Preparing to Put an Offer In on a Home in Australia - dummies

Preparing to Put an Offer In on a Home in Australia

By Karin Derkley

Part of Buying Property For Dummies Cheat Sheet (Australian Edition)

You may have just made the big decision to go out hunting for an Australian home to call your own, or you may have already seen the home of your dreams. Before you make the big step of putting in an offer, you can do a few things to ensure you buy the right property for the right price:

  • Add up your expenses and subtract them from your take-home income to see how much you can afford to pay monthly on a mortgage.

  • Ask your lender how much you can borrow to buy a property.

  • Be clear about what you must have in a property, what you’d like to have if possible, and what you could live without — especially if you’re buying with someone else.

  • Have a hard-headed friend come with you to look at a property that you’re seriously in love with and research similar properties nearby to gauge what’s a fair price to offer.

  • Drive by the property at peak traffic times, at night and on weekends to get a feel for the neighbourhood at different times of the day and the week.

  • Attend at least two open-for-inspections at different times of the day to see how the light moves through the property, and how it feels at different times of the day.

  • Talk to a neighbour or two to get a sense of the local community and, perhaps, some information on why the owners are selling.

  • Test out the drive from the property into work and back, or the time it takes on public transport.

  • Get a building inspection done on the property to discover any major structural problems that could cost you lots of money down the track.

  • Set a top price you’re prepared to pay — and stick to it.

  • Find yourself a good solicitor or conveyancer to look over the contract of sale.