Buying a property is an exciting time when you can explore what’s on offer on the market and begin to build a new life for you and your family, for yourself, as a rentvestor or an investment.
Finding the right property involves research and careful consideration. Melbourne has a lot to offer, but you want to make sure the property is the right price, location, value, size and fit for your lifestyle or goals.
- Step 1: Start your Research early.
- Step 2: Determine how much you can afford.
- Step 3: Get Prequalified and Preapproved for your mortgage.
- Step 4: Research & inspect properties
- Step 5: Get the property inspected by a qualified building inspector
- Step 6: Negotiate the price
- Step 7: Have the Property Valued
- Step 8: Contract reviewed
- Step 9: Settlement (move in or hand over the keys to a property manager)
The information you’ll find here will help get you started.
Explore suburbs
If you already know where you’d like to buy a property, that’s great. But if you’re unsure of where you should start looking, it’s worth considering many different areas. Neighbouring suburbs can vary in price enormously, as can different properties in one suburb. It’s also worth researching past sale prices in the areas and streets you are interested in.
Where to find properties
Properties are usually sold through real estate agents. You can search for homes on websites such as:
Domain. Realestate.com or Reatestateview.com.au
Inspecting a property before sale
Before making an offer or placing a bid on a property, you may want it inspected by a property and/or pest inspection company to ensure there are no nasty hidden surprises with the property. Report costs vary depending on the type of inspection required.
If you are borrowing money to purchase a property, the lending organization will usually have a valuer inspect the property prior to lending. However, you may also want to get an independent valuation. Costs will vary depending on the property.
The contract of sale (section 32) must be reviewed by either a conveyancer or property lawyer to make sure it is in good legal order and nothing untoward.
Getting help buying a property
You can choose to appoint a buyer’s advocate to find and secure a property for you. It’s also a good idea to appoint a property lawyer or qualified conveyancing agent to handle the legal paperwork associated with the purchase of your property, once your offer has been accepted.
How homes are sold
Most homes are sold by private sale or auction.
Private sale means – You can buy the property at the advertised price or a price negotiated with the vendor. Private sales are usually coordinated and negotiated through a real estate agent.
Auction sale means – You can buy the property by bidding against others in an open forum.
At auctions the ‘selling range’ provided by the real estate agent is an indication only and properties often sell for higher than the advertised range.
In both types of sales it is possible to make an offer to the vendor (prior to auction). A written offer to buy the house is not legally binding until both you and the vendor have signed a Contract of Sale or Contract Note