Buying Real Estate FAQs

Article by Connor Tait

5 min read

 

Enlisting the help of a trusted real estate agency can be crucial in navigating the complex landscape of residential real estate. At Tait Real Estate with almost 10 years of experience we can offer sound advice and assistance tailored to your needs.

Key Questions to Ask When Buying a Home:

  1. Can you provide a recent property sales report to determine the property's value?
  2. Why is the vendor selling?
  3. How long has the property been on the market?
  4. Are there any known issues with the property, land, or neighbours' properties?
  5. What exactly is included in the sale?
  6. How long have the owners lived there?
  7. Is the property listed, and if so, what grade is it, and is it in a conservation area?
  8. How much are council rates/strata fees?

Why Choose Tait Real Estate: Tait Real Estate provides guidance through every stage of the property buying process, assisting with finding a property within your budget, organising finance, reports, searches, conveyancing, and even connecting utilities.

Steps to Buy a Home:

  1. Get a property appraisal to assess your equity.
  2. Consult a Home Loans specialist.
  3. Create a budget and save for a deposit.
  4. Choose a home loan and apply for pre-approval.
  5. Research property markets and neighbourhoods.
  6. Finalise property must-haves.
  7. Start the house hunt.
  8. Have a lawyer/conveyancer review the contract.
  9. Get a building inspection.
  10. Make an offer or bid at auction.
  11. Sign the contract and pay the deposit.
  12. Arrange insurance.
  13. Process the First Home Owner Grant.
  14. Complete settlement and move in.

Ways to Buy a Home:

  1. Private treaty
  2. Auction
  3. Tender and Expression of Interest

Costs of Buying a Property:

  1. Deposit (5-20% of the home's cost)
  2. Stamp Duty (varies by state)
  3. Lenders mortgage insurance (if borrowing >80% of the property price)
  4. Building insurance
  5. Legal fees (lawyers or conveyancers)
  6. Building, pest, and strata inspections
  7. Council rates and strata fees
  8. Moving costs

Determining Affordability: Consult with local experts to assess your earnings, assets, and develop a budget plan.

Understanding the First Home Buyer Grant: The grant assists eligible first home buyers in purchasing or building a new home, with amounts varying by state.

What is Stamp Duty? A state government charge on land or property transfer, with rates varying by property purpose.

Researching Before Buying: Conduct due diligence on the property market, utilising resources like Australian Property Monitors, CoreLogic RP Data, domain.com.au, realestate.com.au, and insights from local Tait Real Estate.

Choosing a Neighbourhood: Consider your lifestyle, family plans, proximity to work, schools, transport, amenities, safety, and daily commute.

Settlement: Closing or settlement is the final step in a real estate transaction, transferring property ownership to the buyer.

Pest Inspection: While not mandatory, a pest inspection is recommended to identify potential issues and save money in the long run.