Buying a House? Know your Costs Before you Start Looking

Buying a house has to be one of the most exciting experiences in life. The shine can quickly come off, however, if the purchaser has not checked everything and unforeseen problems arise after settlement. We understand how stressful and upsetting such a situation can be, so we make sure that our clients are fully informed when they are buying property.

There are a few key issues to address that not only assure the buyer they are dealing with a professional agency, but also protect the seller. Having home loan finance pre-approved prior to inspecting properties for sale is a must. It is a waste of everyone's time for purchasers to go house hunting without knowing the highest price they can afford to pay for a property.

They also need quick access to funds for a deposit, usually 10% of the purchase price. This is paid into our trust account when the contracts are exchanged and is transferred to the vendor's nominated account on settlement.

Location Still King

For any purchaser buying Illawarra real estate, location is still the number one attribute of any property. Here at All Residential Real Estate we do our best to match the purchaser with their desired location. Whether it is proximity to public transport, schools, sports facilities, shopping and medical centres or other requirements, our experienced sales people know what questions to ask that will give them a clear picture.

Performing a thorough inspection of the chosen property before making any offers is the next important step. For a residential property, walking around the boundary gives some perspective to the size of the property, and it is also a great opportunity to check if the fences are in good repair. Checking for flaking paint on exterior walls and guttering, the condition of the roof and whether painting and repairs are required inside the dwelling will give some indication of what work will need to be done, if any, before occupation.

Be Informed of Additional Costs

Our All Residential Real Estate selling agents also check that purchasers are aware of the other acquisition costs such as stamp duty, legal fees, mortgage fees and building and pest inspection fees. These costs have been estimated at upwards of 5 to 7% of the purchase price plus the deposit. Wise purchasers keep enough cash for these extras to make sure they are not caught short at settlement.

One of the most satisfying aspects of selling property is the feeling of achievement we experience when we match sellers with keen purchasers who are delighted with the properties they have just settled on. Keeping everyone fully informed is the secret, and our website at www.realestatewollongongnsw.com.au has enough information to answer most questions. Check it out and if your question is not there, contact us.

 

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