tips for buyers

Life has become so complicated, hasn’t it? Once upon a time you found a cave you liked, went at the current tenants with your club, dragged out the old tenants and then moved straight in. Below are some handy tips to get you the same result in today’s world without the violence…… Before you start, check out what you’re entitled to (especially if you’re a first home buyer!!) Visit www.firsthome.gov.au to see if you qualify for any Government grants or Stamp duty exemptions when buying your new home. OUR SIX BUYERS TIPS ARE: 1.DOCUMENTATION/ LEGAL ADVICE – Take the time to look through a contract and all the associated documentation before you jump in your car and start inspecting houses. Contact me for a free a copy of the Current standard property contract in Queensland which has been endorsed by the Real Estate Institute of Queensland (REIQ). Included at the front of this contract is a Form 30c (Warning statement) which must be attached to all contracts for residential houses and land in Queensland (unless the property is purchased by Auction). This Form 30c offers you as the buyer considerable protection which includes your entitlement to a 5 day cooling off period. I will also send you a) the additional disclosure forms you are required to sign by law before you enter into a contract, b) a simple guide to completion and c) a copy of the terms and conditions for sale by public Auction. Remember you are entitled to have your solicitor review the contract and associated documents prior to signing if you are not entirely sure about the commitments you are about to enter into. Most solicitors will do this as part of their professional service. If you would like the names of some Solicitors/ Conveyancers – just contact me and I’ll be glad to give you their details or have them contact you directly. 2. ARRANGE YOUR FINANCE – Clause 3 of the current standard property contract in Queensland provides for the purchaser to make an offer subject to obtaining finance approval for the purchase. This clause is deleted when the property is being sold by Auction. I would recommend that you arrange for pre approval through your Bank or Financial Institution before house hunting. You will be able to find out exactly how much you can borrow. Your Banker or Broker can also advise you how much your new home loan will cost you on a weekly / monthly basis (helping you to budget). By organising your finances you will be well positioned to commit to a purchase, either by bidding at an auction or negotiating a private sale. It may just put you ahead of other keen buyers if they aren’t as prepared as you. Doing your homework with Finance could save you a fortune! After nine years in the Bank I have no hesitation in using a Broker to source the best deal at that particular time. Their services are often free as they are paid by the banks directly (instead of them having to pay for additional staff!) If you would like the name of some Brokers who my clients have used in the past – including the broker I currently trust my Finances with – contact me and I’ll be glad to give you their details or have them contact you directly. 3. INDEPENDENT VALUATION – You may wish to engage a valuer of your choice to ensure you have negotiated a fair market price (at your cost). Your bank may obtain a valuation as a condition of formal loan approval. If you would like the name of some valuers who my clients have used in the past – just contact me and I’ll be glad to give you their details or have them contact you directly. 4. CONSIDER A BUYERS AGENT – Buyers agents make up about 50% of all agents in the U.S – but their services have been somewhat slow to catch on in sunny Queensland! Whilst a typical Real Estate agent in Queensland works for the seller a Buyers agent is employed by the buyer, for the buyer! Like most things in life – you get what you pay for! There is no doubt in my mind that a good Buyers agent will not only save you a heap of time, they can also offer peace of mind and their fee will probably be much less than what they will save you off the purchase price at the end of the day due to their market knowledge and negotiating skills. If you would like the names of some Buyers agents – just contact me and I’ll be glad to give you their details or have them contact you directly. 5. INSURANCE – Clause 8.1 of the standard REIQ endorsed contract states that the property will be at the risk of the buyer from 5pm on the first business day after the contract date. 6. BUILDING/ PEST INSPECTIONS – Clause 4 of the Current standard property contract in Queensland allows for the purchaser to make an offer subject to a building and/ or pest inspection. This clause is usually deleted when the property is being sold by Auction. Believe me when I say that I have seen my fair share of dodgey inspectors in my travels. One complete building and pest inspection I witnessed lasted no more than seven minutes! Where possible, don’t rely on the yellow pages. A referral from a family or friend who has experienced their work first hand is well advised here. If you would like the names of some building and/ or pest inspectors that I have heard good feedback from my past clients – contact me and I’ll be glad to give you their details or have them contact you directly. If you’re thinking of buying now or in the future contact us to obtain a FREE ‘Buyers Checklist’ that includes many of the items you may need to consider prior to settlement like a FREE method of connecting and disconnecting services. We will also send you a movers kit from Australia Post which provides for redirection of your post and changing your address with many businesses and Companies.

huis estate agents

PO Box 4357

Gumdale QLD 4154

 

PO Box 6

Camp Hill QLD 4152

 

 

general enquiries: enquiries@huis.com.au

 

Rod Westerhuis: rod@huis.com.au | 0438 191 564

Jamie Lawson: jamie@huis.com.au | 0407 588 725

Aileen Tilley: aileen@huis.com.au | 0408 800 200

 

thinking of selling? we do all the time!