.
3. Conveyancer to meet your needs
One of the most essential steps is finding the right conveyancer for you. The critical time is before you sign – this is when changes can still be made to the contract to suit your own needs. At this stage, you might have told the agent you are ready to submit an offer – and even provided them with details of your offer – but you are yet to sign a contract of sale.
Everyone has different needs, and the right conveyancer can help guide you on with a thorough review of your contract. This will flag potential issues before you have signed and even help steer you through what amendments can be made to suit your own requirements.
This part of the journey is often pivotal for identifying issues, making changes and requesting for items to be included. While it is often the final step of your pre-purchase journey, it is arguably one of the most essential steps to help make your journey as smooth as possible. Not engaging with a conveyancer until after you sign can leave you open to potential issues and can lead to problems down the line if issues are not resolved before you sign the contract.
Before you sign the contract, it is important to you know your budget, complete your pre-purchase due diligence, and speak to your conveyancer about having your contract reviewed. These extra steps can help take some of the stress out of your journey to buy your new home and can help mitigate problems down the line.
If you’re planning to buy property in Queensland, make your journey a smooth one – contact your local bytherules conveyancer today!