Buying real estate in Australia is a rewarding investment. However, it can often can be a somewhat confusing and a daunting process. At RE/MAX, our knowledgeable and experienced sales associates can guide you through this process to ensure you are well informed and confident in making one of the biggest purchases of your lifetime.
Select a Real Estate Agent
In beginning this process, it is important to find an agent who will not only provide the right information and advice but also seek to understand your needs and requirements. The right agent will have excellent local knowledge of the area yet also possess an understanding of broader areas such as financing, current legislation, building regulations and so forth.
Understand Your Finances
While it can be tempting to begin your property search immediately, it's important to know your financial situation including what you can afford to purchase. Understanding your finances before you begin viewing properties will significantly help streamline the search and offer process.
Be sure to research grants and other government schemes available to you as this may increase your budget. Your chosen real estate agent will also be able to provide helpful advice if required.
If a loan or mortgage is required for your purchase, discussing your needs with a lender and establishing pre-approval status on the loan will help set the purchase price of your property and ensure you are well prepared when it comes time to make an offer on a property. Speak to your real estate agent about this process as they will be able to refer you to a local financial specialist.
Before you begin inspecting properties, develop a list of crucial requirements for your property. Are you looking for a property close to the CBD? Or are you looking for some extra room?
Your RE/MAX real estate agent will be able to help you clarify your requirements and establish a set of 'must haves' for your purchase. This list will include the basics such as location, rooms/size and price along with the specifics such as closets, bathrooms, parking and other features.
RE/MAX agents will also have access to a list of available properties in your area and be able to search through these properties for those that match your needs. After presenting a selection of available properties on paper or on screen, you will be able to visit and view these properties for yourself.
Placing an Offer & Negotiation
Once you've found the ideal property that meets your selection criteria, you'll need to put an offer on the property. This process can vary widely from state to state and therefore your local RE/MAX real estate representative will be able to outline this process for you. Your offer will be presented to the seller (and/or the seller's representative) by your representative, who will remain involved in the process until it is complete. Don't be afraid to ask questions as it is an important step in the process.
Once your offer has been accepted, there will be an interim period of time between the date of formal acceptance and settlement. Settlement is the time where legal ownership is transferred. It may involve the seller's bank releasing mortgages and your bank placing a mortgage over the property. If the buyer or seller owns the property outright mortgages may not be required, your solicitor or conveyancing company will look after these details for you.
Your RE/MAX Sales Associate can help you during every step of the buying process.